HooYu Integrates Open Banking into Its KYC

Regtech company HooYu has integrated Open Banking into its KYC and customer onboarding platform to provide customer identity and affordability insight. 

The new service, Bank Connect, extends the HooYu journey so that a user can prove their identity or affordability by logging into their bank account during a KYC process. HooYu clients can orchestrate Open Banking alongside a wide range of KYC services such as liveness detection, facial biometrics, database checks, ID document validation, and many more.

During the Bank Connect journey, the user logs into their bank account and consents to sharing identity and expenditure data so that businesses can verify identity and protect consumers from fraud.

Bank Connect will provide identity data, account overview data, transaction information, and card information. In line with HooYu data protection and data minimisation rules, HooYu deletes the Bank Connect data once the client has reviewed the results. 

Source: The Paypers