Hi Colin
I know from a banking perspective documents are kept or copies of these are kept. This is done incase we are audited and asked to provide proof that The account holder is who they say are. Or if a customer wishes to open another account we would have their proof. It’s more convenient.
The main reason is the auditing, banks need to be able to provide proof.
But in line with the data protection act data must be:
Kept safe and secure
So all data is secure and safe.
Last time I opened a bank account online (April 2015) I never had to send in any proof of identity or address. I assumed that they where able to confirm my identify from my credit report and electoral register.
Yes. Nowadays we can perform electronic verification which checks your credit file and electoral roll.
But sometimes this can fail for a number of reasons so we have to do a face to face validation. I.e. Paper
One thing that has become popular in Austria is KYC compliance through 1 cent money transfers from another existing account of the user. The underlying assumption is that the other bank must have already complied with KYC regulations in the first place. This allows for the quickest account opening process I know of, even faster than with video chat identification like number26.eu does it. I don’t know if UK regulations allow that though.
In case anyone’s interested, Jumio have announced that they’re providing their services to Monzo today, which will be used for identity verification during the switch to the current accounts & for new customers -
As the de facto standard in identity verification, with over 50 million identities verified, Jumio adopts three core pillars for comprehensive customer verification – ID Verification, Identity Verification and Document Verification
I’m curious (worried?) about how the facial recognition will work. I’m not keen on having my biometrics stored. It would also be good to know what data is being shared with Jumio, and whether they are storing it on US servers (given they are based in California).
That is also the Dutch bank bunq works. If you send a SOFORT payment they approve you that way otherwise you have to use IDnow which is like Jumio but has a much shorter list of accepted documents which can be a problem. Fidor use IDnow and get a lot of complaints about how restrictive it is. Reading the Jumio website and attachments they seem a much better option
PayPal further verification utilises similar practices, I believe
Love this, great step forward… is there anything further that they do/will do for 
since this, shot in 2015 I believe
Can’t find any other details
I’d like to think that Cuvva’s ranks pretty highly amongst fintech companies. We’re also one of the few who does it solely in-house.
Yes, apart from their net verify they also have one option called ePassport where you scan the machine readable OCR strip in your passport with your smartphone and then with your NFC enabled phone scan your passport’s RFID chip and they then compare the two to check passport is valid
the other being Monese.
That’s pretty cool!!!
Worth bearing in mind that NFC is an often neglected featuring budget android phones, good when available but there needs to be a backup
As I said their NFC checking is an option for banks and not part of their main offering. As for NFC even basic Samsung models like Galaxy J5 now have NFC on them, and that is a model for those on a budget.