NorthRow has been chosen by the UK’s Open Banking Implementation Entity (OBIE), to verify its users in the EU and the rest of the world. The move follows the implementation of verification processes for UK users.
The company will handle the identity proofing and verification processes for onboarding financial technology (fintech) firms and other financial organisations.
The new partnership will see NorthRow verify users throughout the EU and markets in Asia Pacific, including India, the Philippines, Australia and New Zealand.
Northrow’s solution processes include online application forms, real-time identification (ID) verification, ID document capture and verification, as well as video interviews.
Under the initiative, retail financial services firms will make a standard set of application programming interfaces available to companies regulated by the Financial Conduct Authority.
According to Northrow, the initiative will open 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, said Northrow.
OBIE was established by the UK Government’s Competition and Markets Authority in September 2016, with a remit to increase competition, make the management of money easier, and 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.”
He added: “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.”
Nigel Spencer, head of support services at the OBIE, commented: “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.”
