Papua New Guinea’s Bank South Pacific (BSP) has selected Fulcrum Biometrics to deliver a biometric Know Your Customer (KYC) banking solution.
Fulcrum’ fingerprint-based KYC solution will facilitate real-time identity verification and increase safety against financial crimes.
It is also designed to reduce risk with KYC due diligence and comply with necessary anti-money-laundering (AML) legislation.
Bank South Pacific group general manager retail Paul Thornton said: “The solution from Fulcrum Biometrics is the best way for us to verify identities while giving our customers an effortless experience to access our services.
“Fulcrum’s solution ensures we prevent ID-theft-driven fraud and meet regulatory requirements and KYC for safe and secure transactions.”
All customers can enrol into the KYC Biometric System by visiting the bank branches and providing necessary identification documents. The system records the fingerprints of the customers’ index and middle finger of two hands.
Once enrolled, the customer can verify their identity by scanning their enrolled fingers.
The overall biometric KYC platform utilises a combination of Fulcrum Biometrics FbF Rapid Biometric Enablement Suite along with some customised web applications for fingerprint identification.
Initially, BSP plans to roll out the new biometric KYC platform across Papua New Guinea. Subsequently, it will be introduced across other surrounding islands later this year.
With assets around $5.73bn, BSP is the largest banking network in Papua New Guinea.
It also has branches in Cook Islands, Fiji, Samoa, Solomon Islands, Tonga and Vanuatu.