MoneyNetint deploys Onfido facial biometrics to improve KYC processes
In an effort to enhance its online security procedures UK e-money firm MoneyNetint has selected Onfido‘s biometric selfie and document verification solution to improve its KYC processes and better navigate the complexities of global regulation. MoneyNetint provides cross-border money transfers and exchange services for corporate clients.
According to the announcement, Onfido’s expertise in artificial intelligence and facial recognition will help MoneyNetint deliver a frictionless online experience while also improving the onboarding experience and operational efficiency.
“Onfido’s facial similarity technology will allow us to help protect customers from fraudsters using fake IDs,” says Yishay Trif, CEO of MoneyNetint. “After using their biometric services, we can now provide greater security to customers using our platform, who wish to send and receive money cross borders.”
“Because our machine learning models continuously learn to identify new fraud trends from the millions of identities, we can enable MoneyNetint to onboard more users quickly without compromising on their fraud requirements,” adds Husayn Kassai, CEO and co-founder at Onfido. “This helps build user trust, inclusion and safety online and meet KYC and AML regulations.”
Onfido recently announced a revenue increase of 137 percent on a year-over-year basis in a busy first quarter of its fiscal 2019 year, during which the company appointed several new people to its leadership and announced a series of expansions, partnerships, and customer wins.