By – EMpower Pensions offers comprehensive pensions management, domestic & international pension payroll and digital Proof of Life Solutions.- Send & track payments, and access comprehensive reporting, all in one platform.
7th July 2021, LONDON: Crown Agents Bank, the UK regulated financial service partner of choice for governments, international development organisations, banks and pension administrators, has today announced the launch of its new pension solution, EMpower Pensions offers effective, end-to-end pensions management from one easy-to-use interactive platform, including Biometric Facial Authentication Proof of Life technology, reporting and convenient administration functions for pension administrators & their pensioners alike.
Users of the Empower Pensions solution will have access to enhanced digital pension services through an intuitive, secure platform. Digital Proof of Life solutions will greatly assist pension administrators by more efficiently and effectively verifying that pension payments are being delivered to entitled beneficiaries whilst mitigating fraud and overpayments.
EMpower Pensions also vastly improves the pensioner’s Proof of Life checking experience because the process is quick, convenient, and secure; all they need to do is log on to the portal, upload an image of their identification and take a live facial photo selfie – all from the comfort of their own home.
Once this has been completed, the platform applies Artificial Intelligence (AI) to compare facial biometrics to the photo on the ID document, generating scores for validity and facial similarity. This score provides a confidence level that the two images are of the same person and this is promptly reported to the pension administrator.
When processing pension payroll, administrators can simply instruct payment requirements to the pension portal and Crown Agents Bank will leverage its extensive global network to deliver payments punctually.
Crown Agents Bank’s global banking infrastructure will enable transactions to be tracked in real-time, via the EMpower Pensions portal, providing certainty via reliable reporting capabilities. Furthermore, an intelligent, automated payment management process enables pension administrators to better manage historical & current payments, as well as having the flexibility to upload future dated transactions in advance, making planning and control more efficient.
Crown Agents Bank has leveraged its rich 180+ year heritage and global network with the cutting edge, innovative pensions management technology to better serve pension administrators and their members alike, creating a convenient and user-friendly, dependable pension service.
Colin Digby, Head of Non-Bank Financial Institutions at Crown Agents Bank explains, “The introduction of our new pensions platform, EMpower Pensions, offers efficient and secure pensions processing with a much higher level of convenience for pensioners and scheme administrators alike – something that is hard to find in the pensions market, which is dominated by expensive, manual paper-based solutions.
“The launch of EMpower Pensions marks the latest milestone event in our exciting digital transformation strategy, led by our new CEO Bhairav Trivedi. With EMpower Pensions we are harnessing cutting edge technology, including biometric facial authentication for Proof of Life services. We are creating more innovative ways of automating financial services to reduce processing costs and time – benefits that we are delighted can be passed on to our pension customers.”
About Crown Agents Bank:
Crown Agents Bank is a financial service partner of choice for many governments, international development organizations, banks and regulated financial services businesses. It acts as a preferred payment and FX intermediary facilitating the delivery of money into some of the fastest growing economies in the world. With its help, Crown Agents Bank customers overcome challenges which can include illiquid FX markets or the complex process of ‘last-mile’ delivery across bank and emerging forms of non-bank payment rails.Flora Daviesflora.davies@missive.co.uk07542368274www.missive.co.uk
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