Vector ITC Group and SCANOVATE reach a strategic agreement to implement frictionless user identification

Tue, 19/04/2016
  • This agreement is aimed at launching joint solutions for user identification (Know-your-Customer - KYC), including certification of documents via digital channels.
  • Market opportunity identification campaigns will be launched for the on-line banking, insurance, on-line betting, entertainment and travel industries, among others
  • With this agreement, Vector ITC Group is able to offer an identification process integrated in its FinTech product suite: AirTransfer, AirCurrency, AirWallet.

Vector ITC Group and SCANOVATE have reached an international agreement to integrate instant identification technology to its solutions. 

With this worldwide commitment, identification technology will make the KYC (Know-Your-Customer) process faster, accurate and better suited for the future of financial services. This component is a critical element for all on-line payments, bookings, and signing processes on both Android and iOS.

The differentiating aspect of this technology is that the identification process occurs instantly using already existing identification documents (ID card, passport or driver's license). Thus, the user is identified automatically when signing up on any apposing this state of the art technology that offers online purchase or payment operations, thereby dramatically reducing the risk of fraud. The platform and the user receive information on the validity and trustworthiness of the identification process in real time.

Rafael Conde, Manager of Innovation at Vector, talks about the importance of this agreement: “Vector has developed customer identification and authentication methods (Know Your Customer) that are simple, trustworthy and instantaneous for mobile devices, for both e-commerce and banking apps and specifically included in our Fintech solution suite”.

Thus Vector has managed to integrate another critical element into its FinTech product ecosystem (AirTransfer, AirCurrency, AirWallet, Airbanking) aside from the ones it already has. This new element will be used to offer end-to-end solutions to customers, covering the process from customer login to carrying out the transaction and its integration into user backends, with full safety guarantees and immediate scaling possibilities.

This technology will be immediately integrated into the other Vector ITC Group solutions for different industries, especially for the tourism and entertainment industry, where it will provide a differentiating element for processes such as one-click booking or payment through digital channels.

Izhar Arieli international executive vice president at scanovate talked about the agreement: “As a solution and innovation driven company teaming up with vector came naturally to us. We think that vector and their existing solution offering, presents an opportunity for Scanovate to deliver its unique image based mobile identification solution to new client’s on a global scale. Changing the way service provider interact with their customers and finally linking better user experience and better security”

In the same manner, Vector's international scope will allow the company to offer these integrated solutions in a variety of markets, with full knowledge of national processes. As a result, it will be able to adapt its solutions to the actual needs of customers in the countries where it is established (Brazil, Mexico, Colombia, Chile, Peru in LATAM and UK, Germany and Spain in the EU).