Azentio and Regula: A New Partnership to Secure Digital Onboarding
Trust and security are paramount in the ever-evolving landscape of digital banking and financial services. To navigate this terrain successfully, Azentio Software, a prominent Singapore-headquartered technology firm under the stewardship of funds advised by Apax Partners, has forged a strategic alliance with Regula, a global leader in forensic devices and identity verification (IDV) solutions. This groundbreaking partnership is set to revolutionise how identity verification is conducted during digital onboarding, offering enhanced confidence, efficiency, and security to clients across Asia, the Middle East, and Africa.
Azentio’s Vision for a Secure Digital Onboarding Experience
We’re pleased to partner with @AzentioSoftware, a technology firm headquartered in Singapore. Now, they will be able to leverage our advanced IDV technology, Regula Document Reader SDK and Regula Face SDK, as part of their digital onboarding solutions. https://t.co/CIeCUVcLG7pic.twitter.com/5utuW8UJNm
Azentio Software, with its unwavering commitment to creating a seamless, secure, and technologically advanced digital onboarding experience, has taken a significant step forward by joining forces with Regula. Khaled Berjawi, Head of Product Management, Banking & Capital Markets at Azentio Software, emphasised their mission: “Zentio, cultivating a seamless, secure, and technologically advanced digital onboarding experience is not just a mission; it’s an obsession.” This dedication to excellence is at the core of Azentio’s vision for the future, where trust meets innovation.
Regula’s Expertise in Identity Verification
Regula, a globally recognised developer of forensic devices and IDV solutions, brings over 30 years of experience. Regula’s expertise lies in document authentication and face liveness detection technologies, making them the ideal partner for Azentio’s quest to enhance identity verification. Ihar Kliashchou, Chief Technology Officer at Regula, highlighted the pressing need for robust solutions in the financial services sector, stating, “Financial services are among the most vulnerable industries for identity fraud. Our recent survey showed that this threat cost nearly half a million US dollars to every third global bank last year.”
The Power of Regula’s Solutions
Regula Document Reader SDK and Regula Face SDK are the two cornerstone solutions integrated into Azentio’s ONEBanking and ONECapitalMarkets platforms, providing a holistic identity verification experience.
Regula Document Reader SDK: This solution offers comprehensive identity document authenticity checks as part of Know Your Customer (KYC) procedures. In remote onboarding scenarios, it instantly captures and identifies the type of provided IDs and reads and cross-validates data from visual zones, MRZ, barcodes, and RFID chips. It performs extensive authenticity checks, ensuring that no alterations indicating fraud go unnoticed. Regula’s proprietary document template database, boasting over 13,000 templates of IDs from 247 countries and territories, enables verification of nearly any identity document, regardless of its type or origin.
Regula Face SDK: This solution reinforces identity verification with advanced biometric checks, including liveness detection and face matching. Comparing a selfie with portraits in the identity document ensures that the person onboard is who they claim to be. This biometric verification is a formidable anti-fraud measure, significantly reducing the risk of sophisticated presentation attacks.
The Global Impact
Azentio’s extensive clientele of banks and financial institutions operating across Asia, the Middle East, and Africa will reap the benefits of this partnership. Integrating Regula’s solutions into Azentio’s platforms will equip these organisations with the tools needed for instant and fraud-free ID verification, setting new standards in the industry.
Enhancing Operational Efficiency
One of the critical advantages Azentio’s clients will enjoy through this partnership is enhancing operational efficiency. Digital onboarding processes will become smoother, faster, and more reliable. Organisations can reduce manual efforts and errors by automating identity proofing and biometric verification, resulting in significant cost savings.
Moreover, the integration of Regula’s solutions diminishes the need for physical presence during the onboarding process. This means that clients can onboard customers from remote locations, eliminating geographical constraints and expanding their customer base. The convenience and accessibility of digital onboarding will undoubtedly strengthen Azentio’s position as a leader in the industry.
Redefining Security Standards
Ensuring the highest security standards is non-negotiable in an era of increasing cyber threats and identity fraud. Azentio and Regula understand the significance of protecting sensitive customer information and have placed security at the heart of their partnership.
Regula Document Reader SDK’s ability to perform extensive authenticity checks on identity documents ensures that any potential alterations indicating fraud are promptly detected. With access to a comprehensive database of document templates, it can verify identity documents from across the globe, regardless of their type or country of origin.
Regula Face SDK takes security to the next level with advanced biometric verification. Comparing a selfie with the portraits in the identity document adds a layer of authentication, making it highly challenging for fraudsters to impersonate someone else. This biometric verification enhances security and streamlines the onboarding process by eliminating the need for additional verification steps.
Azentio’s Commitment to Innovation
Azentio Software has always been at the forefront of digital banking and financial services innovation. This partnership with Regula is a testament to their dedication to staying ahead of the curve. Azentio ensures its clients remain competitive in a rapidly evolving industry by integrating cutting-edge technologies into their platforms.
The COVID-19 pandemic has accelerated the shift towards digital banking, and organisations that can offer secure and convenient digital onboarding experiences are poised for success. Azentio’s investment in Regula’s solutions reflects its commitment to providing its clients with the tools they need to thrive in the digital age.
Conclusion
The collaboration between Azentio Software and Regula marks a significant milestone in digital banking and identity verification. With a shared commitment to trust, innovation, and security, this partnership is poised to redefine how financial institutions onboard clients and protect against identity fraud. As the financial services industry continues to face evolving threats, this strategic alliance is a beacon of hope, providing the industry with the robust solutions it needs to thrive in an increasingly digital age. Azentio and Regula are rewriting the rules of trust in the digital age, ushering in a new era of identity verification and setting new standards for the industry.
