Digital Bank Account Closure with LOQR|sign

Unlike opening a digital bank account, the process of closing an account is not always the fastest or most efficient. 

To break the norm, Banco de Portugal wants financial institutions to also allow bank account closures through their digital channels. According to its new Circular Letter (nº CC/2025/00000003), institutions that provide digital channels for opening and operating accounts must also provide a space or easily accessible means for account holders to submit a request to close the account, regardless of the channel used to conclude the contract or the number of account holders. 

Digital Account Opening

The ever-evolving digital era has brought significant changes in the way we manage our finances and interact with financial institutions. Today’s customers expect streamlined daily tasks, with a convenient, anytime/anywhere banking experience. This is why banks have had to adapt to the innovative processes that digitalization has introduced while keeping pace with the ongoing changes in their customers’ behaviors and expectations. 

The option to open a new bank account online has removed the necessity to visit financial institutions in person – which can be inconvenient depending on the customer’s schedule. Additionally, it makes institutions accessible 24/7. With a user-friendly process, financial institutions can offer a secure and fast experience when opening a new digital bank account. 

However, when it comes to closing a bank account, until now, it was only possible to request and sign the account closure declaration by physically going to a branch. Although some institutions allow the process to be carried out online through their home banking, the account must have been opened online. With the Circular from Banco de Portugal, the aim is to make the process as simple as opening an account for those who request it. 

LOQR’s Digital Bank Account Closure Solution

Providing straightforward and convenient solutions for our clients has always been a goal within our strategy. Our objective is to enable our clients to offer a simple account closure process for their customers, saving both time and resources. With the LOQR|sign Platform, users can efficiently submit a request to close their accounts while fully complying with all applicable regulations. 

Face recognition technology will be used during the Identity Verification phase. With advanced biometric face recognition and liveness detection, our solution compares the photo taken at the start of the process with the photo on the user’s ID document. By incorporating this verification step into the journey, institutions can safeguard their systems and protect customers’ identities. A request application is then submitted, and the final step to complete the process is the customer’s legally binding qualified signature. 

Solution Benefits

– Enhanced Security: Use of advanced biometric and AI techniques to ensure user authenticity.
– Fraud Reduction: Implementation of multi-factor verification to minimize fraudulent attempts.
– Optimised User Experience: Intuitive, fast process available across multiple devices.
– Easy Integration: Flexible APIs and SDKs for seamless implementation with existing systems.
– Scalability: Solution designed to handle increased volume without compromising performance.
– eIDAS Compliance: Enables qualified certification for digital identity.
– LINCE Qualification: Ensures a robust and secure solution for governmental and financial entities. 

Regulatory Compliance and Security 

LOQR’s solution is in strict compliance with: 

 – General Data Protection Regulation (GDPR).
– eIDAS Regulation, ensuring the capability to issue qualified certificates (LOQR acts as a Registration Authority of a Certification Authority entered in the EU Trusted List).
– LINCE Qualification, providing advanced protection against cyber threats in video identification tools. 
– ISO/IEC 27001 and ISO/IEC 30107-3 standards for information security and biometrics.

Contact our team to learn more about our solution!