NatWest Group is teaming up with digital identity system OneID to provide an embedded verification system for U.K. clients. 

Using the financial institution’s APIs, OneID can retrieve customer information provided when signing up for accounts and services at the $1 trillion, London-based bank to complete third-party forms instantly if they have partnered with the bank, Kevin Dearing, head of API commercialization at NatWest, told Bank Automation News.

“Through the app or through the website, customers consent to every third party they’d like to share data with,” Dearing said. “It’s super transparent for customers, and they’re completely in control about who they’re sharing data with.” 

NatWest can validate the security of merchants requesting the information so that bank customers won’t fall victim to phishing attacks or keylogging software, Dearing added. 

Users can now prove their identities in near real time and sign up for services such as mobile phone contracts by authorizing the app to share their information, a release from NatWest stated. 

Verification can be approved in 10 to 15 seconds by scanning a user’s fingerprint or utilizing the face ID on their mobile device, Dearing said. 

“Once that merchant has contracted with us and is integrated with us, then they’re hitting our API and getting that data again a few seconds later,” he said. 

BMO selects BILL for Bill Connect platform

Bank of Montreal (BMO) has chosen bill pay and invoicing platform BILL to power its Bill Connect platform aimed at aiding small- and medium size businesses (SMBs) with sending and receiving payments. 

Using the $805 billion bank’s AI-driven platform powered by BILL’s system, SMBs can enable electronic payments, track invoices and payments and receive help managing cash flow, according to a release from the bank. 

“BILL’s digital capabilities — offering the ability for customers to send electronic invoices and pay bills with a variety of payment options — was of much interest [to BMO],” BILL Chief Product Officer Irana Wasti told BAN. “BMO can now serve all SMB clients with a seamless upgrade path as their needs grow and change. In addition, BMO’s SMB clients can connect with 4.7 million vendors already in the BILL network for payments.” 

Use of Bill Connect can reduce fraud risk by “assigning user-specific roles and permissions and route bills, giving them full control over the end-to-end process,” Wasti added. 

Axiom Bank chooses White Clay to accelerate growth 

Axiom Bank has announced a partnership with business management consulting company White Clay to enhance its data strategy. 

The Maitland, Fla.-based bank aims to improve customer relationships and experiences for its users, Michael Coyne, chief information officer of Axiom Bank, said in a release. 

“Equipped with White Clay’s insights, we can support customers and businesses left behind by big banks as well as influence product and innovation,” Coyne said. 

The $661 million Axiom plans to partner with several fintechs to help expedite expansion of its core business using customer data it already has, according to a release from the bank. 

Zeta, FeatureSpace partner on fraud detection for card issuers

Next-generation credit card processor Zeta is working with fraud and financial crime prevention company FeatureSpace on mitigating credit card fraud. 

Using Zeta’s Tachyon processing stack, issuers will have access to the cloud-native, API-first and zero-trust security principles, while FeatureSpace will be providing the fraud detection engine that uses AI and rules-based decisioning on transactions, a release from the companies stated. 

“With this solution available out-of-the-box to our clients, their credit card holders will be protected against existing and future fraud attempts seamlessly while reducing the number of genuine transactions declined,” Bhavin Turakhia, co-founder and chief executive of Zeta, said in the release. 

Vergent LMS, DecisionLogic to offer advanced verification to lenders

Fintech lending platform Vergent LMS and identity verification service DecisionLogic are providing faster enhanced verification services to lenders and banks via Vergent’s suite of APIs. 

Companies such as financial services platform Plaid, electronic signature platform DocuSign, and credit reporting agencies Equifax and Experian have partnered with Vergent in the past to speed up the lending process, according to Vergent’s website. 

In addition, lenders will have access to a year’s worth of borrower bank transactions, allowing them more in-depth insights into a borrower’s activity, the release said. 

Visit Bank Automation News’ Transactions Database which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.