iProov, a world leader in spoof-resistant, biometric facial authentication technology, announced that its technology is to be deployed by Dutch challenger bank Knab to provide an effortless online biometric experience to its nearly 500,000 customers.
Knab customers can now effortlessly authenticate themselves for a growing range of sensitive transactions using iProov’s patented Flashmark technology. The partnership with the online-only bank, which is owned by multinational life insurance, pensions and asset management firm AEGON, sees iProov collaborate with a challenger bank for the first time.
This is the first time that iProov has been used for SCA (Strong Customer Authentication) by a bank in Europe, and one of the very first production deployments of any device-independent biometric for SCA. Its step-up authentication capabilities are being rolled out in a variety of scenarios. A key use will be Knab’s re-binding process – i.e. when a user deletes the bank’s app, updates the app or loses their device and needs to re-verify their identity. The ability to process transfers and payments using iProov will go live shortly and further applications are planned.
Ongoing ID verification for all new customers opening an account with Knab will be carried out by iProov’s technology. Knab’s adoption of iProov also sees the bank move away from its previous token-based solution, dispensing with costly and unpopular hardware and the associated administrative burden. iProov’s cloud-based process is fully automatic, does not use human agents, and is extremely fast, reliable and secure.
The Dutch regulator has been a European leader in encouraging banks to adopt innovative Know Your Customer (KYC) technology to enhance compliance. Banks have therefore increasingly turned to new digital journeys and emerging technologies to meet regulatory challenges and prevent hefty fines. Following rigorous security and customer testing, and assessment for national and EBA compliance, iProov was selected by Knab for the high-quality experience it will deliver to the bank’s customer base. iProov’s proven track record at scale, with over 3 million onboardings since 2019, provided additional confidence.