Fonmoney deploys HooYu identity confirmation technology

October 15, 2016 - 

Identity confirmation provider HooYu announced that its identity confirmation technology is helping online money transfer specialist Fonmoney to fast track its KYC (know your customer) procedures for welcoming and verifying new customers.

HooYu is now being integrated into the Fonmoney site so that users can now quickly and easily be verified through HooYu’s unique combination of digital footprint analysis, ID document authentication, facial biometrics and identity scoring. Once the customer has passed the automated HooYu ID confirmation, they can send money abroad to friends or family quickly and easily.

Matthias Wurmböck, Managing Partner at Fonmoney said, “Using HooYu means that we are not just ticking compliance boxes and preventing fraud, but more importantly to us, HooYu helps us make the journey for all of our customers more efficient and smooth. They have been a good partner to us in helping to ensure that we are in line with customer identity checking compliance, while localizing their platform together to ensure the best possible customer experience as we continue to grow into new markets.”

David Pope, Marketing Director at HooYu said, “The money transfer industry needs an identity confirmation service to help verify identity where traditional database checks fall short. Our approach of not just checking an ID document, but looking at the wider picture by using digital footprint analysis and facial biometrics in conjunction with ID document authentication helps firms like Fonmoney to build true confidence that their customers are indeed, who they say they are.”

Veronica Studsgaard, CEO at the International Association of Money Transfer Networks said, “Money remitters are constantly striving to meet the challenges of ever growing remittance volumes and increased regulatory requirements. KYC technologies like HooYu are helping remitters to verify and welcome new customers, speed up the flow of money and to meet regulatory requirements.”

HooYu was established as a global identity verification platform to help businesses authenticate customer identity.

The HooYu service is integrated into a merchant’s site and customers are asked to take two simple steps: take a selfie and; share their online identity such as Facebook or LinkedIn and take a photo of their driving licence, ID card or passport. HooYu then extracts and scores the identity information from the user’s online identity and ID documents to authenticate the ID document and completes a biometric facial verification.

In September, business lender Reparo Finance Limited integrated HooYu’s identity confirmation platform to prevent criminals from stealing the identities of UK nationals.

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About Stephen Mayhew

Stephen Mayhew is the publisher and co-founder of Biometrics Research Group, Inc.. His experience includes a mix of entrepreneurship, brand development and publishing. Stephen attended Carleton University and lives in Toronto, Canada. Connect with Stephen on LinkindIn.