Credit: Original article can be found here
Wellington-based RegTech, RealAML is leading the way in digital compliance, launching the first locally built facial recognition tool for NZ businesses to identify their clients beyond a doubt.
“Buying NZ made usually means paying more for it, however, that’s not the case with FaceMatch. Now NZ businesses have the option to use a high-tech identity tool that’s not only locally built but affordable.” RealAML CEO Jordan McCown said today.
“Post lockdown we continue to see increased demand for our web-based tools. Month-on-month between May and June we’ve seen a 311% increase in remote identity checks. We believe this trend will become the status quo as remote identification means doing business faster.”
“Fantastic. Almost makes AML fun – if that’s possible. Congratulations on having developed a game-changer.” (Chris Gollins, Gollins Commercial – Wellington)
FaceMatch joins RealAML’s suite of powerful AML and identity tools that include QuickID, PEPCheck, and OutSourced AML.
Before FaceMatch, NZ businesses captured by the Anti-Money Launderingand Countering Financing of Terrorism Act 2009 (AML/CFT Act) only had the option of overseas built and more expensive biometric technology. For most, they probably didn’t even know they were paying for a resold overseas product.
The entire FaceMatch identity process can be completed online, in less than 60 seconds. Through our web-based platform, a business sends an SMS to their client. After clicking a link on their smartphone and granting consent, the client selects an ID document and takes a photo of their ID. FaceMatch can then extract their identity data and run an electronic identity verification check through our QuickID.
Once the client is successfully identified they are prompted to take two liveliness photos. FaceMatch then analyses these photos against the photo from their ID document. The results are instantly sent to the requesting business.
FaceMatch works by analysing the facial attributes of a face through facial landmarks such as the position of eyes, pupils, nose, mouth, and jawline. Location anchors are then created from the face in the ID document for comparison to the face in the liveliness photos taken by the client. If FaceMatch is successful, a confidence value between 80% and 100% is given. Additional checks are run on the ID document to ensure it’s valid, isn’t expired, or a sample, and in some cases, the extracted data from the ID document is cross-referenced to the QuickID check.
FaceMatch identity checks can be run on clients located in NZ and 13 other countries including Australia, the UK, the US, Canada, China, and more. RealAML is web-based, meaning no apps to download, and can be used from anywhere, and on any device.
RealAML launched in March 2019 and is already used by over 500 NZ financial, legal, accounting, and real estate firms including Cruickshank Pryde, Bayleys, Moore Markhams, and more. RealAML provides a subscription-free service with no setup costs or minimum monthly spend.
FaceMatch launched on Monday the 6th of July, 2020. In 10 days more than 4,000 individuals have been identified remotely using FaceMatch. Of those, over 92%, or 3,688 were successfully identified beyond a doubt.
The launch of FaceMatch comes just weeks after RealAML was certified New Zealand Made®.
Try FaceMatch for free at app.realaml.com/sign-up