UBS taps ID verification firm Regula to streamline customer onboarding

Swiss banking giant UBS has partnered with Latvian ID verification firm Regula as it looks to streamline customer onboarding.

UBS taps Regula for customer onboarding

Regula says its tech will enable UBS customers to open new accounts “in less than five minutes” via the UBS mobile banking app.

“Instead of real-time video interviews, which were previously required by UBS to verify new customers, the enrollment process is now fully automated, available 24/7, and takes just a few minutes with as little action from the customer as possible,” Regula claims.

The company’s Document Reader SDK and Face SDK solutions will be utilised to recognise and authenticate scanned documents such as passports and compare the images with selfies taken by the user to ensure the person is who they claim to be.

The firm adds its ID verification tech will enable UBS to “generate qualified electronic signatures for their customers, which they can use widely throughout the country”.

UBS, the largest bank in Switzerland and the world’s largest private bank, also recently partnered with iProov to automate online identity verification checks for UBS key4 customers.