Daon’s New Features Bring Two-in-One Approach to Onboarding, Authentication

Browser-based onboarding, third-party identity checks, automated decisioning, and optional human review are among the top-level, new features of Daon’s IdentityX Digital Onboarding 2.0. The updated platform, launched this week, enables companies to offer a frictionless and fraud-resistant onboarding experience for their customers, reducing abandonment rates and operating costs while ensuring KYC/AML compliance.

Decrying what he called the “false choice between convenience and compliance,” Daon CEO Tom Grissen highlighted the new platform’s “two-in-one” approach that enables users to leverage their onboarding credentials to authenticate across both digital and physical channels. “Daon’s unprecedented integration of onboarding and authentication is a powerful new realization of our longstanding commitment to a frictionless, omni-channel experience at every step of the customer journey,” he said.

Reston, Virginia-based Daon demonstrated its IdentityX platform at FinovateFall 2016. The technology leverages biometric inputs such as face, voice, and fingerprint, as well as other authentication strategies such as device binding, geolocation, and liveness detection to provide an “inherently multi-factor,” future-proof authentication option for banks, payment processors, and other businesses.

With the launch of 2.0, Daon adds the ability to onboard users online instead of relying on the mobile app, and the capacity for businesses to achieve a higher or more specific degree of authentication by connecting to third party identity verification solutions. The new features give users the option to configure decision, action, and review paths, and features an optional human review process to examine challenging or questionable applications more effectively.

“For too long, organizations have been stuck choosing 90% customer abandonment rates on the one hand, or billions of dollars lost to fraud and regulatory fines on the other,” Grissen said. “Today, with all-digital customer onboarding from Daon, the process isn’t just more frictionless than traditional onboarding; it’s also more secure.”

Founded in 2000, Daon made fintech headlines earlier this month with news that it would bring its biometric identity technology to digital onboarding and anti-fraud company CTMS. Also in July, Daon announced that it had partnered with GEMADEC to build a life certificate digitization solution for the Moroccan Interprofessional Pension Fund’s (CIMR) mobile app.

Finovate Alumni News

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  • Lendio Acquires Billy, Launches Cloud Accounting Software.
  • Daon’s New Features Bring Two-in-One Approach to Onboarding, Authentication.
  • CrediVia Adds Multifamily Options to Financing Platform.

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  • Busey Bank selects Jack Henry’s SilverLake System to improve workflows and enhance digital capabilities.
  • SMArtX Advisory Solutions to power managed accounts for Independent Financial Partners.
  • Gaming rewards and marketing firm Refereum hires Hacker One for its new bug bounty cybersecurity campaign.
  • Onfido teams up with MoneyNetint to help the U.K.-based cross-border money transfer company expand its ability to verify customers.
  • Arkose Labs launches private bug bounty program with Bugcrowd.
  • Tesco For Business leverages Blackhawk for U.K. gift card program.
  • ID R&D ships new version of IDVoice that combines AI and voice technology to increase biometric matching speed and improve enrollment and authentication.
  • VERA names Bill Gadala Chief Financial Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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  • Spain Approves Neo as a B2B Challenger Bank.
  • Bill.com Boosts Support for International Payments Offering.
  • Xignite Forges Strategic Partnership with XPansion.
  • Bitbond Celebrates Successful STO; Raises More than $2.3 Million in New Capital.
  • PayPal’s Hyperwallet to make sure Limebike’s gig workers get paid for charging scooters.

Around the web

  • Baker Hill’s NextGen to power growth in commercial lending for Hawaii State FCU.
  • Digital Onboarding to grow engagement and provide the digital banking experience for Manatee Community FCU.
  • Daon to fuel security component of CTMS’ KYC and onboarding solutions aimed at banks in France.
  • Revolut unveils new tech hub in Berlin.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

DriveWealth Democratizes Investing in Nigeria; Meniga Sets Up Shop in Singapore

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Eastern Europe

  • VTB Factoring and Venture Engineering Lab introduces end-to-end multifactor digital supply chain finance platform, GetFinance, to Russian market.
  • Austrian telecom Hutchison Drei Austria teams up with Revolut to offer prepaid debit cards and banking services.
  • Coinspeaker profiles Slovakian cryptocurrency trading platform, StockPoint.

Middle East and Northern Africa

  • Dubai Financial Services Authority (DFSA) announces four new fintech additions to its summer sandbox.
  • Morocco’s CIMR to use Daon to make sure its clients are still living.
  • Beirut, Lebanon-based ecommerce management platform Ecomz raises $4 million in Series A funding.

Central and Southern Asia

  • Reserve Bank of India (RBI) to build blockchain-based banking platform.
  • New partnership between ICICI Bank and IndoStar Capital Finance to bring financing options to help underserved Indian SMEs purchase commercial vehicles.
  • Fidor Solutions inks memorandum of understanding with Astana International Financial Centre (AIFC) to promote fintech innovation in Kazakhstan.

Latin America and the Caribbean

  • Ingenico ePayments to provide advanced payment services to online Latin American marketplace Linio Colombia.
  • Jamaican wealth manager Proven Wealth to deploy core banking system from ERI.
  • BNAmericas takes a look at the emerging fintech scene in Costa Rica.

Asia-Pacific

  • Japanese payment app Kyash raises $14 million in Series B round led by Goodwater Capital and Mitsubishi UFJ Capital.
  • WeInvest sets up shop in Thailand.
  • Singaporean cross-border payments company Instarem to pursue banking license.
  • Meniga opens new office in Singapore.

Sub-Saharan Africa

  • DriveWealth to help democratize investing in Nigeria.
  • Ventureburn features eight Kenyan fintech startups “to keep an eye on.”
  • CNBC Africa presents a roundtable discussion on the future of fintech and blockchain technology in Nigeria.

Top image designed by Freepik

Morocco’s CIMR to Use Daon to Make Sure its Clients are Still Living

Biometric solutions company Daon is leveraging its partnership with North African technology company GEMADEC to help create a life certificate digitalization solution for the Moroccan Interprofessional Pension Fund’s (CIMR’s) mobile app.

Leveraging Daon’s IdentityX platform the mobile app, CIMR DIALCOM, provides CIMR with the client’s proof of life. The app prompts the user to take a dynamic selfie that certifies not only identity but also liveness by having the user complete a series of “life challenges” such as eye blinks and head movements.

To complete authentication, the app compares the selfie with a picture on the user’s photo ID. After the user is authenticated and is confirmed living, the app authorizes their pension payment.

Daon most recently presented its authentication technology at FinovateFall 2016. The company offers verification technology that uses a range of biometrics, including fingerprint, face, voice, iris, keystroke, palm, or a combination. Founded in 2002, Daon is headquartered in Reston, Virginia. Tom Grissen is CEO.

Finovate Alumni News

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  • MoneyHub Secures Investment from Nationwide.
  • Lighter Capital Increases Funding Limit to $3 Million.
  • Prosper Plans HELOC Product Launch in 2019.
  • Nvstr Brings Brokerage Optimized Investing to the Masses.

Around the web

  • Kasasa partners with rateGenius to offer Kasasa Loans on behalf of Kasasa’s community financial institution network.
  • Infosys to open technology and innovation hub in Texas and hire 500 American workers by 2020.
  • Xero announces new integrations with Tide, Starling Bank, TransferWise, Revolut, and Soldo.
  • Javelin names OneSpan ‘Best in Class’ provider, honoring it with the 2018 Mobile Biometrics Platform Award.
  • Emailage announces Tom Miller as new Chief Revenue Officer.
  • Quovo becomes the first U.S.-based financial data provider granted registration in the Open Banking Directory.
  • Javelin Strategy & Research names Daon a 2018 Mobile Biometrics Platform Awards Leader in the Functional category.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • DoubleNet Pay Acquired by Benefits Provider Purchasing Power.

Around the web

  • Moxtra partners with Virtusa to help banks with client engagement.
  • Daon announces partnership with Avtex to improve contact center experience.
  • Envestnet | Yodlee launches risk insight for pre-qualification.
  • Benzinga features Kabbage growth stats.
  • CNBC: Coinbase and Circle form joint venture to boost adoption of dollar-backed digital coins
  • City A.M. reports Azimo and CurrencyCloud to open offices in Amsterdam.
  • Temenos announces new Hybrid Pooling cash management solution for corporate banking.
  • ClearBank selects Featurespace for real-time fraud and AML detection.
  • Insuritas partners with Northwest Bank to launch bank-owned digital insurance agency platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia-Pacific

  • MoneyTap, DLT-based payment app developed by SBI and Ripple goes live in Japan.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Ayondo expands B2B offering in Asia with a new white label deal.
  • First Circle, a lending platform for SMEs based in the Philippines, has raised $26 million in new funding.

Sub-Saharan Africa

  • Daon Inks Deal with South Africa’s Capitec Bank.
  • Commercial Bank of Ethiopia deploys UP Retail Payments from ACI Worldwide.
  • Ivory Coast subsidiary of Togo-based Banque Atlantique goes live with Temenos’ T24 core banking system.

Central and Eastern Europe

  • Sberbank customers can now add “cash postcards” – automated images with sound – to their money transfers.
  • Payfone partners with Orange to fight identity fraud in four new global markets, including Poland and Romania.
  • Ukraine’s Akhmetov Bank leverages Corezoid’s cloud-based operating system.

Middle East and Northern Africa

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • Alcazar Capital Limited (ACL) to launch $100 million global fintech fund in collaboration with Fintech Consortium’s InQvest Partners.
  • Abu Dhabi Securities Exchange launches Sahmi, a new integrated digital platform for individual investors.

Central and South Asia

  • Bank of Punjab, based in Lahore, Pakistan, implements core banking technology from Oracle.
  • Entrepreneur.com considers the effect Indian fintechs have made on financial inclusion in India.
  • VC Circle looks at the rise in investment in insurtech innovators like India’s PolicyBazaar.

Latin America and the Caribbean

  • Brazilian challenger bank Nubank raises $180 million in funding.
  • UniBank Panama to implement biometric authentication technology from Ipsidy.
  • COK Sodality Co-operative Credit Union (COKCU) of Jamaica to modernize its core processing technology courtesy of a new partnership with Smart Solution.

Top image designed by Freepik

 

Finovate Alumni News

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  • OnDeck Launches Subsidiary to Help Banks with Small Business Lending.

Around the web

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • YellowDog shortlisted for Tech Company of the Year honors at the 2018 U.K. Business Tech Awards.
  • Bluefin teams up with data security tokenization vendor, TokenEx, to boost payment security.
  • Finicity selected as third-party service provider for Freddie Mac’s automated income and asset assessment solution, Loan Product Advisor.
  • Zenmonics earns a spot in the 2018 IDC FinTech Rankings.
  • FinTech Global recognizes Insuritas as a 2018 InsurTech100 Company.
  • Lendio announces facilitating $1 billion in financing to more than 51,000 U.S. SMEs since inception in 2011.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Blockchain innovator identitii to list on the Australian Securities Exchange this week with anticipated market capitalization of $41 million.
  • Atlanta Business Chronicle interviews Kabbage’s Kathryn Petralia, highlighting her as a 2018 Women Who Mean Business honoree.
  • Sara Berg appointed Chief Operating Officer of Trustly.
  • Expensify launches training and certification program for accountants.
  • Ping Identity launches new Quickstart Private Sandbox for Open Banking and PSD2
  • Openfinance signs data partnership with Refinitiv.
  • Trustly partners with Ingenico for online banking payments.
  • Moneynetint partners with Ripple to leverage instant payment rails.
  • Coinbase expands with new Dublin office.
  • Native American Bank selects Jack Henry’s SilverLake system.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Daon Inks Deal with South Africa’s Capitec Bank

Finovate is not the only company looking forward to doing more business in South Africa. Biometric identity technology solutions provider Daon has partnered with Stellenbosch South Africa’s Capitec Bank in a multi-year agreement that will leverage Daon’s IdentityX platform to develop new authentication solutions. Capitec initially will use the technology to enhance its onboarding process.

“Daon is excited to partner with Capitec to deliver digital onboarding and authentication to its clients,” Daon CEO Tom Grissen said. “We share in Capitec’s mission for simplicity and client empowerment through convenient and secure choices for mobile banking.”

With more than 10 million active clients, Capitec Bank is the fastest growing full service retail bank in South Africa. The bank has more than 820 branches and 4,600 ATMs across the country, and has more than three million customers using its banking app to access account information, as well as make payments, transfers, and pre-paid purchases.

“Capitec remains committed to providing an all-inclusive banking solution and harnessing the power of technology to make interactions easier and simpler,” Wim de Bruyn, Executive Information Technology at Capitec said. “We are eager to work with Daon to bring new and innovative solutions to our clients so we can continue to keep their banking experience affordable and secure.”

Daon demonstrated its universal mobile biometric authentication platform, IdentityX, at FinovateFall 2016. The platform leverages multiple authentication methodologies – from biometrics to geolocation and device binding – to enable firms to build the most appropriate authentication experience for their customers. This approach also future-proofs the platform, making it easy for companies to integrate new technologies and biometric modalities as they come to market.

Founded in 2002, the Reston, Virginia-based company has deployed its technology in a wide variety of verticals including digital banking, payments verification, employee credentialing, and cloud authentication. An authentication innovator with a broad, global reach, Daon teamed up with Tradelink to bring biometric authentication technology to Hong Kong’s Dah Sing Bank this summer, and began the year announcing a strategic partnership with North African security and document dematerialization specialist, GEMADEC.