Panini S.p.A.

PANINI. For 75 years at the side of financial institutions on their journey of transformation

Panini has innovation in its DNA. From digitalization of checks to the most recent platforms that offer various offer for the authentication of the client, including the use of biometric data, with the goal of offering a more efficient and personalized service

Founded in Turin, for over 75 years Panini provides cutting-edge technologies and innovative products that have contributed to shape the history of financial services.

Today we operate in over 40 countries, and parallel to the acclaimed scanner portfolio, we are proposing secure identity solutions that will extend our technology and market footprint beyond the financial market to new sectors and a growing range of essential applications.

Today, banks face a process of transformation and modernization in order to hold their own against fintechs and other non-banking players; "Offering a tailor-made service, increasingly personalized and sewn to the needs of the individual customer and implementing a model in which the value lies in the relationship and not in the transaction entails the need to recognize our interlocutor in a certain and secure way, verifying his identity," comments Massimo Biffi, Panini's Director of Marketing & Business Development.

What is identity verification?

Identity verification is the process of confirmation that someone is who claims to be. This is often done to ensure access to services that involve financial transactions, such as opening a bank account, but also to verify, for example in the health sector, that the right treatment is being used with the right patient. This helps protect against identity fraud and other forms of abuse, as well as avoiding potentially deadly mistakes such as confusing a patient's identity and then using the wrong treatment.

One of the issues to be addressed when considering the implementation of a robust identity verification procedure is the level of "friction" introduced into the user experience.

"Our innovative platform, BioCred, allows for different options for customers to confirm their identity making the process extremely smooth without compromising security," Biffi says.

"With BioCred, during the enrollment phase and upon informed consent of our client, we can capture biometric data (fingerprint) to facilitate identity verification while fully respecting privacy, as no biometric data is stored within the system, but the generated credential is returned to the client."

Why is identity verification important?

Identity verification is an important process because it helps protect against fraud based on mistaken identity or false identities and helps ensure that only those with appropriate credentials are able to access certain services.

Having a robust and documented identity verification process also helps companies ensure regulatory compliance-many organizations are required to verify the identity of their customers in order to comply with laws and regulations. For example, financial institutions are required to follow Know Your Customer (KYC) guidelines in order to prevent money laundering and financing of illegal activities.

What is KYC (Know Your Customer)?

KYC is an acronym for “Know Your Customer.” It is a process used by financial institutions and other organizations to verify the identity of their customers and assess their potential risks of money laundering or financing illegal activities.

Information is verified using various methods, such as reviewing government-issued identity documents or checking public records. In some cases, additional information, such as a client's work history or financial history, may also be collected.

The main objective of the KYC process is to ensure that the organization is dealing with a legitimate customer and to help identify any potential risks associated with the customer's financial activities.

"Knowing the customer," stresses Biffi, "also brings a business development advantage by allowing personalized messages to be conveyed that address specific needs.

Zero Trust Approach

Finally, it is not enough to perform the identity verification process only once.

Zero Trust is a strategy that assumes that individuals, devices and services attempting to access corporate resources, even those within the network, cannot be automatically trusted.

To improve security, users are verified each time they request access, even if they have been authenticated previously.

"By simplifying identity verification for returning customers through the use of biometrics," Biffi explains, "BioCred enables the implementation of a zero-trust strategy without significantly increasing the level of friction for customers.