FAIRFAX, Va.–(BUSINESS WIRE)–Daon, a Digital Identity Trust company, today announced that GoTyme Bank, a new digital bank designed to provide consumer financial inclusion and empowerment, will use Daon IdentityX for digital identity capture and verification within the GoTyme banking app. As GoTyme Bank launched in the Philippines, it needed to create an account setup infrastructure that delivered a fast and frictionless registration process to reach a wide customer audience, while complying with the country’s regulations on customer and data protection and fraud prevention.
Daon’s IdentityX platform, using the company’s leading document-centric identity proofing technology, will help reduce the barriers to account setup for users, while ensuring GoTyme Bank has accurate identity verification and proofing for all new customers.
To drive more financial inclusion and reach as many customers as possible in the Philippines, GoTyme Bank offers consumers the ability to open accounts in less than five minutes with a paperless process through digital kiosks located in malls and supermarkets nationwide. In addition to its identity-proofing technology, Daon’s fraud prevention features, such as biometric watchlists, third-party identity checks and manual verification services, can be leveraged to ensure that GoTyme Bank can match fast account setup with inclusive and secure identity-proofing. and verification process.
“The threat of fraud can lead to devastating losses in the banking sector, and Daon is committed to providing world-class services to prevent it. This is equally important for new banks setting up operations,” said Clive Bourke, President EMEA and APAC at Daon. “Implementing IdentityX in GoTyme Bank’s application will provide their customers with a more efficient and reliable user experience, while improving application security and expanding the platform as a trusted solution for leading Fintech customers worldwide.”
The GoTyme digital bank was launched in July 2022 as a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme. GoTyme Bank gives users the power of self-service financial solutions accessible through an intuitive all-in-one banking application. Customers can access all types of transactions, transfers and reward services provided by their digital wallet, but with the benefits of full banking services such as interest-earning deposit and investment accounts.
“Integrating our digital banking app with the Daon IdentityX platform will help sustain our mission to provide our customers with seamless access to a broader portfolio of financial services than ever before,” said Chris Bennett, CTO at GoTyme Bank. “Our customers should feel safe and comfortable with a secure account setup, opening the door to better savings, transfers and rewards offered by our digital bank.”
To learn more about Daon’s IdentityX solution offering, visit here.
Daon, a Digital Identity Trust company, enables market-leading organizations worldwide to easily and accurately prove, verify, verify and protect customer identities at every point of trust across the entire customer lifecycle. With industry-leading biometric authentication and identity proofing technology at its core, Daon’s technology ensures that customers’ identities are accurately verified, securely secured and easily recoverable. By reducing fraud, reducing friction and ensuring regulatory compliance, Daon helps businesses deliver a seamless customer experience, improve customer satisfaction and reduce costs. Daon delivers these solutions through its AI and ML-powered IdentityX® platform, which is chosen by leading companies in financial services, telecommunications, travel & hospitality and other industries to acquire and process hundreds of millions of digital identity transactions every day. Learn more at www.daon.com.
About GoTyme Bank
GoTyme Bank, regulated by the Banko Sentral ng Pilipinas and a joint venture of Tyme, a multinational digital banking group, with Gokongwei Group member companies, namely Robinsons Bank, Robinsons Land Corporation and Robinsons Retail Holdings, Inc. GoTyme Bank aims to unlock financial potential its customers with the convenience and security of digital banking. With a high-tech high-touch approach, GoTyme Bank combines the convenience of instant account opening with personalized debit cards issued through kiosks located in jn malls across the Philippines, coupled with the power of self-service financial solutions accessible through an intuitive “all-in-one ” banking application. This, along with other industry-leading offerings, sets GoTyme Bank on track to revolutionize banking in the Philippines.