GoTyme Bank selects Daon for digital identity verification
GoTyme Bank, a new digital bank in the Philippines, has partnered with Daon to enable digital identity capture and authentication in its mobile app.
Daon to provide digital ID services to GoTyme Bank
The bank will utilise Daon’s IdentityX platform, which uses document-centric identity proofing technology to help reduce account setup barriers for customers and deliver accurate identity verification and proofing solutions.
As well as in-app authentication, the two companies say that through their partnership, GoTyme Bank will also offer consumers the ability to open an account “in under five minutes” with a paperless process accessible on digital kiosks located in malls and supermarkets across the country in a bid to “drive more financial inclusion and reach as many customers as possible in the Philippines”.
The bank will also leverage Daon’s fraud prevention solutions including biometric watchlists, third-party identity checks and manual review services to complement the ID verification process.
GoTyme Bank says it chose Daon as it was looking for an account setup infrastructure that delivers a “fast, frictionless” signup process that also complies with the country’s regulations around customer data protection and fraud prevention.
GoTyme Bank, which launched in July 2022, is a joint venture between Tyme, a multi-country digital banking group, and the Gokongwei Group of companies. It secured a banking licence from the Banko Sentral ng Pilipinas in 2021.
