7 October 2018
iProov, a leading provider of biometric facial verification technology, is this week joining a delegation led by the UK Lord Mayor of London aiming to boost fintech trade and business links between the City of London and India.
iProov’s involvement in the trade mission reflects its continued investment in the country and its desire to support the government’s drive for increased financial inclusion.
Last year iProov was among the prize winners at the Fintech Valley Spring Conference in Andhra Pradesh and was the only European company selected to take part in the Vizag fintech accelerator program run by the government there.
The company has also formed partnerships with major players including KPMG and Microsoft, led a project with Mahindra Finance and built a regional instance of its platform in a data centre in Pune, specifically to support the development of its Indian projects. Now, in accompanying the City of London’s Lord Mayor on his visits to Mumbai, Bangalore and New Delhi, iProov looks forward to strengthening its ties and forging new partnerships in these regions.
London-based iProov was founded in 2013. The company’s facial biometric technology is protected by 11 patents granted in the US and UK. It is used by banks and governments around the world for secure customer onboarding, logon and authentication, to ensure that new and returning users are genuine and guarded against identity theft and fraudulent attempts to gain access to personal data. iProov is running in production with global banks, including ING and Rabobank. iProov is also working with Government organisations including the US Department of Homeland Security and the UK Government.
One challenge faced by many banks and governments tackling a lack of financial inclusion among population that use multiple languages, and who are spread across vast geographies, is that of conducting the necessary ‘know your customer’ (KYC) checks at the point of onboarding. In-person or paper-based systems become unworkable at such scale. The platform and language agnostic nature of face biometric systems, however, can vastly increase the speed and efficacy of these checks and stand to help get more people into India’s financial system more quickly and more securely.
Andrew Bud, CEO of iProov, comments, “We are in total support of the Indian government’s drive for financial inclusion. The scale and population of the country would have traditionally posed a challenge to getting large numbers of people enrolled within the financial system, but we believe the combination of a number of factors including the country’s existing Aadhaar card scheme, the ubiquity of smart phones and the existence of technologies such as biometrics, mean the foundations are already in place for the government to be very successful in its aims. We look forward to furthering our conversations and continuing to support the secure onboarding of new customers into India’s financial system.”
Lord Mayor of London, Charles Bowman, said, “I am very pleased to have iProov join my business delegation to India. Trust is one of the key values the City of London and I seek to promote, and iProov’s facial verification technology can help to build online trust and expand inclusion in India’s fast growing financial services sector.”
iProov’s Product and Marketing Director, Aarti Samani, will be accompanying the Lord Mayor of the City of London for the duration of his visit to India, week commencing 8th October 2018 and any enquiries should be directed to firstname.lastname@example.org