Avanza Solutions has partnered with EPL Pvt Ltd to improve digital identity experiences for financial institutions, with a focus on secure verification, customer onboarding and smoother digital journeys. Announcing the collaboration, Avanza Solutions said the two organisations would combine their technology capabilities and market expertise to help financial institutions improve how customers establish and verify their identities through digital channels. The partnership reflects the growing importance of digital identity systems as banks and other financial service providers expand remote account opening and online service delivery. As more financial activities move to digital platforms, institutions need reliable ways to verify customers while making registration and onboarding processes convenient and accessible.
The collaboration is intended to help financial institutions simplify digital onboarding while maintaining appropriate identity verification and security measures. Electronic know-your-customer (eKYC) processes allow institutions to collect and verify customer information digitally, potentially reducing the need for paper-based documentation and in-person visits. When implemented effectively, these systems can help financial service providers process applications more efficiently and deliver a more consistent experience across digital channels. Avanza Solutions and EPL aim to combine their respective capabilities to support these objectives, although the announcement did not specify the technical architecture, verification methods or particular financial institutions that will use the resulting solutions.
Digital identity verification has become an important component of financial services as institutions seek to manage fraud risks, meet regulatory requirements and provide remote access to their products. Reliable onboarding systems can help confirm that applicants are who they claim to be, while reducing unnecessary friction for legitimate customers. However, effective implementation requires appropriate safeguards for personal information, secure handling of identity records and controls to address impersonation and fraudulent applications. Financial institutions must also ensure that verification processes meet applicable legal and regulatory requirements. The partnership’s stated focus on stronger and simpler digital identity experiences highlights the need to balance customer convenience with security and trust.
For Avanza Solutions and EPL, the collaboration provides an opportunity to support financial institutions developing their digital service infrastructure. Improved identity verification can serve as a foundation for digital banking, financial technology services and other online transactions that require customer authentication. More accessible onboarding processes may also help institutions reach customers who face difficulties completing conventional registration procedures, although the impact will depend on the solutions deployed and the needs of individual users. Neither company disclosed commercial terms, a product launch date, implementation details or measurable targets for customer adoption. The partnership nevertheless reflects continued investment in digital identity capabilities as financial institutions seek to expand online services while maintaining secure and reliable customer verification.
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