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Swiss bank UBS has partnered with iProov to automate online identity checks when customers open accounts.
UBS partners with iProov to enable onboarding for automated identity verification
In May 2022, UBS launched UBS Key 4 for users who want digital access to personal and savings accounts and other banking services.
According to iProov, UBS key4 customers can now remotely onboard within five minutes at any time of the day using iProov’s facial recognition technology. According to iProov, it will scan your face against trusted government-issued documents such as passports with NFC chips.
iProov said the new technology deployed at UBS will simplify the user experience, expand financial inclusion, reassure customers, protect against fraud and comply with Know Your Customer (KYC) checks and other regulatory requirements. I’m here.
UBS is the first bank in Switzerland to offer this account opening process in combination with a qualified electronic signature.
Prior to partnering with iProov, UBS key4 used video calls to virtually verify client identities.
According to regtech, their cloud-based automated identity verification technology delivers a typical pass rate of over 98% with an average number of successful attempts of 1.1.
iProov’s technology is used around the world by banks and governments such as Rabobank and ING, the US Department of Homeland Security, the UK Home Office, the Australian Taxation Office and others.
