Basiq is excited to announce that "Basiq Identity" is in beta release. Identity will allow our customers to validate an applicant’s identity via their banking platform and prevent practices like “piggybacking.”
The customer identification process can include steps for identity proofing, authentication and identity management. Basiq Identity is specifically designed for the identity proofing stage and helps verify that a customer is who they claim to be at a specific point in time. Rather than needing to confirm the ownership of every account manually, this ensures the integrity of automated processes.
With it, you can access information relating to an account holder as well as customer profile data in streamlining the identity verification process. Account holder information provides full name as confirmation of the person who is sharing their data, whilst customer profile data includes further identity attributes such as a customer’s address and contact details.
The ability to verify the identity of a customer against their account information can assist in reducing practices like “piggybacking” and improve customer identification procedures such as KYC processes. Whilst the Identity can not replace customer identification procedures it can increase efficiencies. This is especially due to the increase in online-only, straight-through processing which may lack the security of face-to-face interactions.
Basiq Identity will ease some compliance challenges by identifying potential fraud and help financial institutions prepare for open banking changes sooner rather than later.