Onfido and GetID to provide fast biometric identity verification for online financial trading
Internet trading company Admiral Markets has announced a partnership with Onfido and Estonian omnichannel identity verification provider GetID to streamline its digital access control processes with biometrics, in line with KYC and AML requirements.
The new approach which replaces Admiral Markets’ legacy manual approach to identity verification consists of users taking a photo of a government-issued ID document, which is verified by Onfido’s AI-powered technology, with human experts verifying outliers. Regulatory requirements can then be met by matching the user with the document through Onfido’s facial recognition.
“GetID and Onfido share the same value of providing the easiest onboarding for new customers with an individual approach to each client,” says Dmitri Laush, CEO at GetID. “At GetID we use the best technologies to deliver to the customer. Onfido has great global coverage and portfolio of trusted clients and together we can provide the greatest identity verification software for any client on the market, no matter how big or small the company is.”
The new method has led to a 13 percent increase in onboarding rates, support for customers in new countries, an improved user experience, and a decrease in onboarding cost per customer, according to the press release.
“We are very happy to be partnering with GetID to support Admiral Markets – empowering a streamlined onboarding approach so they can continue focusing on their mission of providing the best digital trading experience,” comments Onfido CEO and Co-founder Husayn Kassai. “We bring trust to digital interactions worldwide, and we’re excited to be partnering with a company that’s equally ambitious.”
Onfido upgraded its SDK with features to enhance its accessibility for people with disabilities just a few weeks ago.