Trunomi role in smart onboarding product
Six technology partners, including Bermuda's Trunomi, have collaborated to create a customer and document verification application.
The technology allows financial institutions to collect, process and verify documents and the identity of new applicants in less than five minutes.
By significantly reducing the time that such processes normally take, while also securing them against fraud, the partner companies believe it will increase the conversion rate of applications and reduce costs.
Bermuda start-up Trunomi has developed technology that simplifies the process of sharing personal data, in particular between individuals and financial institutions. Its expertise in this area has been combined with the specialist technology of the other partner companies to create Smart Origination.
The companies involved in the Smart Origination customer onboarding technology are Japanese information technology giant Fujitsu, ImageWare Systems, InAuth, Intelligent Environment, Mite and Trunomi.
“This is another fantastic example of Bermuda-based fintech excelling at the highest levels of international financial services technologies and regulations,” said Stuart Lacey, CEO of Trunomi, which has offices in Mill Creek Road, Pembroke, and in London and San Jose, California.
Trunomi has been working with Fujitsu on the initiative for about eight months.
In a statement, the alliance of companies said Smart Origination operates across multiple channels to give “a seamless customer experience”.
The statement also said: “Smart Origination reduces identity fraud by up to 99 per cent and decreases application abandonment by 40 per cent, enabling financial institutions to reduce the financial expense associated with fraudulent customers and more easily attract new customers.”
Each of the six companies brought specialist technologies to the project. For Trunomi, that was customer consent management and data permissions in compliance with EU General Data Protection Regulation.
Fujitsu's input included its K5 next generation cloud platform and trusted system integrator partner. ImageWare brought multi-modal biometrics technology covering voice, facial and iris recognition, and Fujitsu PalmSecure, while InAuth provided advanced mobile and browser device identification, authentication, risk detection, analysis and risk scoring.
Intelligent Environments' input was a “powerful digital platform that accommodates any form factor including IoT”, while Mitek supplied global electronic identity verification
The companies stated it was the first collaboration of its kind, adding: “Smart Origination enables financial institutions to consolidate their digital channels approach and take advantage of a more streamlined and secured origination process, all in strict compliance with the incoming EU General Data Protection Regulation”.
Mr Lacey said adoption of the technology is expected to be very quick given the passing of GDPR, and the fines starting on it in May 2018.
“Tens of thousands of companies will have to comply in 2017 in order to be ready in time before the fines start. The key aspects of Trunomi's platform are to capture and prove consent and permissions, which are the drivers behind compliance and suitability for GDPR,” he said, adding that Smart Origination is going live and has been brought to a number of Fujitsu's tier-one partners, and banks in Europe.
Gary Fegan, head of digital financial services solutions at Fujitsu, said: “The aim was to take a best-of-breed approach for digital origination and account servicing but also deliver this as a truly integrated and business-aligned solution.
“Smart Origination allows financial institutions to leapfrog five years of internal development and concentrate on real customer-focused innovation whilst meeting their regulatory requirements.”
David Webber, managing director at Intelligent Environments, said: “We live in a truly digital age, yet consumers are still becoming bogged down in old-fashioned paperwork when applying for a new bank account or insurance policy.
“The identity verification stage of these applications alone can often take over an hour, which simply isn't acceptable for today's busy consumer.
“Smart Origination, created as a result of an exciting partnership with a selection of leading fintech innovators, means that financial services firms are now able to offer their customers a seamless and streamlined ID verification and application process at the click of a button.”
While Mr Lacey, of Trunomi said being involved in the initiative was a “tremendous validation of our technologies and our consent and API-based platform, and its applicability to help deliver major improvements in customer experience, conversion and retention for companies globally — whilst maintaining the highest levels of regulatory and data-privacy compliance.”
Separately, first of 5 patents Trunomi filed on its platform have been received.
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