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National Bank Rolls Out New Biometry System

The system is designed to facilitate banks to provide financial services

Photo: Shutterstock

According to the press service of Kazakhstan’s National Bank, everyone who needs financial services can obtain them with the help of remote biometry. This service is designed to confirm the client’s identification and will be available from October 1.

Thanks to the face recognition system, the new service is making it possible to get a range of financial services without a physical appearance in a financial entity. The service is provided by 
Kazakhstan Interbank Settlement Center of the National Bank of the Republic of Kazakhstan.

Remote identification by biometry is a key element for remote services by financial institutions because now they can identify their clients at a distance. For example, the bank can open a new client’s account, make a deposit, issue a plastic card or make a loan through this system.

“The introduction of remote biometric identification meets new challenges amid the pandemic. The use of the service by the financial community will expand the range of services that are provided remotely,” said Eszhan Birtanov, deputy chairman of the National Bank of Kazakhstan.

The service was developed by the National Bank and financial market participants. Now it’s available for banks, insurance companies, professional securities market players, and payment and microfinance organizations.

Earlier in April, the system was launched as a pilot project. Since then about 2.8 million people have received various services from eleven Kazakhstani commercial banks via this service.

However, the National Bank isn’t the first entity that introduced innovation biometric system: Kazakhstan Temir Zholy (railways) company has launched a similar project in April.
 

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