iProov Extends Reach in Europe Through Wultra Partnership

“During the process, iProov swiftly addressed our questions around biometric authentication performance by completing an in-house statistical review and allayed any concerns we had regarding GDPR and deployment in the cloud.” – Tomáš Rosa, Ph.D. Cryptology and Biometrics Competence Centre Lead, Mathematical Security Architect at Raiffeiesen Bank

iProov is looking to extend its reach in the Czech Republic through a new partnership with Wultra, a cybersecurity firm serving the country’s banking sector. Wultra has embraced iProov’s selfie-based digital identity verification solution, which uses facial recognition to match an end user to their official ID.

Wultra will offer the solution to its clients, with one prominent bank – Raiffeisenbank – having already deployed it. The bank is a member of Austria-based Raiffeisen Bank International (RBI), which operates across 14 countries in Eastern and Central Europe; it’s now using iProov’s solution to let customers remotely reactivate their bank accounts, with no need to visit a physical bank branch.

Noting the need to address the growing threat of fraud and other cybersecurity concerns in the financial services sector, Wultra CTO Zdeněk Černý attested that iProov’s solution “delivers on all fronts and stood out from the RFP process as ‘the real deal’,” adding, “It has been a great addition to our portfolio and is already loved by one of our biggest customers, Raiffeisenbank, who actively encouraged us to add iProov technology to our stack.”

For Raiffeiesen’s part, the bank’s Mathematical Security Architect and Cryptology and Biometrics Competence Centre Lead, Tomáš Rosa, explained that iProov’s successful deployments at global banks offered “clear evidence” of its quality, and highlighted iProov’s responsiveness to questions about compliance with the European Union’s stringent privacy regulations.

“During the process, iProov swiftly addressed our questions around biometric authentication performance by completing an in-house statistical review and allayed any concerns we had regarding GDPR and deployment in the cloud,” he said.

The deployment and iProov’s partnership with Wultra should help to further solidify the London-based biometrics specialist’s prominent position in the European market. Last year, the Financial Times included iProov in its annual FT 1000 list of the fastest-growing companies in Europe, slotting it in the impressive ranking of 57th place.

Beyond the financial services sector, iProov has also been looking at opportunities in the European Union’s emerging digital identity sector, having obtained “Level of Assurance High” certification with respect to the eIDAS regulation last year for its Genuine Presence Assurance technology.

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May 11, 2023 – by Alex Perala