UAE-based Mashreq NEO has worked with the UAE Ministry of the Interior to introduce a facial biometric-based digital account opening process.
The United Arab Emirates’ full-service digital bank announced that it will help residents open a bank account using facial recognition technology.
The initiative, launched in collaboration with the UAE Home Office, leverages the ministry’s existing facial recognition verification system, which uses technology to validate and authenticate the rightful holder of an official document in real time against government databases to prevent fraud .
From early November 2021, new Mashreq NEO customers will be able to access banking services by scanning their Emirates ID and using their face as the primary authentication method. To open a Mashreq Neo account, customers can scan their Emirates ID by tapping on their smartphone, confirming details and taking a selfie.
Mashreq Bank and Oracle Financial Services also worked together to modernize the financial institution’s transaction banking capabilities. Mashreq would implement Oracle’s Transaction Banking platform to provide digital banking, payments, trade finance, liquidity management and virtual accounts solutions.
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