The pioneering forex solution now accessible to non Standard Bank customers using iiDENTIFii’s digital identity technology
Having successfully launched Shyft to its customers, Standard Bank is looking at ways to make the cutting edge foreign currency application accessible to users who do not have an active transactional account with the bank. The award-winning 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.
“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. “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.”
Foundation for growth
In today’s mobile-first banking environment, enabling easy and friction-free access to new banking solutions has undoubtedly become critical to remaining competitive – while driving growth and new customer acquisitions.
“Since the inception of the partnership with iiDENTIFii in April 2019, we have found the team to be highly committed to meeting the requirements of Shyft and enabling the bank to achieve Shyft’s key growth objectives,” adds von Helden.
iiDENTIFii is a global, market leading remote biometric digital authentication and automated on-boarding technology platform.
With the iiDENTIFii solution in place, non Standard bank users can securely open a Shyft account via their mobile phones without having to go into a branch.
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.
About Standard Bank South Africa
Standard Bank South Africa is the largest operating entity of Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group reported total assets of R2.1 trillion (about USD148 billion) at 31 December 2018, while its market capitalisation was R289 billion (USD20 billion).
In South Africa, Standard Bank provides the full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. CIB delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Standard Bank’s CIB expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Standard Bank’s Personal & Business Banking (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB’s product offering includes transactional services, lending products, mortgage lending, card products, vehicle and asset finance and wealth.
For further information, go to http://www.standardbank.co.za