Israel’s newest digital bank ONE ZERO, selected Israel identity intelligence and authentication company AU10TIX, to power its customer verification system and know your customer (KYC) platform, the company shared in an announcement this week.
The Bank of Israel approved the integration of AU10TIX’s technology.
With the payment processes and the financial sector transitioning into the digital space in the wake of the COVID-19 pandemic and the subsequent rise in remote work, the need to detect and respond to identity fraud became a top priority for many companies.
AU10TIX’s technology enables ONE ZERO Digital Bank to perform identity verification to new customers as part of the onboarding process. Any banking activity that requires identity verification or re-verification such as making changes to a bank account or resetting a password. Its solution performs a biometric comparison of a selfie that the customer submits to verify their identity.
The company’s technology is also capable of detecting synthetic fraud, an emerging and advanced type of identity fraud that is barely noticeable to the human eye. AU10TIX’s identity intelligence platform has been integrated into several of the world’s largest companies, including PayPal, Google, Uber, Bird, Payoneer, eToro, and Fiverr. Banks around the world such as Nordea, Santander, and Saxo Bank, as well as others, are already using AU10TIX’s technology.
Approved by the Bank of Israel in 2019 and created by Mobileye CEO and OrCam co-founder Prof. Amnon Shashua, ONE ZERO Digital Bank is the first bank to be licensed in Israel in 43 years. ONE ZERO offers the same services as any other bank, but as the first internet bank in Israel, there are no physical branches meaning that all banking activity is conducted online. The company leverages AI enabling bank employees to “offer additional money management services by means of online chat and phone,” according to the announcement. The bank onboarded 75,000 new waitlisted customers following the completion of a recent pilot program.
“The relationship between bank and customer is based on trust and security,” said Amichai Levy, CTO of ONE ZERO Digital Bank. “ONE ZERO is under the same regulation as any bank in Israel, and we invest enormous resources in cyber security and privacy. Thanks to AU10TIX, ONE ZERO Digital Bank can ensure our customers a secure means of identity verification with zero human intervention.”