Czech Republic-based digital banking solution provider Wultra has partnered with iProov to offer banks and financial institutions biometric technology. Wultra will be enabled to provide iProov’s biometric tools as part of its portfolio of digital banking products.

The combined solutions will be offered to banks, financial institutions, and financial services technology providers in order for them to meet the needs, preferences, and demands of customers and clients. By leveraging their services, banks will be able to focus on evaluating efficient practices for balancing security and convenience, which are important regarding the overall end-user lifecycle. As fraud and online threats still represent an issue in the industry, financial institutions, companies, and banks are set to prioritise the process of remotely verifying the identity of customers, in a manner that prevents mid-process dropout while being easy to use as well.

The solutions will be available for both internet and mobile applications. Moreover, as the procedures of creating an account and rebinding are a big target of fraudsters, the companies prioritise increasing the security levels of the products. More details on the partnership Throughout this collaboration, iProov proprietary facial biometric solution will be leveraged to offer Wulta the capability to verify that end users are the right client that made the account while checking if they are a real person as well, in real-time, securely and efficiently.

Additionally, by assuring the liveness of an account, iProov will be able to mitigate AI-based attacks, such as deepfakes. The process is made possible with its proprietary science-based liveness technology, alongside the Security Operations Centre (iSOC), which provides active thread mitigation that is available 24 hours, 7 days a week. According to the press release, Raiffeisenbank (the Czech member of Raiffeisen Bank International) has already implemented the iProov’s biometric tools from Wultra, aiming to provide its users and cardholders with the ability to securely reactivate their bank account online, at any point in time, without the need to visit one of the physical branches of the bank or the need to use additional hardware.

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