Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Onfido to test re-usable identity with Monese, Seedrs, Curve and B-Social

UK-based Onfido has announced that several UK fintechs including Monese, Seedrs, Curve, and B-Social have joined the firm in FCA’s regulatory sandbox test. They will be joined by tech partners like Evernym and Deloitte. The supplier states that the effort aims to demonstrate the availability of a safer identity verification approach for both customers and businesses.

The regulatory sandbox, developed by the Financial Conduct Authority (FCA), is available for authorized firms, unauthorized businesses that require authorization and technology businesses. It aims to enable the firms to test their products and services in a controlled environment, reduces the time to market as well as assist them in identifying consumer protection safeguards for new services.

According to Onfido, the sandbox pilot will see its customers having control on their own identity data and can permission it from any smartphone. Onfido believes that this will fuel enhancements in customer onboarding without compromising on privacy or security. The pilot is expected to point out the necessity to fix identity verification issues and ways to create re-usable identity, thereby reducing time and money spent on compliance costs.

Onfido’s services allow customers to take a photo of their identity document and then a selfie or video for submission. Followed by this, Onfido utilizes a combination of AI and machine learning to perform checks including facial similarity and fraud checks.

Recently, Onfido announced a partnership with blockchain identity and payment solution provider Civic in a bid to power the company’s wallet, Civic Wallet, built-in collaboration with BitGo.

Related IBS Intelligence Research

Related Posts


NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »