HooYu, an identity confirmation provider, has announced a strategic partnership with BCRemit, a leading online money transfer platform.
This collaboration aims to strengthen the verification process for BCRemit’s customer base, particularly benefiting migrant workers who face challenges with traditional identity checks.
HooYu, renowned for its innovative identity technologies, has joined hands with BCRemit to advance the latter’s identity verification practices. This partnership is set to revolutionise customer onboarding by integrating sophisticated technologies that authenticate identity documents and utilise biometric facial checks.
In today’s digital age, the accuracy of identity verification cannot be overstated. For BCRemit, whose clientele predominantly comprises migrant workers, traditional identity checks posed significant challenges due to insufficient credit footprints.
BCRemit identified HooYu’s technology as a vital addition to their process, ensuring that customers who recently moved to the country can be quickly and efficiently onboarded.
HooYu employs an extensive range of identity confirmation techniques. It cross-references digital footprints, verifying a user’s real-world identity through their online interactions.
Beyond this, HooYu extracts and confirms data from ID documents. Concurrently, it performs a biometric facial check, matching a live selfie to the ID document’s image.
This meticulous process ensures that identity theft can be effectively detected and mitigated, offering robust security for both the service provider and its customers.
Oliver Calma, managing director of BCRemit, emphasised the partnership’s significance, stating, “HooYu offers a great complement to traditional database identity checks, streamlining the process for new customers, especially those without a credit footprint.”
Customers have responded positively, recognising the enhanced security and efficiency introduced by HooYu’s technologies.
One of the critical aspects of this partnership is compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. HooYu’s approach aligns seamlessly with these regulations, enabling BCRemit to maintain compliance without disrupting user experience.
HooYu’s solutions ensure that while regulatory requirements are met, the customer journey remains smooth and uninterrupted.
HooYu’s technology is designed to integrate seamlessly into a financial service’s existing systems, enhancing the application process for new customers.
By embedding HooYu’s solutions, firms can improve conversion rates while maintaining rigorous identity checks, thus achieving a balance between security and customer satisfaction.
The HooYu and BCRemit partnership exemplifies a significant leap in identity verification within the fintech industry, focusing on security and compliance.