Onfido named to AI Top 100 as ID document verification customer slashes onboarding time
Onfido has been named to the CB Insights AI 100 ranking as one of the world’s most promising AI businesses, and also added a new ID document verification customer. Biometric identity document checking technology from Onfido has been adopted by Swiss on-demand digital mobile subscription service yallo swype, as part of a streamlines identity verification process that has reduced the service’s customer onboarding time by 90 percent to only 3 minutes, according to a company announcement.
Leading Swiss mobile telecom Sunrise Communications AG’s yallo provides what it says is the country’s first fully digital mobile subscription service. A partnership between yallo, Onfido and digital interaction platform provider Moflix allows new customers to complete online documents to comply with the strict identity checks that are required by regulation without waiting for a lengthy manual verification process.
Onfido checks if the government-issued identity document the applicant has taken a photo of is fraudulent or genuine to increase trust and reduce fraud and risk and compares it to a selfie with facial biometrics.
“We are delighted with the partnership that we have established with Onfido,” said Marc Degen Co-founder at Moflix. “Our experience with yallo swype shows that with Onfido identity verification, we can support a fully digital onboarding experience while still complying with legal and regulatory requirements.”
Deployment of the new identity verification technology took only 100 days, and provides onboarding with customer-first account opening at scale, Onfido says, while driving down the cost per acquired customer by reducing the time spent on internal processes.
“Modern telecommunication organisations, such as Moflix and yallo, understand the need for a new approach to verify customers that meet regulations and provides strong fraud protection from new-age attack vectors while creating a positive user experience,” explains Husayn Kassai, CEO and co-founder at Onfido. “We’re thrilled to have partnered with Moflix and yallo swype, the first 100% digital-first telecommunications brand, to power a secure onboarding process connecting them to more customers as they continue to scale.”
CB Insights includes Onfido among “cross-industry tech” companies in its 2020 AI Top 100.
“It’s been remarkable to see the success of the companies named in the Artificial Intelligence 100 over the last four years. The 2019 AI 100 saw 48 companies go on to raise $4.9 billion of additional financing and nine got acquired,” says CB Insights CEO Anand Sanwal. “It has been gratifying to see that CB Insights’ data-driven approach to identifying the top AI companies using patents, customer traction, investor quality, market sizing and more has become so effective at picking the AI winners of tomorrow. We look forward to seeing what the 2020 AI 100 companies will accomplish over the course of this year and beyond.”
CB Insights’ research team considered nearly 5,000 startups to chose the top 100.
“Given that not all AI is created equal, it’s a huge honor that our AI-based approach to identity verification has been singled out by CB Insights for the second year in a row, as we continue to push the envelope for detecting bad actors,” Kassai says.
Onfido also picked up an Infosec Award at the recent RSA 2020.