Onfido biometrics chosen to secure onboarding in Eastern Europe, Nordics and enterprise IAM

Onfido is broadening its biometric authentication market share in Eastern Europe and the Nordics by partnering with fintech and financial service companies to automate KYC and AML compliance and identity verification for a seamless customer experience, the company announced.

Onfido’s AI-powered ID verification service has been chosen by peer-to-peer lending platform Bondora, gold-backed digital account provider Voima Gold, and Pan-European marketplace for property financing and investing EstateGuru to streamline their services for both local and international users, the company said in an announcement preceded by a 40 percent increase in global sales QoQ and $100 million secured in funding.

“Eastern and Northern Europe is a hotbed for tech start-ups, especially fintechs, and in order to thrive in a competitive market, these companies are transforming their approach to digital identity and access,” said Husayn Kassai, CEO and co-founder of Onfido in a prepared statement. “With modern identity verification, forward-thinking organizations such as Bondora, Voima Gold, and EstateGuru are automating the most rigorous compliance requirements with a simpler and faster customer experience.”

Using a photo of a government ID and a selfie, user onboarding is performed in a few seconds with biometric facial recognition software. To secure onboarding, Onfido uses a mix of human analysts and machine learning to verify data consistency, image analysis and font anomaly.

“We’ve had significant growth over the last 12 months, and the only way to consistently exceed customer expectations is by utilizing automation for scalability,” said Bondora VP of Product Matt Clannachan in a prepared statement. “Through our partnership with Onfido, we can offer our customers a secure and seamless experience for identity verification.”

“Our clients come from around the world, and in order to provide Voima Accounts for global clients, we need to securely identify each customer,” said Joonas Ilmasti, legal counsel at Voima Gold, in a prepared statement. “We are glad that Onfido provides us with seamless identity verification that enables us to comply with our high security and compliance risk management standards.”

“90 percent of EstateGuru’s core processes are digitized, making the company agile and efficient. The application of AML measures and KYC principles is an unavoidable part of being a sustainable alternative financing platform, creating trust and serving clients from different parts of the world,” said Mihkel Stamm, COO at EstateGuru.

Onfido is also providing identity verification services to Identity and Access Management (IAM) consultancy Hub City Media which will resell and distribute the technology after integrating it with their identity solutions, including ForgeRock’s identity platform.

The technology reduces abandonment rates and builds trust for high-risk transactions through a self-service step-up verification process that matches the selfie against the government ID provided.

“Having the right technology partners that know our identity solution and the value it brings to IAM architectures is critical for our continued expansion into the enterprise market,” said Onfido’s Kassai in a separate announcement. “Hub City Media is one of those partners that immediately understood the value of our solution and with our existing ForgeRock integration, made them a natural fit.”

Hub City Media was named ForgeRock’s 2020 America’s Partner of the Year.

Article Topics

access management  |  authentication  |  biometrics  |  facial recognition  |  financial services  |  identity access management (IAM)  |  identity management  |  identity verification  |  KYC  |  Onfido