Israel’s new digital bank chooses an Israeli company to provide verification for its customers

Israel’s New Digital Bank ONE ZEROselected intelligence and identity authentication company in Israel AU10TIXto power its customer verification system and know your customer platform (KYC), the company shared in a announcement this week.

The Bank of Israel has approved the integration of AU10TIX technology.

With the transition of payment processes and the financial sector to the digital space following the COVID-19 pandemic and the subsequent increase in remote working, the need to detect and respond to identity fraud has become a top priority for many companies.

AU10TIX’s technology enables ONE ZERO Digital Bank to perform identity verification for new customers as part of the onboarding process. Any banking activity that requires identity verification or re-verification, such as changing a bank account or resetting a password. Its solution performs a biometric comparison of a selfie that the customer submits to verify their identity.

The company’s technology is also capable of detecting synthetic fraud, an emerging and advanced type of identity fraud that is barely perceptible to the naked eye. AU10TIX’s identity intelligence platform has been integrated into several of the world’s largest companies, including PayPal, Google, Uber, Bird, Payoneer, eToro and Fiverr. Banks around the world such as Nordea, Santander and Saxo Bank, as well as others, are already using AU10TIX technology.

Approved by the Bank of Israel in 2019 and created by Mobileye CEO and OrCam co-founder Professor Amnon Shashua, ONE ZERO Digital Bank is the first bank to be licensed in Israel in 43 years. ONE ZERO offers the same services as any other bank, but as the first Internet bank in Israel, there are no physical branches, which means that all banking activities are conducted online. The company is leveraging AI allowing bank employees to “offer additional money management services through online chat and phone,” according to the announcement. The bank onboarded 75,000 new customers on the waiting list following the completion of a recent pilot program.

“The relationship between the bank and the customer is based on trust and security,” said Amichai Levy, CTO of ONE ZERO Digital Bank. “ONE ZERO is subject to the same regulations as any bank in Israel, and we invest huge resources in cybersecurity and privacy. Thanks to AU10TIX, ONE ZERO Digital Bank can guarantee its customers a secure means of identity verification without any human intervention.

Sylvia B. Polson