Deployment of electronic facial recognition system automatically performs hassle-free instant eKYC and facilitates faster and more compliant payment services
In line with UAE government guidelines to implement the best services for customers and its direction to achieve leadership and excellence in the fields of modern technology and invest smart applications in the provision of digital services , Index Exchange has become the first exchange house to implement the facial recognition system provided by the UAE Ministry of Interior to ensure better customer profiling, improved compliance, faster service and a Easy customer onboarding process across the UAE. It is a leading provider of financial and payment services with over 46 years in business in the UAE. This move is in line with the UAE government’s guidelines to provide the best services to customers and its approach to achieving leadership and excellence in modern technology and investing in smart applications to deliver digital services.
The facial recognition system provided by the UAE Ministry of Interior enables digital “know your customer” (KYC) ensuring compliant, reliable and faster real-time transactions. The face detection and matching processes for verification/identification are much faster and help to speed up the transaction process. It reduces identity theft and makes payments safer and more secure.
The initiative, launched in collaboration with the UAE Ministry of Interior, builds on the ministry’s existing facial recognition verification system, which uses state-of-the-art technology to validate and authenticate the rightful holder of documents. officials in real time. This process, in turn, allows clients to create KYC forms online in a secure and seamless manner.
The initiative uses the Ministry of Interior’s facial recognition system which uses the latest technologies to authenticate and verify the identity of the person submitting official documents on the spot according to government databases to combat fraud, which allows customers to create KYC forms securely and seamlessly online, while protecting customer privacy.
Lt. Col. Dr Ahmed Saeed Al Shamsi, Head of the Artificial Intelligence Systems and Services Development Team at the General Directorate of Security Support, Ministry of Interior, said: “We are keen on this that the directives of the Government of the United Arab Emirates cooperate and strengthen our collaboration with all institutions in the public and private sectors. We would like to commend Index Exchange for rolling out the latest facial recognition to identify and verify customers, which will help make money transfer easier, efficient and faster with improved compliance.
“This reflects Index Exchange’s forward-looking and proactive approach to adopting artificial intelligence (AI) and smart technologies in money transfer transactions, which is in line with the latest anti-money laundering processes. money and will make the transfer of money more transparent and compliant.”
Index Exchange incorporates AI technology to meet new KYC and Anti-Money Laundering (AML) standards. AI technology can be used to prevent payment fraud, deter financial crimes, and improve customer identification and authentication processes.
It also helps mitigate threats head-on, prevent fraud, and authenticate identity. This will help Index Exchange deliver faster and more efficient services and put it ahead of other institutions to be at the pinnacle of scientific and digital excellence in the region.
The move is part of Index Exchange’s digital transformation process, which will see the upgrade of the world-class compliance system, implementation of digital KYC, online money transfer, mobile app and… other associations with fintech companies to facilitate payment solutions in the region.
Syed Abdus Salam, COO, Index Exchange, said: “We are extremely pleased to be the first exchange house in the United Arab Emirates to deploy AI-based facial recognition technology which is part of our transformation initiative. digital and which puts us at the forefront of the digitization process. This move makes us more efficient, agile and at the forefront of technology in the region. It will also help us roll out more customer-centric mobile app-based products and services to improve customer happiness in the coming months. »
Mir K Rasool, Chief Commercial Officer of Index Exchange, said: “Index Exchange has been at the forefront of digital transformation. The deployment of the facial recognition system makes financial transactions safer and more secure and will help us take our services to the next level of excellence. This is part of our futuristic customer-centric approach to offer the best services in payment. and financial services.
According to Allied Market Research, the facial recognition market is expected to gross $9.6 billion by 2022, registering a CAGR of 21.3% during the forecast period 2016-2022. Indeed, facial recognition has many commercial applications. It can be used for everything from monitoring to marketing.