Maza & Regula's Biometric KYC: Revolution in Onboarding Efficiency

Published Date: 25/07/2024

Maza partners with Regula to enhance KYC procedures with biometric and document verification, improving customer experience and reducing onboarding costs by 50%

"The fintech industry is rapidly advancing, and companies like Maza Financial are at the forefront of this revolution. Based in the United States, Maza has integrated Regula's document and biometric verification system into their onboarding process, streamlining Know Your Customer (KYC) procedures and enhancing the overall user experience.

Prior to this integration, Maza faced issues with false positives and negatives with their existing digital identity verification (IDV) system. The previous system lacked the level of control over the IDV process that Maza required, which impacted the customer experience. However, with Regula's technology, Maza has been able to improve the customer experience and reduce onboarding costs by 50 percent.

The onboarding process on Maza is now more efficient, with users required to scan their IDs and upload a face selfie. Regula's software tools then identify the document type, read and verify its data, and double-check all information to find inconsistencies. This robust system has significantly reduced Maza's identity verification issues, tackling the increase in video injection and presentation attacks.

Regula's document verification and liveness detection have been instrumental in improving the onboarding process. Their ID template database has expanded to include 14,000 ID templates from 250 countries and territories, covering a wide range of identity documents such as passports, ID cards, driver's licenses, and residence permits.

The partnership between Maza and Regula is a testament to the power of biometric verification in enhancing the customer experience. As Siggy Bilstein, Chief Technology Officer and Co-Founder at Maza Financial, notes, 'The robust and reliable identity verification system built with Regula Document Reader SDK and Regula Face SDK has significantly improved our onboarding process, reducing costs and enhancing the overall user experience.'

  Information 

Maza Financial is a fintech company based in the United States, providing innovative financial solutions to its customers. Regula is a global provider of identity verification and document authentication solutions.

Regula is a leading provider of document readers and biometric verification solutions. Their technology is designed to provide a seamless and secure identity verification experience, helping companies like Maza to streamline their KYC procedures."

FAQs:

"Q: What is the purpose of Regula's document verification and liveness detection?

A: Regula's document verification and liveness detection are used to identify and verify the authenticity of identity documents, reducing the risk of false positives and negatives.

Q: How has Maza benefited from integrating Regula's technology into their onboarding process?

A: Maza has improved the customer experience and reduced onboarding costs by 50 percent, thanks to Regula's technology.

Q: What types of identity documents are covered by Regula's ID template database?

A: Regula's ID template database covers a wide range of identity documents, including passports, ID cards, driver's licenses, and residence permits from 250 countries and territories.

Q: What is the importance of biometric verification in enhancing the customer experience?

A: Biometric verification is instrumental in enhancing the customer experience by providing a seamless and secure identity verification process, reducing the risk of fraud and improving overall satisfaction.

Q: How does Regula's technology tackle video injection and presentation attacks?

A: Regula's technology uses advanced liveness detection and document verification to tackle video injection and presentation attacks, ensuring the authenticity of identity documents and preventing fraud."

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