Onfido’s face biometrics selected by Oval Money for verification and onboarding process
Fintech company Oval Money has entered a partnership with Onfido to use the firm’s face biometrics for identity verification and new account opening processes.
The partnership will enable Oval customers to benefit from cutting-edge AI technology while also keeping the company compliant with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations, according to the announcement.
Onfido’s facial verification capabilities have been embedded in Oval’s app, prompting users to take a photo of their ID and a short video recording to verify themselves as part of the registration process.
The ID and video will then be matched using biometric facial recognition technology in order to ensure the person’s legitimate identity and physical presence in front of the device.
Initial data gathered from the new partnership saw an 89 percent decrease in time from registration to activation and a 79 percent reduction in customers placed under “fraud lock”.
This was obtained thanks to Onfido’s granular results, which delivered over 40 specific explanations for why an applicant was approved or rejected, thus giving Oval more data to work with to improve its services.
The move, Oval said in a case study document, is aimed at making the company a customer’s primary financial hub.
The company aims to achieve this goal by balancing user experience and risk while also preventing bad actors from entering their platform.
Onfido currently covers 4500 identification documents across 195 countries. Following the new agreement, Oval’s customers will be able to verify IDs from both Italy and the UK, the countries where Oval operates.