Adviser platform Novia has partnered with a technology firm to introduce biometric, facial recognition verification on client documents.
The technology, which is provided by identity verification experts Credas, verifies that a document truly belongs to the person making the transaction. It offers real-time ID document scanning and chip-reading, combined with identity and facial recognition technology, to speed up document identification in line with regulations.
Clients who have historically required copies of ID and bank statements to verify their identity will instead be invited to "take a selfie" followed by a picture of a photographic identity document.
The technology works by calculating distances between key features on the face and compares both images to verify one's identity.
Novia operations director Nick Raine said: "Our Adviser base has needed to adapt the operation of their businesses to meet remote working requirements. The cornerstone of how we operate is the safeguarding of client money and assets and we are delighted to further enhance our offering with the adoption of secure biometric verification.
"Privacy is important to us all and technology such as this can be perceived as intrusive, so existing methods will still be available to those who do not wish to engage with it. We are hoping the convenience and ease of use is received well by both the adviser community and our mutual clients, to allow us to adopt an integrated implementation in the near future."
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