Founded in 1991, Sybrin has grown considerably over the past two decades to become a leading global technology company in the provision of payment and information processing solutions. Now the company is set to enter the US market – and has the identity verification market in its sights.
Sybrin is a globally recognised leader in providing enterprise software solutions for the financial services, insurance, and telecom industries. As the company enters the US market, it has partnered with Regula – an identity verification solutions firm – to help them crack the US identity verification market.
With over 30 years experience, Sybrin develops, implements and supports end-to-end systems through Sybrin Platform using low-code technology. Their solutions, such as unified identity onboarding, payments processing and clearing, customer communications and experience management, document management, case management and fraud risk management, are tailored to the requirements, region and industry.
Sybrin has implemented 800+ systems deploying solutions in 20+ countries worldwide, serving over 100 customers.
How will the new joint solution work between them? Stacey Japhta, head of growth at Sybrin, remarked, “We are thrilled to announce the strategic partnership between Sybrin and Regula, bringing together two innovative and experienced KYC businesses with over 60 years of combined experience. This collaboration is set to deliver a game-changing solution for financial service businesses.”
“Our domain knowledge together has spawned a solution that has UX/UI that is specific for the FS space but and most importantly, has top security that even the USA airport passport control trusts. We’ve taken Regula’s liveness verification & document reading SDKs and integrated them into Sybrin’s KYC onboarding journey.”
According to Japhta, this allows banks and other financial services institutions to seamlessly and virtually onboard and verify their customers. “Whether they’re a consumer or private bank, this solution is for you. Given the option of a mobile or web SDK, you can seamlessly integrate our onboarding solution into your current app or platform.”
From here, the customer will be brought to a company’s home page where they’ll have to allow their PC or phone camera access. The camera will then take a picture or video of the ID and extract all personal information needed to start the application process.
She continued, “Our IDV and OCR technology (Regula) can read over 13,000 document types, which will allow the firm to go global due to the amount of documents and ID’s the firm can read using Regula’s technology. It can also read over 138 Global OCR languages including Arabic, allowing Sybrin to be a more global KYC solution.
The next step will be a liveness verification test, where the applicant will have to pose in front of the camera, allowing us to see whether there is a mask or filter on the person.
“This eliminates fraudsters, because what kind of fraudster wants their face blasted on camera and yes, our technology is great to flag 99% accuracy video footage that’s been tampered with.”
If there are no signs of risk, the customer then gets pushed through and is onboarded successfully. If there are one or two potential red flags, the company sends the applicant to the back office which can either be its platform or one you already have.
Partnership impact
How will the partnership between Sybrin and Regula impact its customers? Japhta remarked that as Regula has been in the US market for 30 years, Sybrin would be able to implement projects quicker for its customers as Regula possesses all the necessary USA document reading capabilities already.
With regard to Sybrin’s capabilities, not only has this solution increased account opening time to under 7 minutes, but during Covid its solution allowed first-tier banks to onboard over one million customers in 30 days.
“It increased customer conversion rate from 5% to 70% as it eliminates friction, and actually encourages customers to onboard as it’s an enjoyable experience,” said Japhta.
As for how the partnership will impact the market, the Sybrin growth head said that the partnership is set to revolutionise the identity verification and onboarding landscape in the financial services market.
She continued, “Sybrin’s KYC and Onboarding offering is strategically designed with a global perspective, leveraging extensive expertise in biometrics and fraud detection to surmount biases that have historically hindered precise verification and accuracy for different ethnicities and skin tones. Our experience in markets like Africa and Asia has enabled us to navigate diverse landscapes and develop a solution for a market as varied as the USA. Committed to inclusivity, we ensure precise recognition of every identity.
“With enhanced customer experiences, improved security measures, accelerated project implementation, and the potential for market expansion, this collaboration promises to deliver tangible benefits to financial institutions and their customers alike.”
Regula’s long-standing presence in the USA government sector and the fact that its technology is trusted for homeland security purposes will also reflect positively on the joint solution’s reputation in the market. The endorsement from government entities adds an extra layer of credibility, instilling trust in potential customers and fostering wider adoption.
Despite its desire to impact financials services, Japhta said that the solution is open to target other sectors – such as insurance, government and retail – in the future.
