UBS has partnered with Latvian identity verification company Regula to create a fully automated and 24/7 account opening process for new customers.

Instead of real-time video interviews, which were previously required by UBS to verify new customers, the enrollment process now takes just a few minutes on the UBS Mobile Banking app.

Using Regula’s identity verification solutions, UBS can recognise and authenticate documents and compare document portraits with users’ selfies to verify their identities.

UBS, which also partnered with iProov, is said to be the first bank in Switzerland to enable automatic identity verification and electronic signature creation for opening bank accounts.

Regula is an established developer of forensic devices and identity verification solutions headquartered in Daugavpils, Latvia. The company also has offices in the US, UK, Germany, Poland and Brazil.