Off the back of its digital bank launch in the Philippines earlier this year, GoTyme Bank has partnered with Digital Identity Trust firm, Daon, to introduce digital identity capture and authentication in its banking app.
The Daon IdentityX platform will provide a frictionless and easy account sign-up process for GoTyme Bank’s customers, with authentication protocols that also comply with Philippine regulations around data protection and fraud prevention.
“Integrating our digital banking app with the Daon IdentityX platform will help to keep our mission of providing our customers seamless access to a wider portfolio of financial services than ever before,” Chris Bennett, CTO at GoTyme Bank, said.
“Our customers should feel safe and comfortable with secure account setup, opening doors to better savings, transfers, and rewards that our digital bank has to offer.”
The partnership will also allow GoTyme Bank to offer customers the ability to open an account in less than five minutes through a paperless process at digital kiosks located in supermarkets and shopping centres around the country.
The fraud prevention features part of Daon’s Identity X platform, including biometric watchlists, identity checks and review services, will be leveraged by GoTyme Bank as part of the joint venture to securely complete account registrations and verifications quickly and easily.
“Fraud threats can lead to detrimental loss in the banking sector, and Daon is committed to providing world-class services to prevent them. This is equally as critical for new banks establishing operations,” Clive Bourke, President of EMEA and APAC at Daon, said.
“Implementing IdentityX in the GoTyme Bank app will provide their customers with a more efficient and reliable user experience, all while increasing the security of the application and expanding the platform as a trusted solution for leading Fintech customers across the globe.”
GoTyme digital bank launched in July 2022 from a partnership between the Gokongwei Group and Singaporean digital banking group, Tyme.