RTLabs and Visionlabs announce the start of Paperless Bank development

11 May

The prospective solution is intended to facilitate identification of bank clients and employees

RTLabs, a subsidiary of Rostelecom, and VisionLabs, a leader in computer vision systems development and machine learning, announce their strategic partnership to start joint development of Paperless Bank, an innovative biometric solution.
The solution will allow not just collecting the clients' biometric data of individuals and small business owners for their authentication, but establishing a storage of biometric patterns of the bank's employees for authorization of their access to data systems of the credit institution and confirmation of their right to conduct operations. The new service will operate in parallel with the Unified Biometric System which, in its turn, is designed for remote account opening, deposits and loan issuing.
Paperless Bank will be applied in multiple operational procedures of credit institutions, for instance, it will help control the access of front-office and direct sales employees to software enabling them to monitor all operations performed. The solution also implies identification of clients receiving services at bank branches.  
"Today, face recognition systems are implemented everywhere making many areas more convenient and secure. Recognition technologies at banks will enable both bank officers and clients use the existing services at a brand new level of comfort and availability, they are intended to speed up many banking procedures. By all means, Paperless Bank is the bank of the future", comments Alexander Khanin, VisionLabs CEO and founder.
"In addition to higher service quality for the bank clients and improvement of labor conditions for its employees, the use of biometrical technologies substantially increases the level of internal and external data security of a credit organization. Paperless Bank means a breakthrough stage in digital reality formation. It's also worth saying about the significance of the project in terms of environmental protection. Squeezing out paper documents and getting digital is the nearest prospect for many fields of human activities", noted Mikhail Bondarenko, CEO RTLabs.