Project Endeavour is a ground-breaking pilot project to develop an electronic digital identity and risk assessment onboarding solution for the financial services sector. Established by two leading UK based technology companies Synectics Solutions and Yoti, who specialise in delivering digital identity and financial crime risk management solutions, Project Endeavour will enable financial services organisations to significantly reduce how much time it takes to digitally verify a customers’ identity. This will allow them to perform real-time due-diligence checks as part of a comprehensive eKYC risk assessment. This podcast is hosted by Vesna McCreery – an expert in financial crime and risk with over 20 years’ experience working with global banks and financial service providers. Vesna talks to Chris Lewis, Solutions Consultant at Synectics Solutions and Gareth Narinesingh, Commercial Director at Yoti about Project Endeavour and their aims and ambitions for the pilot. During this podcast you will learn about: Synectics Solutions and Yoti, and how they have collectively crafted over 30 years’ experience in delivering market-leading digital identity and financial crime risk management solutions. How the application of technology to perform digital ID&V and CDD is being driven by changing regulations – and how this digital transformation can ease the onboarding journey for both providers and customers. How Project Endeavour will enable financial services providers to carry out real-time digital ID&V and fraud and AML checks at the application inception stage. How Project Endeavour will help financial services providers to significantly reduce risk by utilising aggregated, market-leading data sources as part of their onboarding process, to give a much broader picture of their customers. To listen to the podcast visit the Synectics website here. If you are a financial services provider and would like more information about Project Endeavour, or would like to take part in the pilot please email: firstname.lastname@example.org or email@example.com.
Co-op are on a mission to help people make good things happen in communities and we’re really happy to support them with our COVID-19 pledge. Through their community co-operate platform, they’re bringing together multiple services that make it easier for people to come together and change their communities for the better. The platform is a hub of advice, guides and activities, which allows people to request and offer support. In order to keep their communities safe, they’ll be using our embedded identity verification technology to securely vet applicants that register to offer their support. This technology sits within the sign up process and will allow individuals to upload a passport or driving licence directly to the platform. They’ll be asked to take a selfie in order to prove they’re a real person and have their face matched with their ID document through leading AI technology, bolstered by manual checks. Our technology allows Co-op to carry out the necessary identity checks in a matter of minutes, rather than days. Volunteers won’t be sent to other websites or have to wait for emails – they can complete the identity verification process all within one registration flow. This also avoids the need to send copies of ID documents via email and means sensitive data is secured through encryption. We wholeheartedly support the Co-op in their mission to start bring communities together across the country and look forward to supporting them with our tech to make this even easier and more secure. We are already helping numerous other initiatives such as the NHS with staff digital ID cards, the DoIT volunteer platform, and hyper-local to national charity organisations across the globe. If you want to join the movement, you can get in touch here to hear more about our secure identity verification and health test credential solutions.
We’ve joined forces with Synectics Solutions to deliver a groundbreaking anti-fraud solution for financial services that provides a comprehensive eKYC risk assessment at the touch of a button. Project Endeavour is our partnership pilot which combines our best-in-class digital identity technology with anti-fraud and AML risk screening data services from Synectics Solutions. Synectics Solutions is a recognised leader in the provision of fraud and financial crime risk analysis, and has been working with global financial institutions and data analysis organisations for over 27 years. Our shared tool is designed to enable customers to onboard instantly with a financial institution using their phone. Low risk customers, who make up roughly 90% of a customer portfolio of a Tier 1 UK bank, will be identified and granted instant access to products and services via a third-party marketplace. Behind the scenes, the Endeavour control environment will complete a comprehensive risk assessment through Synectics Solutions’ financial crime risk management platform, supported by intelligence from Dow Jones Risk Solutions and the regulatory compliance division of Eversheds Sutherland – Konexo. Further due diligence checks will be required for higher risk customers, but we believe this solution will speed up the onboarding process for the majority of customers. The fully-automated Endeavour process will deliver a highly robust, instant identity verification process and risk assessment, saving financial institutions huge amounts of time and money. We are very excited about this project as we believe it breaks new ground in helping financial services access a young, digitally-savvy market segment. “Endeavour crystallises a new commercial partnership between Yoti and Synectics Solutions to create undoubtedly the most sophisticated anti-fraud solution in the UK,” said Gareth Narinesingh, Commercial Director of Financial Services at Yoti. We are launching the first stage of our pilot project during which we hope to partner with a number of key financial institutions in the UK that are interested in enhancing their digital customer acquisition and eKYC onboarding capabilities. If you are interested in finding out more about the pilot, then please have a read of the Project Endeavour Executive Summary and get in touch.
Our advanced identity verification technology is set to enhance the onboarding experience for financial services and help tackle identity fraud. Our partnership with Synectics Solutions is set to deliver simple, private and secure eKYC checks when people apply for financial services products. Synectics Solutions For over 27 years Synectics Solutions has been at the forefront of developing leading-edge, data driven solutions for its clients, to help them create effective risk management systems and reduce their losses to fraud and other financial crime. Synectics’ clients have saved over £4.8 billion collectively through the use of these market leading link analysis, fraud prevention and predictive analysis solutions – National SIRA, Orion and Precision. Yoti identity verification Synectics Solutions have integrated our state-of-the-art identity verification solution to enable their customers to digitally verify their identity from anywhere in the world. The product integrates seamlessly into existing business flows so that customers can easily verify themselves on a website, app or in terminals. End customers simply take a photo of their official ID document and perform a liveness test to prove they’re a real person, and Yoti does the rest. Using a combination of expert AI and our team of super recognisers, Yoti checks their ID is authentic and matches it to their biometric template created during the liveness test. What does this mean for regulated financial services? Yoti’s partnership with Synectics Solutions offers regulated financial services institutions the ability to: Verify the identity of customers from over 175 nationalities to a high level of assurance through government-approved photographic ID documents. Allow customers to prove who they are remotely and securely from anywhere in the world. Digitally transform the approach to customer onboarding and customer due diligence. Reduce onboarding friction in order to deliver products and services faster than before. Enhance regulatory compliance through best-in-class technology. Russell Mackintosh, Head of Partnerships at Synectics Solutions said: “We’re delighted to announce this partnership with Yoti as it further demonstrates our recognition that improving methods of authenticating and identifying genuine customers lies at the heart of addressing issues of fraud and financial crime for our clients. “As a company we’re committed to continually investing in the services we offer and Yoti’s [service] provides access to the leading edge ID&V technology to help our clients improve their ability to authenticate genuine customers faster and more effectively.” Gareth Narinesingh, Commercial Director at Yoti said: “Our partnership with Synectics Solutions is a key proposition for UK-regulated financial services. Verified identities delivered through our platform compliments best-in-class data services provided by Synectics Solutions. “Financial services clients now have an end-to-end solution for onboarding new and remediating existing customers. This will lead to better and quicker customer outcomes for good actors, whilst employing much tighter controls around keeping out bad actors. This will be good news for both compliance officers and heads of retail banking and consumer finance businesses.” Get in touch If you work in financial services and are interested in optimising your business with Yoti’s identity verification services, please get in touch with Gareth Narinesingh here.
We are very proud to announce that Yoti has been selected as a REGTECH100 company. RegTech The REGTECH100 is an annual list that recognises the world’s most innovative technology solution providers who are addressing the challenges of delivering regulatory requirements within financial services. The regulatory technology industry has seen huge growth in recent years as it strives to meet the needs of financial institutions as they navigate unrelenting regulatory challenges. The key players The REGTECH100 list was born to help senior management and compliance professionals navigate and evaluate which solutions are most likely to have a lasting impact on the industry. In their own words, this list is comprised of the companies every financial institution needs to know about as they consider and develop their mission critical RegTech and digital transformation strategies. We are really proud that Yoti has been selected as one of the world’s top 100 companies that are shaping the future of the compliance, risk management and cybersecurity in 2020. Yoti driving innovation with digital identities Yoti’s identity verification solutions are making strides in financial services. Our recent partnerships with Synectics Solutions and Kompli-Global create a digital KYC journey that fuses electronic identity verification with best-in-class data services for enhanced financial crime and anti-fraud prevention. The cyprotcurreny platform Crix has also recently innovated their onboarding process with eKYC checks with our Yoti Doc Scan product. Whether it’s buying crypto-currency, authorising a payment through multi-factor authentication or verifying your identity for a bank, our innovative technology provides financial institutions with the ability to: Verify the identity of customers from over 175 nationalities to a high level of assurance through government-approved photographic ID documents. Allow customers to prove who they are remotely and securely from anywhere in the world. Digitally transform the approach to customer onboarding and customer due diligence. Reduce onboarding friction in order to deliver products and services faster than before. Enhance regulatory compliance through best-in-class technology. Mission critical In the words of Mariyan Dimitrov, head of research at RegTech Analyst, “Employing RegTech solutions to modernise the compliance function is now mission-critical for financial institutions globally.” If you work in regulatory financial services and are keen to learn more about Yoti’s identity verification services, please get in touch with our Commercial Director for Financial Services, Gareth Narinesingh.