Refinitiv has partnered with Liquid to streamline the electronic Know Your Customer (eKYC) processes in Japan.
The collaboration aims to enable the banks and financial providers to carry out the onboarding process more swiftly and securely.
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The move follows the recent regulatory amendments in Japan.
According to the revised act, banks can process applications for new accounts using digital identification and authentication.
Refinitiv- Liquid eKYC partnership
Under the partnership, Refinitiv will combine the screening capabilities of its World-Check One solution with Liquid’s biometric authentication service. The combination will be implemented through Refinitiv’s open API technology.
The combination is expected to eliminate usual delays and documentation required to authenticate customer identities.
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By GlobalDataAdditionally, it will help the financial institutions to meet the applicable KYC obligations and prevent money-laundering activities.
Liquid CEO Yasuhiro Kuda said; “Through the combination of Liquid’s eKYC service and Refinitiv’s World-Check One, we are enhancing the timeliness and safety of our KYC operations.
“We are also establishing more robust countermeasures for tackling financial crime through the use of biometric authentication and cloud technologies with the aim of realising a safer society together with Refinitiv.”
Refinitiv and Liquid aim to deliver the joint offering to various businesses across financial services vertical including cryptocurrency exchanges and securities companies.
The technology can also be used for administrative procedures and in usual identity verification.
