Image: Leveraging iProov’s Genuine Presence Assurance technology, UBS will be able to onboard customers online round-the-clock in five minutes. Credit: Memin Sito from Pixabay.

Switzerland-based banking institution UBS has teamed up with KYC specialist iProov to automate online identity verification checks to its UBS key4 customers.

UBS is the first bank in Switzerland to offer this process for account opening along with qualified electronic signatures.

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Leveraging iProov’s Genuine Presence Assurance technology, UBS will be able to onboard customers online round-the-clock in five minutes in a secure, fast, and convenient manner, all against the backdrop of increasing online fraud.

This face verification technology enables customers to scan their face against a document issued by the government, such as a passport featuring an NFC chip.

Before this partnership with iProov, UBS was leveraging video calls to verify client identity. However, this process can not only be resource intensive but also curb when and where new clients can be bought onboard.

UBS rolled out UBS key4 in May for customers who want to conduct their banking transactions at any time of day, and completely digitally.

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UBS key4 includes personal accounts, savings accounts, debit, and other cards, mobile payment options, and more.

iProov’s technology is leveraged by banks and governments around the world, including Rabobank, ING, the US Department of Homeland Security, the UK Home Office and the Australian Taxation Office.

Its cloud-based automated ID verification technology is claimed to deliver more than 98% typical pass rate and a 1.1 average number of attempts based on in-production results, thereby enabling customers to have a hassle-free experience.