Novia has announced a partnership with technology firm Credas to launch secure biometric verification on client documents.
The firm says this technology, used to verify that a document truly belongs to the person making the transaction, is new to the wrap platform industry but has proven successful in other sectors and offers an additional layer of protection again stolen identification.
Credas, who are market leaders in identity verification solutions, support businesses across multiple markets in their compliance and due diligence processes. Offering real-time ID document scanning and chip reading, combined with identity and facial recognition technology - the business provides a simple, quick and secure solution to regulated markets that require an identity verification solution.
The cornerstone of how we operate is the safeguarding of client money and assets."
Through the use of a single API - Credas can easily integrate with existing systems, reducing the time and cost associated with complex, manual processes.Subject to adviser consent, Novia clients who have historically required copies of ID and bank statements to verify their identity will be invited to take a ‘selfie' by the software on a smart device, followed by taking a picture of a photographic identity document.
The technology, which works by calculating distances between key features on the face, will compare both facial images to verify identity and check the integrity of the corroborative document.
Nick Raine, operations director at Novia, said: "Novia Financial verification measures that have served the business and our clients well over the last twelve years have been tested under lockdown. 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."
Raine continued: "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."
Rhys Daivid, CEO at Credas, said: "We are delighted to provide this entirely remote solution to Novia,and are pleased that our technology can help ensure they are verifying their clients documents securely and accurately. Its great to be working with a business who are invested in using technology to improve their business processes and customer experience too."