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iDenfy and Onfido each sign up fintech clients for KYC checks with facial biometrics

iDenfy and Onfido each sign up fintech clients for KYC checks with facial biometrics

mPay has partnered with iDenfy to utilize its biometric facial recognition, liveness detection, and ID verification technology to meet know your customer (KYC) compliance requirements for mobile payments.

Poland-based mPay’s app provides bank transfers and online payments for transport, paid parking, topping up the phone, VOD accounts, and online games, so need to comply with KYC regulations. iDenfy’s machine learning technology enables real-time identity verification in an automated process to speed up verifications.

iDenfy recently began providing biometrics and identity verification for KYC checks by The Bank of Lithuania for a digital collector coin program.

The company partnered with FaceTec to provide 3D biometric liveness detection as part of its identity verification platform in April.

Cyptocurrency management platform selects Onfido facial recognition

Onfido is supplying its ID verification and selfie biometrics technology to SwissBorg for seamless customer onboarding compliant with financial services regulations.

SwissBorg provides a blockchain-backed cryptocurrency wealth management ecosystem as a licensed financial entity, which means it must perform KYC checks during onboarding. The new partnership with Onfido includes watchlist checks and verifies customer identity with a photo of any one of 4,600 document types from 195 countries and a facial biometric comparison.

The fintech company is now able to process identity checks for 60 percent of its applications automatically, with KYC checks taking less than two minutes on average, and full onboarding taking under ten minutes.

The Onfido SDK also provides event tracking to allow SwissBorg to react to any drop-off problems immediately.

“One of SwissBorg’s main priorities is the protection of its community. This includes preventing users with ill-intent from onboarding and also safeguarding users’ data,” says SwissBorg Chief Compliance Officer Christophe Diserens. “Partnering with Onfido has allowed us to achieve these objectives while providing one of the safest and quickest onboarding experiences on the market.”

Fintech Curve is the most recent in a series of customers implementing Onfido’s technology for KYC checks.

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