Daon, a global leader in biometric identity technology, and CU*Answers, the Grand Rapids, Michigan-based cooperative Credit Union Service Organization (CUSO), today announced CU*Answers will bring Daon’s IdentityX® Digital Onboarding product to over 350 of its member credit unions.
With Digital Onboarding, credit unions can provide their members with a contact-free experience when opening accounts on both a mobile app and web browser.
The move represents an expansion of the Daon-CU*Answers partnership which began in 2018. Daon’s IdentityX® Authentication product is already in use by more than 160 of CU*Answers’ member credit unions, with active users increasing by over 235%.
IdentityX Digital Onboarding will provide CU*Answers and its member credit unions with the fastest, most accurate, fully automated account origination and ID document verification results (with support for 6000+ government-issued documents from 110+ countries), plus industry-leading counterfeit detection and the world’s most advanced Administrative Console for complete analytics and data transparency. The solution can also read identity data—via contactless NFC—from the chip of government-issued ID documents and validate a digital signature from the issuing authority.
“As digital transformation continues apace, accelerated in many cases by the ongoing pandemic, Daon is honored to work alongside innovative organizations to address the growing demand for safe, seamless and convenient member experiences,” said Tom Grissen, CEO, Daon. “We are proud that CU*Answers will now leverage Daon’s IdentityX platform to both serve its digital onboarding and omni-channel authentication needs, offering credit unions a uniquely comprehensive solution and helping their members take control of their digital journeys.”
IdentityX Digital Onboarding allows the account opening process, which traditionally lasts 15-30 minutes, to be completed in 30 seconds or less. In a typical scenario, credit union members can apply for an account by simply taking a selfie, asserting proof of “liveness,” and scanning their identity documents. Going forward, members will use this same pre-registered face credential to enjoy immediate, ongoing access to credit union services.
“Our credit unions’ members have already benefitted greatly from our existing partnership with Daon, which allows them multiple options to securely access their mobile apps,” said Geoff Johnson, CU*Answers President and COO. “Adding Daon’s IdentityX® Digital Onboarding to our online membership opening process will now give prospective members the same high degree of convenience by speeding up identity verification, but to the same, if not a higher, level of certainty for the credit union.”
CU*Answers first introduced its Multiple Authentication Convenience Options (MACO) product, powered by Daon’s IdentityX as a Service, in its Internet Retailer Support Center (IRSC) in 2018, with over 60 credit unions using the product in just the first month of its release. MACO offers four different authentication types, including voice recognition, PIN, fingerprint and face recognition—providing secure and convenient alternatives to the typical password experience for members accessing their accounts within a mobile app. CU*Answers saw massive adoption of the service in just the first year.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE®processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $21.5 billion in credit union assets. For more information, visit www.cuanswers.com.
Daon, www.daon.com, is an innovator in developing and deploying biometric authentication and identity assurance solutions worldwide. Daon has pioneered methods for securely and conveniently combining biometric and identity capabilities across multiple channels with large-scale deployments that span payments verification, digital banking, wealth, insurance, telcos, and securing borders and seamless travel. Daon’s IdentityX® platform provides an inclusive, trusted digital security experience, enabling the creation, authentication and recovery of a user’s identity and allowing businesses to conduct transactions with any consumer through any medium with total confidence. Get to know us on Twitter, Facebook and LinkedIn.