The VNPT eKYC platform, developed by the Vietnam Posts and Telecommunications Group (VNPT) for electronic identification and verification, now has over one billion user requests, making it the first of its kind in Vietnam.
The VNPT eKYC platform plays a pivotal role in modernizing and streamlining identity verification processes across various sectors, including banking, finance, telecommunications, and e-commerce. Over the past five years, it has become a cornerstone solution, serving a wide array of institutions and facilitating electronic identification for millions of individuals. By offering electronic Know Your Customer (eKYC) services, VNPT has significantly reduced the time and resources required for identity verification, enhancing efficiency and customer experience.
One of the key indicators of the platform's significance is its widespread adoption, with over 100 banks, financial institutions, telecoms, and e-commerce entities leveraging its capabilities. This widespread usage underscores its reputation as a trusted and reliable solution for electronic identification needs. Moreover, by serving over 40 million people, the VNPT eKYC platform has had a tangible impact on enhancing financial inclusion and accessibility to services, particularly in regions where traditional identification methods may be cumbersome or inaccessible.
Enabling Secure and Efficient Electronic Identification
The platform's operational performance further highlights its importance, with the VNPT eKYC system handling an average of 600,000 requests per day and over a million requests during peak times. This robust capacity demonstrates its ability to scale efficiently to meet the demands of its users, ensuring seamless and timely identity verification processes. Overall, the VNPT eKYC platform stands as a cornerstone solution in the digital identity landscape, playing a crucial role in enabling secure and efficient electronic identification processes across various sectors, ultimately contributing to enhanced service delivery and customer satisfaction.
Therefore, starting July 1, 2024, credit institutions must implement biometric authentication for transactions exceeding VNĐ 10 million (USD 416), according to the State Bank of Vietnam, which implemented the decision.
Banking and financial experts emphasize the importance of opting for domestic solutions due to their quick deployment and cost-effectiveness. They also stress the significance of ensuring compliance with global technology standards to facilitate scalability and readiness. This strategic approach aligns seamlessly with the VNPT eKYC system, which harnesses advanced AI models to achieve an exceptional level of accuracy in facial biometric data verification, reaching up to 99.99 percent precision.