Banco Sabadell has forged a strategic partnership with identity authentication and verification company Onfido to improve its remote customer identification and onboarding.
The bank will integrate its artificial intelligence (AI) technology for the same.
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It has already begun using the tools of the London-based startup to register online banking customers remotely.
Onfido’s technology uses facial biometrics to verify documents and confirm the user’s identity.
It does not require additional documentation and is believed to make the identification and onboarding process more agile for both customers and banks.
Onfido co-founder Husayn Kassai said: “We provide confidence to digital interactions around the world, securely verifying a user’s identity from the moment they register with the company.
“Service providers should not compromise on user experience or security, and we are delighted to be working with InnoCells and Banco Sabadell to help them achieve these two goals while they build a state-of-the-art financial ecosystem.”
Banco Sabadell said it chose Onfido for remote onboarding mainly because of its fraud detection engine, which integrates with the lender’s security platform.
This integration acts as an OCR for documents and identity verification with a selfie picture and a video, to meet the regulatory requirements for digitalising various processes.
Banco Sabadell, through its digital innovation hub InnoCells, launched this integrated service with Onfido.
Banco Sabadell GM of InnoCells Pol Navarro said: “The partnership with Onfido allows Banco Sabadell to speed up the deployment of a key capability in the remote customer relationship model through a simple and efficient experience for the identification and acquisition of new products”.
Recently, Spanish banking group BBVA began talks with the representatives of Banco Sabadell for a potential merger.
