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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.