Saturday, June 15, 2024

HooYu expands KYC offering with open banking identity and affordability checks

Regtech company HooYu has integrated open banking into its KYC and customer onboarding platform to provide greater customer identity and affordability insight.

The new service, Bank Connect, extends the HooYu journey so that a user can prove their identity or affordability by logging into their bank account during a KYC process.  HooYu clients can now easily orchestrate open banking alongside a wide range of KYC services such as liveness detection, facial biometrics, database checks, ID document validation and many more.

During the Bank Connect journey, the user simply logs into their bank account and consents to sharing identity and expenditure data so that businesses can better verify identity and protect consumers from fraud. The addition of this feature also helps organisations to graduate from Know your Customer into deeper Understand Your Customer processes.

Bank Connect will provide identity data, account overview data, transaction information, and card information. All the data is automatically analysed and scored before being presented as part of a HooYu report.  In line with HooYu data protection and data minimisation rules, HooYu deletes the Bank Connect data once the client has reviewed the results. Clients can chose to take the raw data or HooYu can provide an affordability report classifying transaction data and evaluating account cash flow.

David Pope, HooYu Marketing Director, commented: “HooYu is always looking to use the latest technology and data to improve the customer onboarding journey. By giving our clients the capacity to use open banking data to analyse customers, we’re creating an improved customer experience and reducing the threat of fraud and financial overreach.”

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