GFT teams up with Spanish company Electronic IDentification to improve digital onboarding in the financial industry

GFT teams up with Spanish company Electronic IDentification to improve digital onboarding in the financial industry

  • eID’s disruptive software for digital identification, facial biometrics and digital signatures is a universal solution that has now become more accessible for GFT clients worldwide.

  • “Digital identification is a key aspect throughout the process of digital transformation in banking. Thanks to this agreement with eID, we will bring our clients more effective and secure innovative solutions”, said Carlos Eres, General Director of GFT Spain.

  • “We are very happy with this alliance with GFT because their extensive experience and knowledge of the financial industry gives us an excellent opportunity to implement our solutions internationally”, stated Iván Nabalón, CEO of Electronic IDentification.

  • With their strong security focus, these solutions for video onboarding stand out in the market and are compliant with European regulations such as AML5 and eIDAS.

Madrid/Barcelona – GFT, a global technology partner for the digital transformation of the financial industry, and the Spanish company Electronic IDentification (eID), a provider of disruptive software in digital identification, facial biometrics and digital signatures, have announced a worldwide collaboration agreement. It will improve customer onboarding (digital registration) and the customer digital experience in the financial industry and other areas where improved onboarding can provide significant advantages. Thanks to this alliance, both companies can work together to ensure their projects make use of state-of-the-art technology and the most innovative solutions in digital identification.

Concrete benefits include, for example, that it is a universal solution, suitable for all types of channels and devices, including iOS and Android. In addition, any legal identity document from up to 153 different countries can be validated using biometric solutions via photographs or video-identification – and with the maximum possible security checks. In fact, this disruptive software is compliant with European regulations including AML5 and eIDAS.

The companies first worked together in 2016, when GFT selected eID to join its network of collaborating start-ups at its Digital Innovation Lab in Sant Cugat (Barcelona). It was in this space for co-creation and open innovation that the first joint work began on GFT projects incorporating some of the latest advances in digital identification developed by eID. In fact, both companies worked on an innovative onboarding project for a bank in Andorra that made it possible to define and execute in just a few months a digital registration process for new customers.

Following this initial stage, and in light of the potential for collaboration between the two companies, they decided to expand this association by signing a more general agreement in which they work together to develop projects for the digital transformation of the financial industry. The increased commitment to include biometric identification solutions in digital onboarding processes in banking forms part of GFT’s vision of exponential banking, specifically, of one of the four pillars on which it is founded: augmented banking.

“As we have seen with some financial institutions’ most recent launches, digital identification is a key field throughout the process of transformation in banking. At GFT, we have developed innovative onboarding projects for major international financial institutions. Now, thanks to this agreement, we will be able to provide our new clients with safe and effective solutions that respond to the authentication requirements of banks and their customers”, said Carlos Eres, General Director of GFT Spain. For GFT, eID is the ideal partner because it contributes all its experience in digital identification by capturing data from any legal identity document from up to 153 different countries, using biometric solutions in real-time and video identification, and implementing the most stringent security verification possible. “And because we have expanded our client targeting beyond the financial industry, we believe that we can bring the latest advantages of digital identification for customer registration to other industries”, added Eres.

Thanks to this agreement, eID, will be able to continue its internationalisation process and reach new clients and markets. Although the alliance has been established in Spain, its scope of action is international, and the company is already working with GFT Italy and GFT Mexico. eID currently already has more than 50 clients in Europe, including big names from the banking sector such as CaixaBank, Banco Sabadell, Santander, the National Bank of Greece and the digital subsidiary of Société Générale.

“We are very happy with this alliance with GFT because their extensive experience and knowledge of the financial industry gives us an excellent opportunity to implement our solutions internationally”, stated Iván Nabalón, CEO of Electronic IDentification. Nabalón added, “New regulations such as AML5, PSD2, eIDAS and GDPR are game changers in the financial industry because they also create opportunities to compete in the European Union, which is now the second largest economy in the world and a homogeneous potential market of 512 million customers with GDP of €16 billion. This moment in time provides a unique opportunity and the alliance between our two companies, which are leaders in their respective fields, will provide customers with unique value”.

Furthermore, the solutions provided by eID open the way to completely changing the customer experience in an omnichannel setting with the highest levels of security required by current EU regulations. Video onboarding, digital signatures and facial biometric authentication are disruptive technologies in this change, and eID has the only solution on the market that has received AML5 and eIDAS certification from EU regulators, which gives it a substantial advantage in these categories.

At GFT, we have developed innovative onboarding projects for major international financial institutions. Now, thanks to this agreement, we will be able to provide our new clients with safe and effective solutions that respond to the authentication requirements of banks and their customers.”
Carlos Eres Regional Director Southern & Eastern Europe
Carlos Eres

Press release: GFT teams up with Spanish company Electronic IDentification (eID)

eID’s disruptive software for digital identification, facial biometrics and digital signatures is a universal solution that has now become more (...)

Press release: GFT teams up with Spanish company Electronic IDentification (eID)

eID’s disruptive software for digital identification, facial biometrics and digital signatures is a universal solution that has now become more (...)

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