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IDnow publishes KYC, digital identity resources as Onfido biometrics secure cryptoexchange

IDnow publishes KYC, digital identity resources as Onfido biometrics secure cryptoexchange

IDnow has published KYC Insider, a free knowledge-base of regulatory information and updates regarding Know-Your-Customer and digital identities in Europe, under the lead of regulation expert Rayissa Armata, the company announced.

Leading author Armata is in close contact with regulators, governments and IDnow clients, which gives her firsthand knowledge of sector needs.

“The regulatory landscape in Europe is highly dynamic. There is a variety of regulated industries and differences in each country – a complex sector,” said Rayissa Armata, Head of Regulatory Affairs at IDnow, in a prepared statement. “At IDnow, we work with companies in a wide range of sectors and have gained a wealth of experience over the years. I would now like to share this knowledge and provide interested parties with up-to-date and exclusive information via our new platform KYC Insider.”

“Cooperation with regulatory authorities such as BaFin in Germany (Federal Financial Supervisory Authority) has been essential since the company was founded,” said Armin Bauer, CTO and co-founder of IDnow, in a prepared statement. “When we had the first idea for a video identification service in 2012, it was not yet approved by the authorities. We have now been working closely with the relevant bodies for many years to make our current product portfolio possible.”

In May, IDnow joined the European Telecommunications Standards Institute (ETSI) taskforce to work on new standards and guidelines for electronic signatures and related trust services.

Onfido ID and biometric checks secure Indian cryptoexchange

Indian cryptocurrency exchange CoinDCX has chosen Onfido’s biometric technology for user identity verification to automate KYC checks and onboarding, Finextra writes.

While in India the average KYC onboarding process takes five days, Onfido’s automation process will reduce it to less than five minutes, is compliant with KYC regulations, and safeguards user security, according to the report. During onboarding, users are prompted to click a picture of their ID and providing a selfie. These will be analyzed for authenticity across the government database and matched to the selfie or video provided.

“Our users are at the core of every decision we make at CoinDCX and a streamlined user experience is very important to us. The #TryCrypto initiative is about providing helpful tools, lowering the barriers to entry, and providing access to the crypto asset class in order to enable mass adoption,” said Sumit Gupta, co-founder and CEO of CoinDCX in a prepared statement. “By integrating Onfido’s technology we can not only simplify the KYC experience for users but also give our users peace of mind by providing the highest level of fraud protection. Onfido’s cutting edge and next generation technology will enhance CoinDCX’s compliance, safety, security and performance, as it has with so many other companies in the past.”

“Businesses and consumers should no longer have to compromise on customer experience, conversion, privacy or security,” said Husayn Kassai, CEO and co-founder, Onfido, in a prepared statement. “The way forward must uphold all of these, especially as the world increasingly moves online. We’re proud to partner with an innovative company such as CoinDCX, helping the company streamline onboarding while meeting KYC requirements.”

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