GoTyme Bank, a new digital bank launching in the Philippines, is adopting the document-centric identity-proofing technology of Daon to establish an account set-up infrastructure capable of complying with the country’s stringent know-your-consumer (KYC) regulations.
The digital bank has confirmed that it will be leveraging the company’s IdentityX platform for digital identity capture and authentication within its banking app.
Applying the company’s document-centric identity-proofing technology will ensure that the digital bank will be able to remove barriers to consumer account setup while verifying the identity of new customers.
With the digital bank’s Filipino launch this month, it required a solution that could ensure compliance with the country’s regulations around customer and data protection as well as fraud prevention.
This time last year, Bangko Sentral ng Pilipinas (BSP), the country’s central bank, updated its guidelines for e-KYC, allowing BSP-supervised financial institutions (BSFIs) to use different methods to conduct customer identification and verification including e-KYC through digital ID systems.
The update has generated a distinct trend in companies and banks, like GoTyme and Daon, coming together with e-KYC providers to appropriately meet the compliance regulations
Commenting on the integration, Clive Bourke, Daon’s president of EMEA and APAC, said: “Implementing IdentityX in the GoTyme Bank app will provide their customers with a more efficient and reliable user experience, all while increasing the security of the application.”
To mark its launch in the country, the digital bank is to place digital kiosks throughout Filipino shopping centres which will allow new customers to adopt its services through a paperless onboarding process.
In addition to its identity-proofing technology, the digital bank will also deploy Deon’s fraud prevention features, which include biometric watchlists and third-party identity checks, to ensure its verification process is able to keep pace with its requirement for timely onboarding.
The digital bank came into being back in July 2022 as the result of a partnership between the Gokongwei Group and Singapore-based digital banking group, Tyme.
The resulting digital bank’s app provides users with self-serve financial solutions and access all types of transactions, transfers, and reward services that their digital wallets provide, but with the benefit of full banking services such as interest-earning deposit accounts and investments.
“Integrating our digital banking app with the Daon IdentityX platform will help to keep our mission of providing our customers seamless access to a wider portfolio of financial services than ever before,” said Chris Bennett, CTO at GoTyme Bank.
“Our customers should feel safe and comfortable with secure account setup, opening doors to better savings, transfers, and rewards that our digital bank has to offer.”
