10:00, 29 April 2020 Page views 973 views

Russia starts loan origination using Face ID

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Face ID, voice prints and video communication will be used in Russia for loan issuing. Adoption of a draft law on remote biometric identification is accelerated and may take place as early as May-June because of the pandemic.

This will minimize contacts in bank branches.
Earlier, the bill passed its first reading, but the process of approval of amendments came to a standstill. The Unified Biometric System has accumulated no more than 150 thousand Face IDs  so far. Primary identification by video is more popular.
A bank loan agreement can be made online; however, a personal handwritten signature at a branch is still required.