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.
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.