Biometric technology from Acuant is going to be used to identify users of a new blockchain banking platform.
The platform is being developed by XIXOIO, a FinTech startup based in Prague. Explaining the firm’s platform in a statement, XIXOIO founder Nikolay Rozhok said that it’s aimed at using the distributed ledger accounting of blockchain technology to “offer investors the possibility of safe investments and the opportunity for companies to raise capital for their development,” adding that the platform’s integration with banking, legal, and regulatory infrastructure helps to ensure transparency.
For its part, Acuant is providing AssureID with FRM, a combination of the company’s document reading solution and a biometric identification system called ‘Facial Recognition Match’. These technologies have been integrated into a component of XIXOIO’s platform called “AMLsystem”, an AML/KYC solution that is designed to verify end users’ official ID documents and match them to their faces using biometric technology.
It’s the latest example of the growing popularity of selfie-based authentication, which is increasingly being combined with document reading to enable the reliable identification of end users, especially in financial services contexts. And given that the news of this integration has arrived soon after Acuant’s announcement that Veridate Financial would use its technology for customer onboarding, it’s an important trend for Acuant’s business.