COVID-19 is forcing Governments to put increasingly strong restrictions on the freedom of people’s movement in a crucial attempt to control and reduce the spread of the virus. Whilst these health and safety procedures are being implemented to safeguard ourselves and those around us it creates significant challenges for businesses and customers everywhere. Customers still need access to crucial financial services and businesses need to try and continue providing these services as much as possible.
Across the financial services industry, the constraints on people’s movement and the encouraged, or in some cases mandated, social distancing will drastically reduce the number of customers visiting business branches in-person. If these businesses don’t have an effective and efficient digital ID&V solution in place it will make it difficult, or impossible, to do business with customers. Indeed, with Open Banking regulatory compliance, it is mandatory that any credential bound to a customer must be done in a secure manner, this includes any credentials resets; in some cases this will also mandate ID&V as well.
Whilst businesses must be able to provide their services to customers digitally, they must also ensure that they continue to meet obligatory compliance requirements such as AML.
ID-Pal is working with companies to ensure that they are able to continue providing their services to new and existing customers.
“Given the current restrictions on businesses, digital identity verification is now essential for remote customer onboarding. The agility and flexibility of the ID-Pal solution means that our clients can realise a customised user experience in a matter of days”Adam Gable, Temenos Risk Product Director
The ID-Pal ID&V solution can be used entirely digitally. It allows businesses to onboard customers simply and securely, whilst meeting AML/KYC and GDPR compliance requirements.
The ID-Pal solution:
- Is AML/KYC and GDPR compliant
- Allows customers to submit their ID&V information digitally via tablet, mobile, anytime, anywhere.
- Enables businesses to verify customers in seconds from a unique web portal
- Provides industry-leading technical checks that protects businesses from fraud
This Blog post was originally published on ID-Pal website here
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