Face Match and Address Verification Example14/05/2021
A series of transformations in regulation, technology, competition and demand are pushing financial institutions and banks to revise their IT infrastructures and data models. Based on regulations like PSD2 and GDPR, technological transformations and customer consent, banks are open to share their customers information to third parties. This is pushing forward a next generation of products and services for bank account holders.
Open Banking allows bank account holders to share the data associated with their bank accounts in a secure way. The Open Banking era is just arriving, and it will bring a wave of evolution not just to the financial services market. Accessing the data in the bank account allows to retrieve accurate information for multiple purposes, and authorize payments as well.
In the following video you can see an example flow of an onboarding process involving Face Match and Address Verification, followed by accessing the bank account (in this case the German bank N26) and a challenge deposit for the same account.