NorthRow, a regtech and compliance firm, announced on Thursday it has been chosen by the UK’s Open Banking Implementation Entity (OBIE) to verify its international users. The company reported that this move follows the successful implementation of verification processes for UK users, streamlining services for customers.
NorthRow reported as part of the partnership it will verify users throughout the EU and the fast-emerging markets in Asia Pacific, including India, the Philippines, and Australia/New Zealand. The company will also handle the identity proofing and verification processes for onboarding fintech firms and other financial organizations, ensuring security and customer needs to sit at the core. Adrian Black, CEO of NorthRow, stated:
“We want to enable Open Banking to make timely, accurate and informed decisions about potential participants and onboard them quickly, so they can focus on expanding the initiative and ultimately give the end customer secure control of their finances. We have delivered a customised solution, ahead of schedule, that will provide the OBIE with an automated and seamless process for the fintech onboarding journey.”
Nigel Spencer, Head of Support Services at the OBIE also commented:
“We have built a good working partnership with Northrow; their flexibility and innovation in the provision of a bespoke solution that also includes video ID verification has been proven with the success of the platform for UK users.”