Sybrin and Regula to Provide a Secure Onboarding Solution for US Banks and Financial Services
Regula, a global developer of forensic devices and identity verification solutions, has joined forces with Sybrin, a leading provider of enterprise software solutions for the Financial Services, Insurance, and Telecom industries. Together, they are introducing a streamlined onboarding workflow tailored to the needs of financial service businesses across the USA. This technology partnership merges domain expertise, innovations, and security trusted by thousands of organizations around the world, ensuring a transformative onboarding experience.
The joint solution offered by Sybrin and Regula enables banks and other financial institutions to seamlessly and securely onboard and verify their customers. This is achieved via combining Regula Document Reader SDK and Regula Face SDK with Sybrin's KYC (Know Your Customer) onboarding solution and orchestration engine. As a result, financial service businesses can establish a comprehensive identity verification workflow that includes advanced document checks, selfie capture, and liveness verification, all in line with the strictest regulations.
By integrating Regula Document Reader SDK, the joint solution empowers institutions to verify identity documents in the most secure and trustworthy way, with the ability to re-verify data on a server in a company’s secured perimeter. By doing so, organizations drastically reduce the risk of falling victim to fraudsters interfering and tampering with data on mobile devices, which are now often used for remote onboarding.
With Sybrin’s global KYC orchestration engine, the solution enables businesses to confidently expand internationally while seamlessly adhering to regulatory demands across borders. Sybrin's advanced biometric technology, cutting-edge onboarding platform, and global KYC system redefine the customer onboarding journey.
Also, Regula Document Reader SDK allows businesses to read and verify nearly any identity document in the world. Regula’s solution is backed up by a proprietary document template database which is the largest on the market, containing over 13,000 document templates from 247 countries and territories. With the plethora of identity documents in the USA alone, it’s more than crucial for thorough ID verification.
An additional layer of security in the onboarding process is provided by biometric checks and liveness verification, which is handled by Regula Face SDK. These checks eliminate fraud attempts by detecting static pictures, video injections, masks or filters on applicants' faces, and video replays.
You can never overdo it with authenticity checks, especially in remote onboarding scenarios in financial institutions. The more robust technology you have, the better. The point is to find the perfect balance between reliability and user experience. We at Regula keep working on this non-stop. And we are happy to partner with Sybrin, a visionary KYC provider that shares our commitment.
— Ihar Kliashchou, Chief Technology Officer at Regula
This partnership promises to deliver tangible benefits to financial institutions and their customers alike. Among them are:
enhanced customer experience due to a streamlined and simplified verification journey, be it a mobile app or a website improved security measures against fraud and tampering;
accelerated project implementation and eventual reduction of onboarding timeframes, faster time-to-market, and quicker customer acquisition;
improved customer conversion rates by streamlining the verification process and making it more user-friendly.
We are thrilled to announce the strategic partnership between Sybrin and Regula, bringing together two legacy KYC businesses with over 60 years of combined experience. This collaboration is set to deliver a game-changing solution for financial service businesses.
— Stacey Japhta, Associate Director, Head of Exponential Growth at Sybrin
While the initial focus of launching the joint solution by Sybrin and Regula will be on the financial services market, its flexibility allows for potential expansion into other sectors such as insurance, government, and retail. This diversification strategy opens up new opportunities for growth and market penetration beyond the core financial services segment.