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.

by Megha Bhattacharya
Market Analyst at IBS Intelligence