NorthRow (a Contego solutions business), the RegTech and compliance specialist, has been chosen by the UK’s Open Banking Implementation Entity (the ‘OBIE’), to verify its users in the European Union and the rest of the world.
The move follows the successful implementation of verification processes for UK users, streamlining services for customers.
The new partnership will see NorthRow verify users throughout the EU and the fast-emerging markets in Asia Pacific, including: India, the Philippines and Australia/New Zealand. The company will handle the identity proofing and verification processes for onboarding FinTech firms and other financial organisations, ensuring security and customer needs sit at the core.
The appointment is further testament to NorthRow’s leadership in providing the highest levels of identity verification. Its streamlined process includes: online application forms, real-time ID verification, ID document capture and verification, and video interviews.
OBIE was established by the UK Government’s Competition & Markets Authority (CMA) in September 2016, with a remit to increase competition, make the management of money easier, and ultimately enable personal and business banking customers to take control of their financial data.
Adrian Black, CEO of NorthRow, said: “We want to enable Open Banking to make timely, accurate and informed decisions about potential participants and onboard them quickly, so they can focus on expanding the initiative and ultimately give the end customer secure control of their finances. We have delivered a customised solution, ahead of schedule, that will provide the OBIE with an automated and seamless process for the FinTech onboarding journey.”
Under the initiative, retail financial services firms make a standard set of Application Programming Interfaces (APIs) available to companies regulated by the Financial Conduct Authority (FCA) or other national competent authority. It opens the way to new products and services that could help consumers and small to medium-sized businesses get a better deal. It will also give them a more detailed understanding of their accounts, and help them find new ways to make the most of their money.
NorthRow’s platform has been customised to meet the international scope of Open Banking and provides a flexible solution to complex, multi-source checks, that are carried out at high speed.
Nigel Spencer, Head of Support Services at the OBIE said: “We have built a good working partnership with Northrow; their flexibility and innovation in the provision of a bespoke solution that also includes video ID verification has been proven with the success of the platform for UK users.”
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