A partnership agreement just signed between V-Key, with its patented Virtual Secure Element, and Ailleron, the owner of LiveBank, which offers cutting-edge technologies, will bring a new dimension to digital bank onboarding worldwide.
Both companies have had much success in the digital banking sector. LiveBank’s virtual branch is deployed in more than 30 banks and serves 150 million customers around the world. V-Key’s ultra-high-security software, V-OS, makes mobile phones more secure by integrating the V-OS SDK into the mobile app, harnessing tokenization and advanced biometrics. With advantages from both, it is an outstanding and seamless solution for banks to digitally onboard new customers.
The combination of these technologies will allow banks to acquire new customers remotely and securely. Ailleron’s virtual branch, called LiveBank, enables secure and fully transactional video calls with real-time collaboration features. For banking customers, it means face-to-face service, with presentation and co-browsing sessions until the conducted transaction is authorized, all while fully compliant with existing bank processes and without the need of going to a bank branch.
The eKYC process is simple, easy to use and fast. It begins with a video connection and proceeds to prospect verification using V-Key technology. The client presents their ID to the camera and the system reads the data with OCR or NFC if a biometric passport is used, and then transfers it to the app. Next, the ID photo is compared with a live selfie using facial biometric technology. When the system recognizes the ID’s owner, it can also compare the applicant with the bank’s internal and external databases. When all the checks are completed and customer approved, a bank account is opened and the client onboarded. The whole verification process takes no more than a few minutes.
V-OS, the great mobile security enhancement
The pioneering Virtual Secure Element and innovative use-cases around this technology allows V-Key customers to build a Trust Platform for digital mobile identity. The mobile technology empowers ultra-high-security solutions for mobile identity, authentication, authorization and payments, and is used in banks and payment platforms, as well as in government agencies. V-OS uses advanced cryptographic and cybersecurity protections and complies with standards previously reserved only for expensive hardware solutions. V-OS enables its customers to create powerful customer experiences that combine high security and ease of use.
Raymond Lee, V-Key’s Chief Commercial Officer, said, “The coming together of LiveBank and V-Key delivers the end-to-end eKYC process that many customers are looking for. The authenticity of the documents being used in the process, the ability to secure this digital identity, as well as facial-recognition video completes the Trust circle when bringing in new customers in the digital era. This is a scalable solution that is in demand worldwide and we’re excited about its global potential.”
Virtual services are the future
The mobile platform has accelerated the delivery of full digital banking services and allows branch services to be delivered in the comfort of your home. However, the online and mobile banking services of today still can’t match the traditional services provided by brick-and-mortar offices. Ailleron has identified and created a solution called LiveBank Virtual Branch to deliver remote banking ability to banking customers at their convenience, while enhancing the user experience. With its video, audio and text communication options, collaborative features such as co-browsing, screen-sharing or presentations, transnationality (authentication and authorization), recording, active engagement, etc., the platform is recognized as a global leader and has been chosen by the biggest banks in more than 20 countries.
Piotr Skrabski, Ailleron Vice President and LiveBank General Manager, said, “V-Key has great knowledge and technology appreciated by local regulators and innovative banks like DBS and UOB. It perfectly fits with Ailleron products. Together, we can offer our banking clients the best solutions ever, enhancing their offer for retail and corporate clients. We are constantly developing the LiveBank platform, adding new, convenient features and cutting-edge technology that both fit customer needs and bring benefits to banks”.