Sri Lanka’s NDB Bank deploys video KYC with OneConnect and Axion
Sri Lanka-based National Development Bank (NDB Bank) has selected Axion to deploy video-based know your customer (KYC) from OneConnect.
NDB Bank claims to be the first in Sri Lanka to roll out AI-based KYC technology to comply with the nation’s new regulations.
The bank will allow customers to open accounts, apply for loans and request credit cards remotely. NDB Bank says its new technology “goes beyond traditional video conferencing”.
The system uses facial recognition to verify a customer in real-time against an ID card, includes built-in audit workflows and uses a web-based interface so customers don’t have to download a separate app.
The deployment marks OneConnect’s second collaboration in Sri Lanka. Tan Bin Ru, CEO for Southeast Asia at the firm, says the deal “is truly a mark of confidence […] for our technologies and capabilities”.
NDB Bank is aiming to comply with new rules about the provision of digital payments mandated by the Sri Lankan National Payment Council.
In April, the bank signed a deal with the country’s Department for Registration of Persons for verification of national identification cards.
“With this engagement, we are taking steps to align with the National Roadmap for Digitalisation of Payment Services,” says Dimantha Seneviratne, the bank’s group CEO.
“[We] are involved in exploring, investing in and developing the digital arena in banking.”
Sharada Kirinde, co-founder and CEO of Axion, adds: “Technology is borderless, and we’re delighted to have successfully bridged the needs of local businesses in Sri Lanka with world-class solution providers like OneConnect.
“We look forward to more collaborations with NDB Bank and OneConnect where we introduce more innovative solutions for the greater good of the people.”