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08.04

Remote confirmation of the customer's identity allows for digital transfer of many processes that previously required a personal visit to a brick-and mortar office or exchange of documents through postal service.

BanqUP launches identity confirmation based on data from the most trusted sources. That is through the banking API. In the second quarter of 2020, users of two popular financial applications operating not only on the Polish market will benefit from the solution.

 

At a time when physical contact is significantly hindered for security reasons, some activities prove to be more difficult than before. For example, signing the contract, its extension, confirmation of age when buying alcohol online or even setting up a new account in the online service. The service provider, without direct contact with the client and without access to physical documents, may face a serious problem determining the user's identity online.

 

Companies introduce various solutions - some of them are, however, not very convenient for the user - such as sending scanned documents. From the service provider's point of view, such a solution is uncertain - you can use a stolen identity card. There are sites that require you to provide your credit card number, even with a free service. On many web pages, you can also log in using data from Facebook or Linkedin, but this is also not a secure solution from the point of view of service providers. These accounts could have very easily been created using false data.

 

Banks guarantee the real information

 

The banking API, which can be connected to a third party thanks, turns out to be the most reliable when confirming the identity of customers The PSD2 EU directive allows registered third parties (so-called TPP) to connect to banking API this way. With the knowledge and consent of the client, such an entity can connect to the bank and download the necessary data. Last year, Banqware, the banqUP brand operator, was registered as one of the first TPPs in Poland by the National Financial Supervision Authority (KNF).

 

BanqUP's solution enables customer verification via the API of virtually every bank in Poland, as well as through the API of banks operating in seven other European countries.

 

Currently, banqUP is working on the first implementations of its solutions. - Soon we will be able to boast introducing remote verification for two known financial applications, operating not only on the Polish market - announces Krzysztof Pulkiewicz, CEO and founder of banqUP.

 

In terms of security, bank data verification systems are the most reliable. It is not without reason that electronic banking has enabled efficient introduction of the government support programs in Poland, including, submitting applications and receiving benefits.

 

Commercial solutions that allow verification of identity by means of a bank account are already in operation in Poland, however, unlike the solution offered by banqUP, they allow verification of the identity of customers of only selected banks. Account holders at ING can, through the eID service from Blue Media, sign a contract with Orange. With the help of mojeID from KIR, clients of three banks can transfer their data to Medicover or PGNiG, e.g. to extend the contract. - Our solution differs from our competitors in that we focused from the beginning on creating a comprehensive infrastructure and the number of supported banks. Our business clients only need to integrate with our API, and thus have access to customer identification through more than 50 banks. Our KNF license is the guarantor - explains Krzysztof Pulkiewicz from banqUP.

 

According to Krzysztof Pulkiewicz, soon logging in and signing contracts with bank details will become commonplace. - At the time social media has been spreading, solutions using data derived from them quickly began to appear. Banking data is significantly more reliable and universally available, and the way they are transmitted is much more transparent and secure for the bank's client. Identity verification, the ability to remotely sign a contract, or checking whether the customer has, for example, sufficient funds on the car rental account, are the solutions that can be easily introduced thanks to open banking. We expect that more and more of such solutions will be created as banking moves towards digital - says Krzysztof.

 

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BanqUP is an API-driven platform for open banking solutions, allowing for banks and fintech companies to access a number of European banking APIs.
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