Regula, a developer of identity verification solutions, and CacaoTech, a technology consulting company in Ecuador, have partnered to streamline the document signing process in Ecuador’s private severance fund, Fondo de Cesantía de la CTE.

CacaoTech partnered with Fondo de Cesantía de la CTE to transform its 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 partnership has allowed for both document and biometric (facial) verification, making the process entirely digital, remote and secure.

Identity verification

With the new system in place, users can now:

1. Scan or capture an image of their Ecuadorian national identity card, which is instantly recognized and validated by Regula Document Reader SDK
2. 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
3. Securely sign digital transactions such as loan applications, promissory notes and additional contribution requests

According to the company, 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,” said Emilio Legarda, Chief Executive Officer at Fondo de Cesantía de la CTE.

“We will continue working to implement cutting-edge technology.”

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.”