Remote biometric digital authentication company, iiDENTIFii, has enabled Standard Bank to offer its Shyft App to non-Standard Bank customers through remote identity verification.
With the iiDENTIFii solution in place, non-Standard bank users can open a Shyft account via their mobile phones remotely through their secure golden triangle of identity verification.
“Shyft is essentially a digital solution that allows for easy and convenient access to foreign currency, and we needed this friction-free ethos to be reflected in the sign-up process for every customer – regardless of who they bank with,” explains Arno von Helden, Head, PBB FX Digital Solutions at Standard Bank.
The Shyft app enables users to buy, send and store foreign currency directly from their mobile phone. Yet in order to access the app as non-Standard Bank users, new customers initially had to visit a Standard Bank branch to verify their identity.
“By working with iiDENTIFii, we have been able to remove the barriers to adoption for non-Standard Bank users by harnessing the digital (and thereby remote) KYC on-boarding process,” said von Helden.
Using a mobile phone and an official identity document, the iiDENTIFii technology platform enables four key functions:
- It proves that the person is alive: enabling strong authentication and far outperforming gesture-based & parallax technologies;
- It matches the selfie the user has taken with the image on their ID document;
- The data is then extracted off the identity document – including the person’s name, surname and ID number;
- All the data is then matched with a facial biometric at an issuing authority or government department (Home Affairs, for example).
“We call this the golden triangle of identity, which allows us to prove that the individual is who they say they are,” explains Lance Fanaroff, a director of iiDENTIFii. “The ‘Proof of Liveness’ element is imperative, because gesture-based liveness is easy to spoof and our solution rapidly identifies the use of software-generated puppets.”
Notably, the technology can be integrated into any mobile platform by means of a robust Software Development Kit (SDK), providing the critical ability to customise its functionality according to each institution’s specific requirements.
iiDENTIFii has been verified as legally compliant by ENSAfrica.
“With the increasing stringency and importance of data privacy regulations such as PoPIA and GDPR, iiDENTIFii brings customers in line with global data compliance – which, very importantly, includes FICA, KYC, RICA and AML regulations,” notes Fanaroff.
Working with iiDENTIFii, Standard Bank is moving boldly – and safely – into the Fourth Industrial Revolution (4IR) by offering customers seamless, friction-free banking solutions such as Shyft.