Innovatrics DOT Fully Digitizes KYC Process of First-Ever Broker in Europe to Use Face Biometrics

Adopting Innovatrics’ digital onboarding platform for instant, fully paperless onboarding of new clients via web interface, Slovakia-based broker, Finax, is on-track to expand to other countries in the region without the added cost of hiring more staff. It is the first ever broker in Europe that utilizes face biometrics for its full KYC (Know Your Customer) process after implementing Innovatrics Digital Onboarding Toolkit (DOT).

Previously, Finax relied on manually filing and checking ID scans and bank statements, which are prone to human error. The Innovatrics solution seamlessly automatizes the whole process. The client simply uploads a photo of his or her ID, takes a selfie, and passes a liveness check to confirm the identity. The check itself is done in the background using high-performance, easy-to-scale proprietary technology.

First, the photos on the ID and the selfie are compared. Next, the AI-powered technology automatically extracts all the client information from the ID. In the final step, the user simply follows a dot on the screen and the system judges whether the eye movement corresponds to the randomly moving dot. In a matter of minutes, the customer is onboarded and can fully use his or her account. The company, on the other hand, has a proof of verification of client’s identity required by the regulator while not requiring more staff for purposes of manual client verification.

Thanks to Innovatrics DOT, Finax has a complete toolkit that also serves as an anti-money laundering measure and performs Strong Customer Authentication (SCA) in compliance with new European Union regulations, benefiting digital service providers alike. DOT will be instrumental in its plan of reaching 150 million potential customers in 10 more markets in Central and Eastern Europe in the next three years.