Cash is pouring into the selfie integration market

Liquid offers its new electronic Know Your Customer (eKYC) solution to organizations that want to enable a simpler onboarding and authentication experience for end users. Like other integration solutions, Liquid eKYC verifies the identity of people with a combination of facial recognition and documents, asking them to take a selfie (with vividness detection) and a photo of an identity document for make sure the two match.

The offer joins a biometric portfolio that already includes Liquid Pay, which debuted in Japan in 2015. Liquid Pay is a biometric bare payment system which allows users to authorize transactions with two fingerprint recognition.

Liquid has decided to pivot to the eKYC segment to meet the growing demand for secure yet user-friendly authentication options. The company’s solution was designed to guard against fraud and data theft, especially as more businesses continue their digital transformations in response to COVID-19.

Liquid is based in Japan, although it hopes to expand its reach into Southeast Asia and the Middle East. The company will initially focus on Indonesia, Malaysia and Vietnam, and actively seek local partners to ensure that Liquid eKYC meets the regulatory expectations of these markets. He also noted that the solution was designed to be adaptable, so Liquid eKYC can be adapted to the needs of different countries and different industries.

“We want to make the process easier for end users and shorten verification times,” said Hiroki Hasegawa, CEO of Liquid. “Our goal is to centralize the information recorded by users so that they can use our service for different needs. We want to make the world transparent.

Liquid believes its eKYC solution will be particularly popular with financial institutions, but expects it to have additional applications in government, entertainment and transportation. The company hopes to forge partnerships that will increase its appeal in these other sectors.

Source: South China Morning Post

(Originally posted on FindBiometrics)

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