KMS Solutions, a subsidiary of US engineering and software services company KMS Technology, has launched an electronic know-your-customer (eKYC) platform targeting Southeast Asia’s banking sector.

It automates the verification, identification and extraction of data from images and documents.

Le Huu Tan Tai, digital banking solution director at KMS Solutions, said: “Banking needs to stand at the forefront of digital transformation as it directly impacts the economy at large. However, Southeast Asia, and Viet Nam in particular, still faces certain challenges when undertaking digital banking.

“Thanks to our experience in implementing digital banking for established banks across the world, KMS is well-positioned to support banks in the region with accelerating their digital transformation faster, more effectively and more securely.”

eKYC allows banks to reduce the time needed to verify customer’s information, which otherwise might take days to weeks using traditional methods.

Customers will no longer have to wait in long queues at counters because all the processes are done online.

The solution is researched and developed based on 4.0 technologies such as optical character recognition, face matching, liveness detection, and artificial intelligence.

Le Tran Bao Duy, general director of KMS Solutions, said, “As banks, financial institutions, e-wallets, and securities companies in Viet Nam are actively going digital, the prospects for eKYC solutions are huge.”

eKYC could support at least 35 per cent of the automation process at banks in Viet Nam by 2025, he added. — VNS