Crown Agents Bank has launched Empower Pensions, a new end-to-end pensions management platform.
Founded in 1833, Crown Agents Bank is a UK-regulated provider of wholesale foreign exchange and cross-border payments services connected across developing, emerging and frontier markets.
The firm is a financial service partner of choice for governments, banks and pensions administrators and international development organisations.
According to Crown Agents, the new Empower Pensions platform offers end-to-end pensions management from an easy-to-use platform including Biometric Facial Authentication Proof of Life technology, reporting and convenient administration functions for pensions administrators and their pensioners alike.
The company claims users of the tool will be provided with bolstered digital pension services, with the digital Proof of Life solutions assisting pension administrators by more effectively verifying pension payments.
The checking experience is also simplified for Empower Pensions Proof of Life customers, as all they need to do is log on to the portal, upload an image of the ID and take a live facial photo picture of themselves.
Following this, the platform then supposedly applies AI to compare facial biometrics to the photo of the ID document. This, Crown Agents claim, generates scores for validity and facial similarity – with the score providing a confidence level for the two images, which is then reported to the pension administrator.
The platform will also be supported by an automated payment management process that will enable pension administrators to better manage historical and current payments alongside providing the flexibility to uploaded future dated transactions in advance.
Crown Agents Bank head of non-bank financial institutions Colin Digby said, “The introduction of our new pensions platform, EMpower Pensions, offers efficient and secure pensions processing with a much higher level of convenience for pensioners and scheme administrators alike – something that is hard to find in the pensions market, which is dominated by expensive, manual paper-based solutions.”
Crown Agents CEO Bhairav Trivedi added, “The launch of EMpower Pensions marks the latest milestone event in our exciting digital transformation strategy, led by our new CEO. With EMpower Pensions we are harnessing cutting edge technology, including biometric facial authentication for Proof of Life services. We are creating more innovative ways of automating financial services to reduce processing costs and time – benefits that we are delighted can be passed on to our pension customers.”
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