Daon to provide biometric authentication for digital bank Tonik
Due to launch later this year, Tonik is Southeast Asia’s first pure-play digital bank. Daon’s IdentityX as a Service cloud technology will provide an all-digital onboarding process for the bank’s customers, meeting anti-money laundering (AML) and know your customer (KYC) identity verification regulations.
Ongoing authentication will involve biometric factors based on the Fast IDentity Online (FIDO) standards: fingerprint, face and voice matching on the server.
“Daon has demonstrated a commitment to enabling some of the world’s most innovative banks to offer intuitive, secure and convenient solutions, that not only make it easier for customers to access services but improve the quality of their lives,” says Tom Grissen, CEO at Daon.
“We look forward to working with a digital disruptor like Tonik as they revolutionise the banking sector in the Philippines and tap into significant market potential.”
Tonik founder and CEO, Greg Krasnov, says digital banking will soon become an industry norm in the Philippines and will help to serve the underbanked.
He adds: “When the idea of Tonik Digital Bank was born, we knew that we were in the spotlight of the global trends of remote digital service and cashless transactions, but the recent coronavirus outbreak made it even more obvious.”
Tonik’s banking licence, approved by the Central Bank of the Philippines, enables Tonik to provide digital-only retail banking services, focusing primarily on retail deposits and consumer loans.