The deployment of the electronic facial recognition system automatically carries out hassle-free instant eKYC and facilitates quicker and more compliant payment services.
In line with the directives of the UAE government seeking to implement the best services for customers and its orientation in achieving leadership and excellence in the fields of modern technology and investing smart applications in providing digital services, Index Exchange has become the first exchange house to put in place the facial recognition system provided by the UAE Ministry of Interior to ensure better customer profiling, improved compliance, faster service and easy customer on-boarding process across the UAE.
It is one of the leading financial and payment service providers with more than 46 years of operations in the UAE. The move is in pursuant to the directives of the UAE government to provide the best services for customers and its approach to achieve leadership and excellence in modern technology and investing smart applications in providing digital services.
The facial recognition system provided by the UAE Ministry of Interior enables digital “Know Your Customer” (KYC) ensuring compliant, reliable, and faster real-time transactions. Face detection and face match processes for verification/identification are much faster and help to speed up the transaction process. It reduces identity theft and makes payments more secure and safe.
The initiative, launched in collaboration with the UAE’s Ministry of Interior, leverages the ministry's existing facial recognition verification system, which uses state-of-the-art technology to validate and authenticate the rightful holder of official documents in real-time. This process, in turn, enables customers for creating online KYC forms securely and seamlessly.
The initiative uses the Ministry of Interior’s face recognition system which uses the latest technologies to authenticate and verify the identity of the person submitting official documents on the spot according to government databases to combat fraud, which enables customers to create KYC forms securely and smoothly online, while protecting customers’ privacy.
Lt. Colonel Dr. Ahmed Saeed Al Shamsi, Head of the Artificial Intelligence Systems and Services Development Team at General Directorate of Security Support, at the Ministry of Interior, said, “We are keen on the directives of the UAE government to cooperate and strengthen our collaboration with all institutions from the public and private sectors. We would like to congratulate Index Exchange to deploy the latest facial recognition to identify and verify customers that will help make money transfer easier, efficient and faster with improved compliance.
“This reflects Index Exchange’s forward-looking and pro-active approach in embracing Artificial Intelligence (AI) and smart technologies in money transfer transactions that is in line with the latest Anti-Money Laundering processes and that will make the money transfer more transparent and compliant.”
Index Exchange is incorporating AI technology to meet new KYC and anti-money laundering (AML) standards. AI technology can be used to prevent payment fraud, deter financial crimes, and enhance customer identification and authentication processes.
It also helps to mitigate threats head-on, helps in fraud prevention and identity authentication. This will help Index Exchange to offer faster and more efficient services and put it ahead of other institutions to be on the top of scientific and digital excellence in the region.
The move is part of Index Exchange’s digital transformation process, which will see the upgradation of the world-class compliance system, digital KYC implementation, online money transfer, mobile app, and other associations with financial technology companies to ease the payment solutions in the region.
Syed Abdus Salam, Chief Operating Officer of Index Exchange, says, “We are extremely happy to be the first exchange house in the UAE to deploy AI-powered facial recognition technology that is part of our digital transformation initiative and that puts us at the forefront of the digitization process.
“The move makes us more efficient, agile, and tech-savvy remittance house in the region. This will also help us to roll out more customer-centric mobile app-based products and services to improve customer happiness in the months to come.”
Mir K Rasool, Chief Business Officer of Index Exchange, says, “Index Exchange has been at the forefront of the digital transformation. The deployment of the facial recognition system makes financial transactions more secure and safe and will help us to take our services to the next level of excellence.
“This is a part of our customer-centric futuristic approach in order to offer the best services in the payment and financial services.”
According to Allied Market Research, the facial recognition market is expected to garner $9.6 billion by 2022, registering a CAGR of 21.3 percent during the forecast period 2016-2022. That’s because facial recognition has many commercial applications. It can be used for everything from surveillance to marketing.