To prevent financial crime and money laundering, banks and financial institutions utilize mandatory Know your Customer (KYC) verification processes based on customer identification.
Banks and other financial institutions are increasingly reliant on digital forms of customer identification, resulting in the requirement for secure and reliable ways of executing remote customer onboarding.
By utilizing cryptography-based security solutions certified according to the high standards and compliance as well as legal requirements of the financial industry, banks and financial service institutions can reliably execute digital Anti Money Laundry (AML) checks.
In order to enhance the security for digital identity management in banking and financial services, UTIMACO provides the corresponding solutions that satisfy banking, payment, and financial institution requirements, including legal standards.
Applications for Digital Identity Management in Banking and Financial Services
Qualified Electronic Signatures
Reliably identifies the signer and protects the document against tampering or forgery, Qualified Electronic Signatures are regarded as the most secure method to digitally prove a subject's identification and acceptance of the content of a document.
Public Key Infrastructure
Establishes trust relationships between connected entities such as devices, networks, applications and users. PKI is a long-proven technology providing the foundation for secure authentication, confidentiality in communication, and the integrity of data generated and exchanged.
Timestamping
Providing reliable proof of time, highly secure, and accurate timestamps are an ideal solution to enable trustworthy digitalization of business processes and ensure reliability for many use cases across all industries.
Zero Trust Security
In a Zero Trust Architecture, continuous validation at every stage of a digital transaction is required. This overcomes limitations of other principles built upon implied trust zones and limits the risk of internal and external threats.
