Fondeadora selects AU10TIX for automated identity verification services

By Pavithra R

Fondeadora, a fast-growing Mexican challenger bank has announced selecting AU10TIX , the global leader in identity verification, to increase the speed and the security of its clients’ due diligence processes.

Fondeadora’s search for an identity verification partner was driven by its mission to improve the banking experience for Mexicans and allow consumers to open an account without physically visiting a branch. The collaboration combines the simplicity of the company’s digital banking application with AU10TIX’s deep experience in automating identity authentication and KYC flows, enabling a more secure and affordable financial service option for Mexicans.

“As demand for the Funder grows, we have analyzed all systems to ensure that our offering is resilient and ready to expand — particularly at the first point of contact with a potential account holder, which is critical to establishing trust. identity verification partner that was fully automated, accurate, responsive and customizable, and AU10TIX’s technology and staff met all of these demands,” said Miguel Gutiérrez, Fondeadora’s executive director of business development.

The Mexican FinTech sector operates in a highly regulated environment that requires strict compliance with local KYC / AML regulations. Additionally, approximately 65 mn users in the country still rely on cash for majority of their transactions. For this reason, automatic KYC and digital integration processes are critical for digital banking operating in Mexico.

As Fondeadora seeks to serve its local community, verification and protection of the identities of its user base is essential to promote collaboration, transparency, and access in the new system.

“AU10TIX is excited to join Fondeadora in its mission to provide financial access to all of Mexico through technology. Together, we can build a reliable digital payments ecosystem, in which the Funder can link the physical and digital identity attributes of its account holders, which is necessary not only to comply with local standards, but also to exceed consumers’ expectations regarding to fast and continuous access,” said Carey O ‘Connor Kolaja, CEO of AU10TIX.