Simmons Bank leverages ID verification solution
Jack Henry, IDScan.net joined forces for secure ID verification for FIs
One of the first banks to leverage a new secure ID validation process for digital account opening from core provider Jack Henry and AI-powered identity verification platform IDScan.net is $27 billion Simmons Bank.
The partnership on Jack Henry’s OpenAnywhereTM platform aims to deliver a frictionless mobile onboarding experience for Jack Henry clients, with ID scanning and data parsing, facial recognition and liveness checks, and third-party ID verification amid a rise in synthetic and stolen identities. Since the launch, more than 100,000 IDs have been verified at financial institutions on Jack Henry’s platform, according to a release.
Alex Carriles, executive vice president and chief digital officer at the Little Rock, Ark.-based Simmons Bank, told Bank Automation News that the security feature was a draw for the institution, which has faced fraud attempts.
“We wanted a process which would bring not only digital security, but also provided a tangible, physical element to reinforce the security,” Carriles said.
Simmons Bank experienced “multiple attempts” of fraud prior to the ID scan integration, but has since seen “fraud attempts pretty much drop down to zero,” he said.
IDScan.net’s AI-powered technology, which integrates with Jack Henry’s platform via API, reads information from an applicant’s driver’s license and verifies the authenticity through a digital image analysis, Carriles said, noting the fintech also requires a live selfie to be taken for ID verification.
“Having the physical steps of taking a picture of the ID and then taking a selfie eliminates the possibility of the massive bot attacks, and verifying the data at the source eliminates the possibility of synthetic identities,” he said.
The new tech “was able to provide us with a customizable platform that can integrate with third-party solutions, such as IDScan, while integrating directly to our core banking solutions, Silverlake from Jack Henry,” Carriles added.
Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit US 2023.
