At the press conference on the deployment of the banking industry tasks in 2024, Mr. Pham Anh Tuan, Head of the Payment Department of the State Bank of Vietnam, shared many impressive numbers. As of the end of 2023, non-cash payments in Vietnam reached about 11 billion transactions, an increase of nearly 50% compared to 2022. The total transaction value reached over 200 million trillion VND. In addition, the online account opening has been implemented since the end of March 2021. Up to now, nearly 27 million payment accounts and 12.9 million cards are active and issued through the eKYC electronic identification method. Therefore, on December 18, 2023, the State Bank of Vietnam issued Decision No. 2345/QD-NHNN on the implementation of security and safety solutions in online payments and bank card payments.
Decision No. 2345/QD-NHNN will take effect from July 1, 2024
Credit institutions, foreign bank branches, and payment intermediary service providers need to complete the solutions and implementation before July 1, 2024, to comply with the verification of corresponding transaction types. For individual customers, high-value transactions and interbank transactions to foreign countries require verification with biometric signs that have been checked and ensured. Specifically, a domestic bank transfer transaction, depositing more than 10 million VND into an e-wallet, or the total value of money transfer transactions and payments exceeding 20 million VND in a day must be verified by biometrics.
Customer verification is important to ensure the detection of signs of forgery, fraud, and increase the trustworthiness of online transactions. Some popular biometric methods currently used are face recognition, finger vein recognition, palm recognition, fingerprint recognition, iris recognition, voice recognition, etc. To meet the requirements of Decision No. 2345/QD-NHNN, banks, financial institutions, and payment intermediaries need to build a biometric database that is cross-checked with the data in the Chip-based ID card of customers issued by the Police. For new customers, financial institutions and banks need to collect biometric information in two steps: face verification and matching with the data from the Ministry of Public Security. For existing customers, it is necessary to urgently check the completeness of the data, promptly update and clean up customer data to prevent fraud risks. At the same time, biometric verification solutions must be easy to use, easy to integrate on devices such as mobile phones, computers, or at counters, to ensure convenience for customers.
FPT AI eKYC meets the need for biometric verification in electronic transactions
Currently, identification solutions integrated directly into the digital product and service ecosystem of banks play an important role in automatic customer verification. Particularly, FPT AI Facematch, a facial biometric verification solution, and FPT AI eKYC, an electronic identification solution, are highly rated, used by over 80% of financial institutions and banks in Vietnam, serving millions of customers, providing diverse payment needs anytime, anywhere, with seamless experiences.
For transactions that require biometric verification according to Decision No. 2345/QD-NHNN, FPT AI Facematch is capable of instantly comparing the customer’s face with the data from the bank with up to 98% accuracy. Besides, FPT AI eKYC is flexible and applied in many other cases such as online account opening, online services, etc. With OWASP standard security technology, FPT AI eKYC can prevent face forgery with a two-level protective barrier, quickly verify the customer with high accuracy. FPT AI eKYC’s Fraud Check technology helps verify the accuracy of personal identification documents, solve counterfeiting, editing, and merging issues. FPT AI eKYC also integrates advanced technologies for reading MRZ code, scanning NFC chips to identify 18 fields of information, including portrait photos on the new chip-attached Citizen Identity Card, ensuring the integrity of chip data. Moreover, FPT AI eKYC has the ability to check digital certificates, compare with the data from the Ministry of Public Security, ensuring that the chip on the Citizen Identity Card is issued by the Ministry of Public Security.
In complex identification cases, FPT AI eKYC also integrates the Video e-KYC feature. Bank employees can proactively contact and guide customers to verify their identities via video-eKYC, to compare the information on personal identification documents, check movements, identify faces, and sign in front of the employee via video call, to enhance security in the identification process.
Alongside the rapid growth of non-cash payments is the pressure to prevent fraud in online transactions. With experience as a technology partner of more than 20 large financial institutions and banks inside and outside Vietnam, FPT Smart Cloud continuously upgrades biometric and electronic identification solutions, aiming to increase protective barriers, detect and prevent many sophisticated cases of fraud on the cyberspace, while providing optimal and secure technological utilities for customers in the digital age.
To find out more details about Decision No. 2345/QD-NHNN and FPT AI eKYC solution, please download the White Paper at: https://fptsmartcloud.vn/IhHgT
About FPT.AI
FPT.AI is the Artificial Intelligence platform of FPT Smart Cloud, a member of FPT Corporation. FPT.AI solutions are being applied in most leading Vietnamese businesses and in the region, helping businesses innovate and bring optimal efficiency to their automation processes.
Highlighting FPT.AI’s ecosystem of solutions is the FPT AI eKYC electronic customer identification solution, which applies the latest AI core technologies to simplify, speed up, and ensure the security of customer authentication processes.
FPT AI eKYC allows customer identification to be done anytime, anywhere with an internet connection in just a few minutes, through digital platforms such as mobile applications, websites, etc. With user-friendly interfaces, users can easily complete the online identification process to open an account, perform transactions with an accuracy rate of up to 98%.
