Category: Banking

HSBC, Barclays To Test Digital ID For Cross-Border Banking

Posted by on in Banking

HSBC and Barclays have joined several private and public sector organisations to test the use of digital ID in cross-border banking.

The group, which includes HSBC, Barclays, the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK), has launched the project by testing the opening of a bank account in the UK using a citizen’s digital identity from France. Additional funding for the project comes from European Union’s Connecting Europe Facility, a funding instrument to support the development of interconnected trans-European networks in the fields of transport, energy and digital services.

According to HSBC, the biggest effect that this project could have is to eliminate the need for a separate set of identification paperwork when opening a bank account in another country. A digital ID allows banks to share data and verify the client’s identity regardless of nationality.

The group will also use the mobile connect authentication process allowing the user to request a digital ID that is validated via eIDAS. These services will be developed and provided by Orange.

Source: The Paypers

PayNow Will Complement ePayment Apps in Singapore

Posted by on in Uncategorized

The PayNow fund transfer system that goes live on July 10 will not replace existing e-payment apps and methods but make them even easier to use, banks say.

PayNow will allow people to transfer money to one another using just the recipient’s mobile or NRIC number. The Association of Banks in Singapore announced it on Tuesday as an important step towards developing a cashless society.

Customers of seven participating banks – DBS Bank, OCBC Bank, United Overseas Bank, HSBC, Standard Chartered Bank, Citibank and Maybank – who want to send and receive money through PayNow will have to link their mobile and NRIC numbers to their accounts, either through the bank’s website or mobile app.

See the full article here.

Malaysia: No More Signing for Card Payments

Posted by on in Banking, Compliance, Malaysia

Goodbye signatures, hello personal identification numbers (PIN). It is all systems go for the nationwide transition to PIN and Pay on 1 July 2017.

PINs will be mandatory for all transactions over the counter using credit and debit cards.

Today marks the end of the six-month grace period where cardholders and merchants were allowed signatures for transactions.

A smooth transition is expected, with most cards and point-of-sale (POS) terminals being replaced and a vast majority of cardholders using their PIN for payment.

Close to 23 million payment cards have been replaced, translating to 100% of credit cards and 98.5% of debit cards as of May.

See the full article here.

Jumio Partners With Monzo For Customer Verification

Posted by on in Uncategorized

Jumio has announced the partnership with digital bank Monzo, to verify new users and support know-your-customer (KYC) requirements.

Monzo will use Jumio’s Netverify to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the manual verifications from Monzo employees.

Jumio’s solution will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.

Jumio is an identity verification and credentials company that helps businesses reduce fraud. The company utilises proprietary computer vision technology to reduce customer sign-up and checkout friction.