The worldwide trend towards Open Banking accelerates banks in their digital transformation while enabling customers to bank anywhere and anytime. With the current coronavirus situation, this transformation is even more critical.
Banks are now able to gather better data intelligence to improve their customers’ knowledge and therefore better serve them. In this context, the demand for digital onboarding is growing. Switching to a complete digital onboarding experience will only be successful if banks propose a seamless and secure user experience.
Joining Identity Verification (ID&V) and Strong Customer Authentication (SCA) processes greatly improves the overall digital identity security. So, in order to better secure transactions, banks must deploy solutions provided by digital identity specialists who can to protect the full digital identity lifecycle. That is why HID Global®, a long term Temenos MarketPlace Provider, has recently signed an international partnership with ID-Pal, an award-winning identity verification solution.
ID-Pal is an Irish RegTech company that works with banks and other financial services around the globe to ensure that they can verify their customers simply, securely, and conveniently. The ever-increasing burden of regulatory compliance coupled with the shift towards digitization of the ID&V experience makes it critical that businesses have access to a solution that blends industry-leading technology and robust compliance with a seamless user experience. The ID-Pal solution combines of best-of-breed technologies with a seamless user experience that delivers the highest first-time pass rate on the market – 93.5% of customers are verified in real-time versus an industry average of 40%.
This strategic partnership will give HID Global a compelling end-to-end trusted identity solution with both identity verification and authentication capabilities that will be pre-integrated into Temenos Infinity platform. This enables a seamless and secure workflow for the end-customers, while simplifying KYC compliance requirements.
Ensuring a smooth workflow will increase customer trust and therefore brings more people to use the digital channels for the benefit of both the customers and banks.
Temenos MarketPlace has facilitated this partnership by providing a common go to market platform and ensuring the cooperation between HID Global and ID-Pal. Temenos MarketPlace fosters collaboration within its digital ecosystem to better serve Temenos Clients. Commenting on this partnership:
“Both companies being Temenos MarketPlace Solution Providers has been the bedrock for the evolution of the trust between them – not to mention a great professional footing for a shared business venture.”Paul Roberts, Temenos MarketPlace Director
HID Global provides the entire set of capabilities that banks need to become full-service global identity providers and to develop and deploy any number of value-added offerings based on Open Banking principles. As part of the partnership with Temenos, HID Global proposes a secure Multi-factor Authentication and Transaction Signing Solution for Temenos digital banking customers and employees. It also offers a Risk-Based Advanced Authentication Solution based on data intelligence to detect threats and evaluate the risk level of each transaction, allowing banks to decide on the level of authentication to be proposed to the end-customer. HID Global has one of the broadest portfolios of identity and access management products and services, ranging across multi-factor authentication, threat and fraud detection, physical identity and access management, credential management, digital signing and digital encryption.
The era of siloed financial ecosystems traditionally closed off to the external world has come to an end. By working together and offering a combined solution, HID Global and ID-Pal are helping banks in their journey to support Open Banking. This collaboration and the resulting agility brings more value to end-customers and society in general by delivering simplified and highly secured financial services.
NEW Solution: HID Identity Verification Service
Learn more about this combined solution from HID Global and ID-Pal now on Temenos MarketPlace