Azentio Software and Regula join hands to reinforce identity verification for digital onboarding
Partnership to leverage Regula's world-leading document authentication and face liveness detection technologies
SINGAPORE, Jan. 23, 2024 /PRNewswire/ -- Azentio Software ("Azentio"), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced a strategic partnership with Regula, a global developer of forensic devices and identity verification (IDV) solutions.
This partnership will enable Azentio to harness Regula's expertise in identity verification and thereby, boost its ability to seamlessly embed IDV in its digital onboarding solutions. Two Regula's solutions, Regula Document Reader SDK and Regula Face SDK, will be integrated with Azentio ONEBanking and Azentio ONECapitalMarkets platforms. With a complete identity verification flow, Regula Document Reader SDK will ensure automated and secure identity proofing, while Regula Face SDK will instantly perform biometric verification including liveness detection and face matching within a single interaction. These technologies will equip Azentio's clients with instant and fraud-free ID verification, adding confidence, efficiency, and security to their operational processes.
Regula Document Reader SDK allows comprehensive identity document authenticity checks as an integral part of a larger KYC procedure. In remote onboarding scenarios, the solution instantly captures a provided ID, automatically identifies its type, reads and cross-validates data from visual zone, MRZ, barcode, and RFID chip to ensure there are no inconsistencies, and performs extensive authenticity checks of every security feature to determine any alterations that may indicate fraud. Backed by Regula's proprietary document template database, which is the most comprehensive in the world with over 13,000 templates of IDs from 247 countries and territories, Regula Document Reader SDK can verify nearly any identity document regardless of its type or country of origin.
For Azentio's vast clientele of banks and financial institutions with operations across Asia, the Middle East and Africa, it will be a vital and versatile asset.
Regula Face SDK will help Azentio's clients reinforce identity verification with biometric checks, using the solution's advanced face matching and liveness detection technologies. It helps ensure that an organization onboards a real person and they are who they claim to be by comparing a selfie with other portraits in the identity document. Biometric verification is a reliable anti-fraud measure that helps significantly eliminate the risk of even the most sophisticated presentation attacks.
Khaled Berjawi, Head of Product Management, Banking & Capital Markets, Azentio, stated, "At Azentio, cultivating a seamless, secure, and technologically advanced digital onboarding experience is not just a mission; it's an obsession. With Regula as our strategic partner, we're not merely changing the game; we're rewriting the rules of trust in the digital age. Together, we're guiding our clients towards a future where trust meets innovation, orchestrating a symphony of cutting-edge technology and unwavering trust that sets the stage for a new era of identity verification."
Ihar Kliashchou, Chief Technology Officer, Regula, commented, "We are glad to join forces with Azentio to bolster identity verification in remote onboarding and KYC processes for banks and other financial institutions across continents. Financial services are among the most vulnerable industries when it comes to identity fraud. Our recent survey showed that such a threat cost nearly half a million US dollars to every third bank in the world last year. So, this industry really needs the strictest regulation and consequently, the most powerful solutions that can meet such high standards."
About Azentio Software
Azentio provides mission-critical software products across Asia Pacific, Middle East, Africa and India to banks, financial services providers, and insurers. It also provides ERP solutions to mid-market enterprises.
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SOURCE Azentio Software Pvt Ltd
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