Azentio Software And Regula Join Hands To Reinforce Identity Verification For Digital Onboarding

By Author: James Colin
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Jan. 23, 2024, Singapore /PRNewswire/ — The global developer Regula, which specializes in IDV solutions and forensic devices, has announced a strategic alliance with Azentio Software, a technology company with its headquarters located in Singapore and owned by funds managed by Apax Partners. The goal of this partnership is to integrate Regula's state-of-the-art face liveness detection and document authentication technology to transform digital onboarding solutions.

Crucial Elements of the Collaboration:

1. Integration of Regula's Expertise: As a result of their collaboration, Azentio will be better equipped to verify identities. Azentio hopes to provide its clients with easy and safe ID verification experiences by integrating Regula's two flagship products, Regula Document Reader SDK and Regula Face SDK, into the Azentio ONEBanking and ONECapitalMarkets platforms.

2. All-inclusive Identity Verification Flow: Automated and secure identity proofing is ensured by the Regula Document Reader SDK, which constitutes a crucial component of the identity verification flow. By taking pictures of the IDs that ...
... are presented, classifying them, and cross-checking information from barcodes, RFID chips, MRZs, and visual zones, it can conduct real-time checks. This all-encompassing strategy reduces the possibility of possible fraud by including authenticity checks for security elements.

3. Unmatched Document Template library: The Regula Document Reader SDK is powered by Regula's in-house document template library, which is the largest in the world with over 13,000 templates spanning IDs from 247 nations and territories. This large database makes it possible to verify almost any identity paper, regardless of its format or nation of origin.

4. Financial Institutions: Azentio's broad clientele, which includes banks and financial institutions throughout Asia, the Middle East, and Africa, finds great value in the cooperation. It is projected that Regula's technological integration will be a crucial and adaptable advantage, giving these organizations more assurance, effectiveness, and security in their day-to-day operations.

5. Regula Face SDK Biometric Verification: The goal of Regula Face SDK is to strengthen identity verification via biometric examinations. Azentio's clients can improve their onboarding procedures by integrating cutting-edge face matching and liveness detection technology. This verifies the identification of the person and greatly lowers the possibility of sophisticated presentation attacks by comparing a selfie with other portraits in the identity document that is provided.

6. Redefining Trust in the Digital Era: Khaled Berjawi, Head of Product Management, Banking & Capital Markets at Azentio, reaffirmed the company's dedication to fostering a digital onboarding process that is easy to use, safe, and cutting edge. Azentio wants to redefine the laws of trust in the digital era, and with Regula as a strategic partner, it hopes to do more than just change the game. The collaboration is set up to lead customers toward a future in which innovation and trust combine to create a symphony of cutting-edge technology and unfailing trust.

7. Handling Identity Fraud in Financial Services: Regula's Chief Technology Officer, Ihar Kliashchou, stressed the significance of the collaboration in strengthening identity verification for Know Your Customer (KYC) procedures and remote onboarding in banks and other financial institutions around the world. Because the financial services industry is so susceptible to identity theft, it needs strong solutions that adhere to strict guidelines. According to a recent Regula poll, identity fraud cost about half a million US dollars to every third bank in the world last year, underscoring the urgent need for effective solutions.

8. Industry Impact and Outlook: It is expected that the collaboration between Regula and Azentio Software will significantly alter the identity verification landscape, especially in the financial services industry. The combination of Regula's technology with Azentio's platforms ushers in a new era of safe, effective, and creative identity verification procedures as industries change to fight identity fraud.

To sum up, the strategic collaboration seeks to improve digital onboarding processes and tackle the growing issues associated with identity fraud in the financial services industry. The partnership has the potential to completely rewrite the rules of security and trust in the digital era by fusing the strengths of Azentio and Regula.

Read More: https://www.techdogs.com/tech-news/pr-newswire/azentio-software-and-regula-join-hands-to-reinforce-identity-verification-for-digital-onboarding