iProov to provide biometric technology to challenger bank Knab, part of AEGON
- Banking , Security , Compliance , Authentication Technology
- 01.07.2020 08:37 am
Today, iProov is proud to announce 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 rebinding 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.
Andrew Bud, Founder and CEO, iProov said: "Digital banks owe their success to their customer experience. A fast and easy onboarding process, with effortless strong customer authentication, makes all the difference in attracting and retaining customers in an increasingly competitive environment. Knab leads thanks to superb commitment to its customers, and iProov is very proud to be part of their best-in-class banking experience."
Marcel Kalse, Co-Founder, Knab said: "Our customers really are everything to Knab. That’s why we chose iProov - like us, they are clear leaders in delivering the very best customer experience without compromising on the highest standards of security and compliance."
iProov’s unique patented technology provides governments, banks and other enterprises with Genuine Presence Assurance, allowing them to authenticate users remotely on any smartphone, tablet or laptop. Using iProov, individuals can verify that they are a real person, the right person, and authenticating themselves right now, thus protecting against fraud or criminal activity.