Yoti and Synectics team up for new digital identity venture “Project Endeavour”

RegTech startups Yoti and Synectics Solutions have established a strategic partnership to design and pilot a “ground-breaking” electronic digital identity and risk assessment onboarding solution.

Project Endeavour is also being supported by intelligence from Dow Jones Risk Solutions and the regulatory and compliance division of Eversheds Sutherland Konexo.

The new tools aims to help financial services companies increase their ability to access the young and digital savvy market segment, via a third-party digital marketplace, it said. Project Endeavour will also lower the cost and time taken to digitally verify a potential customer’s identity and conduct a real-time due-diligence check.

Stage one of the pilot will see the companies reach out to several UK-based financial institutions and implement the tool to help onboard some of their digital customers.

The technology will leverage Yoti’s digital identity capabilities and leverage its real-time customer due diligence assessment tools.

Synectics will incorporate its financial crime risk management platform into Endeavour, as well as data from National SIRA and Dow Jones Risk & Compliance data sources.

The companies are hoping to pilot the solution later in 2020 and then expand upon it in 2021.

Synectics Solutions head of partnerships Russell Mackintosh said, “We’re delighted to have partnered with Yoti on the Endeavour initiative. The young, digitally-native generation that financial institutions are increasingly seeking to acquire as customers expect a fast and smooth digital customer journey.

“One essential ingredient when these institutions are boarding customers at speed is trust. Together with Yoti, and the data assets that Synectics is uniquely positioned to supply, I’m certain that the Endeavour service will be something that many banks and other financial service providers want to engage with to help them improve their ability to deliver that trust.”

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.