Digital Transformation is currently at the heart of the financial ecosystem. The need to innovate, respond to disruption from new competitors, and retain existing customers whilst creating new services that are easy to consume, has never been greater.
With Folio’s deep domain expertise in financial services, you can enable identity verification, using sophisticated biometrical analysis, with less fraud, with less friction.
All online, all digital, all mobile
Biometrically locked and verified
Automated and hyper efficient
Folio delivers full, round trip identity management to financial services firms so they can confidently assert their customer is who they say they are. Wherever they are.
Leveraging the power of the modern smartphone, equipped with a camera and biometric sensors, Folio’s unique AI powered platform delivers ‘in-person’ identity checking confidence - remotely, securely and digitally.
The anchor for the Folio identity is often a government issued photo ID or legal form of identity, which Folio scans, verifies matches rigorous format and content rules, and, where appropriate, performs an online check.
Where an NFC chip is present, this is integrated automatically further tamper proofing the Folio identity.
The users face is checked over a hundred inspection points and matched to the ID. Without any human bias or fatigue, there is now an immutable bond between the present, real human user and the verified identity document.
The user can now apply for that account, if the firm’s policy requires more documents, she can add them, or if the wallet contains sufficient verified documents already – she can just ‘Tap-to-share’ and a public key-encrypted message is sent directly to you, instantly.
Need to refresh information periodically? You can send a notification to Folio and request updates.
Some transactions may be deemed lower risk, others – large payments or new account opening for example, understandably justify higher levels of assurance. For that Folio provides a configurable authentication rule set… just need a passcode? OK? Thumbprint, Selfie, Moving Selfie…? The levels of assurance are yours to control but in all cases, the simplicity, convenience and speed for the user is so much faster than traditional means.
And their privacy is entirely in their control, they must consent to any ‘share’ request, and have control over which attributes are shared.
Their data is theirs alone, encrypted on their smart device and nobody can see it unless they explicitly share at that time. Folio cant see it, neither can you.
- AI driven face matching
- 24/7 operation
- 100% online
- Multi factor authentication
- Zero bias, no fatigue
- 1000's of valid ID's
- Ongoing compliance
- NFC chip compatible
- Onboard in 60 seconds
- Authenticate in 1 second
- Multi mode biometrics
Use Cases across Financial Services
Confidently onboard anyone, anywhere in the world with a valid ID document and a smartphone. Improve the mobile experience whilst improving customer acquisition rates. Enhance Loan origination processes and enable a re-think of legacy, costly and friction based transactional workflows.
Private Wealth and Banking
Reduce drop-out rates during the customer onboarding process whilst enhancing the user journey. We ensure that you remain fully compliant with regulations, as well as performing the necessary Facial, Liveness, and ID checks.
AML / KYC
You don’t need to compromise on user experience to meet the identity verification requirements of KYC and AML regulations. Folio fully complies with 5AMLD regulations and also complies with Strong Customer Authentication requirements.
Strong Customer Authentication is a requirement of PSD2 on payment service providers within the EEA. The requirement ensures that electronic payments are performed with multi-factor authentication. Folio is natively multi factor includes biometrics and eIDV.
Verify user IDs and validate identity prior to affirming or finally confirming or approving any buy/sell orders over mobile devices using frictionless multi-factor authentication.
Credit Card Processing
Using the latest fraud detection techniques and data integrity analytics, significantly credit card fraud. Verify customers' identity documents and ensure the person holding the card is who they say they are.
Remove friction from the mortgage application process by authenticating documents online and meeting your KYC requirements.
By merging payments and a verified ID in a comprehensive way, Folio can help solve a number of key issues that are holding the industry back, as well as opening up the doors to a major new wave of innovation. Less friction and less fraud.
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