Say Goodbye to Office Visits: Regula's Identity Verification Solution Brings Remote Document Signing to Ecuador's Severance Fund Users

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Oct 08, 2024, 08:00 ET

RESTON, Va, Oct. 8, 2024 /PRNewswire/ -- Regula, a global developer of forensic devices and identity verification solutions, and CacaoTech, a leading technology consulting company in Ecuador, partnered to innovate the document signing process in Ecuador's private severance fund, Fondo de Cesantía de la CTE. This has resulted in a 43% reduction in time and operational costs, while significantly enhancing the user experience.

CacaoTech partnered with Fondo de Cesantía de la CTE to transform their documentation process by shifting to digital interactions. Previously, applicants had to visit the fund's offices for document signing, which limited access. To address this, CacaoTech introduced remote identity verification and facial recognition through the BioTech Validator, now integrated into the Fondo Fácil app, enhancing user experience and efficiency.

As a core technology for its solution, CacaoTech chose a complete identity verification (IDV) solution from Regula: Regula Document Reader SDK and Regula Face SDK. This allowed it to cover both document and biometric (facial) verification, making the process entirely digital, remote, and secure.

With the new system in place, users can now:

Scan or capture an image of their Ecuadorian national identity card, which is instantly recognized and validated by Regula Document Reader SDK.
Undergo biometric verification, where Regula Face SDK compares the official document portrait with a selfie taken during onboarding, ensuring the user is the rightful ID holder.
Securely sign digital transactions such as loan applications, promissory notes, and additional contribution requests.

The implementation of the digital IDV solution was completed within 8 weeks, with support from Regula's team. As a result, Fondo de Cesantía de la CTE immediately noted significant improvements across several key areas:

Enhanced usability. The digital process enabled quick and efficient validation of documents and identities, providing a seamless experience for users and administrators alike.
Increased security. Automated identity verification reduces the risk of identity theft and fraud, ensuring the authenticity of all transactions.
Higher efficiency. Time spent on participant procedures was reduced, accelerating the processing of loans and other services.
Time and cost savings. The new system resulted in a 43% reduction in time and operational costs, freeing up the fund's resources for higher-value tasks such as strategic analysis and customer acquisition.

"We are pleased to receive positive feedback from our participants who now use our Fondo Fácil application and attest to the improvement of our services and 100% digitalization from anywhere in Ecuador. We will continue working to implement cutting-edge technology," says Emilio Legarda, Chief Executive Officer at Fondo de Cesantía de la CTE.

"We are extremely satisfied with the success of the BioTech Validator implementation. The project met all objectives and timeframes, significantly improving the fund's operational efficiency and reducing errors through automation. Regula's solutions played a critical role in this achievement, providing robust document and biometric verification that enhanced the participant experience and ensured greater security," says Douglas Quintero, Chief Executive Officer at CacaoTech.

Ihar Kliashchou, Chief Technology Officer at Regula, added: "We are proud to support the digital transformation of Fondo de Cesantía de la CTE. Our ID verification solutions empower organizations to offer secure, fully remote services while enhancing the experience of people using the severance fund. This project highlights how technology can simplify complex processes, mitigate fraud risks, and save both time and money."

Read the full story on Regula's website.

About CacaoTech

Cacao Tech is a technology consulting firm dedicated to helping organizations maximize the value of their technology investments. With a focus on customized and efficient solutions, its mission is to turn technology into a key driver of business growth and success, providing support in key areas such as the adoption of new technologies, infrastructure improvement, and technology project management.

https://cacaotechnology.com/

About Fondo de Cesantía de la CTE

El Fondo Complementario Previsional Cerrado de Cesantía del Cuerpo de Vigilantes de la Comisión de Tránsito del Ecuador is a savings and protection mechanism exclusively for the members of this institution's guard corps. The fund aims to provide additional financial support to its affiliates in cases of unemployment or retirement, complementing the benefits of the public social security system.

https://fcpc-cte.com/

About Regula

Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

Learn more at www.regulaforensics.com.

SOURCE Regula Forensics, Inc