iOCO

South Africa’s plans for a national digital identity system could represent a leap forward for national safety, security, and public service delivery. However, the effectiveness of such a system will depend on its ability to determine the liveness of the faces presented for verification.

The move towards a digital identity system is a logical one - prompted largely by the ease with which criminals can commit identity fraud using traditional identity documents.

Physical ID books and cards are prone to abuse because they are relatively easy to forge or amend, and because they are so widely used and shared. They are scanned at virtually every access point to secure estates and office parks, copies are stored by service providers and retailers, and identity numbers are frequently targeted by hackers.

If you work in financial services, government, or compliance, this is a conversation your organisation needs to be having now. Follow along as we unpack what a secure national digital identity system really requires.

As originally published here: https://hubs.li/Q04jT7sD0

An advanced cross-border trade payment platform could allow a bank to run a standard payment check with no anomalies through the system in a matter of minutes, with human intervention required only when issues are flagged.

Because the system itself can be scaled to handle more volume, we can run higher volumes of payments in shorter periods of time with fewer human resources in the loop. This means banks can scale cost-effectively, enhance efficiency and compliance, and dramatically reduce the time taken to process payments.

For customers, it offers not just greater efficiency and convenience - it may also save them money, as they could negotiate discounts for expedited payment.

In future, banks could potentially also use AI to predict exchange rate fluctuations, to determine the optimal date to make payment and potentially further reduce the costs associated with cross-border trade and payments.

https://hubs.li/Q0424p0S0