Onfido teams up with FinTech Oval Money to boost digital customer verification

By Megha Bhattacharya

Onfido, today, announced a new partnership with FinTech Oval Money in a bid to accelerate and enhance the latter’s digital customer verification and registration process. The partnership will allow Oval’s users to benefit from AI tech that streamlines and speeds up the registration process while keeping it compliant with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.

“At Oval, we want to be the best hub for our customers’ financial worlds,” says Benedetta Arese Lucini, Co-Founder and CEO at Oval Money. “Establishing the real identity of a customer unlocks access to a suite of services built around them, so it’s critical we get it right for them. Onfido is helping us to do this with a smart and seamless approach to verifying a customer during onboarding.”

The collaboration will see Onfido’s solution asking new Oval customers for a photo of their ID and a short video recording that verifies they are a genuine person. The ID and video are then matched using facial recognition technology, which ensures the person presenting the identity is its legitimate owner and is physically present.

Oval Money will now be able to boost its customer experience as well as automate internal processes in-line with app trends and patterns.

Recently, Polish universal bank, Alior Bank, selected Onfido in a bid to boost its digital onboarding and KYC processes. The Bank’s applicants will be able to use Alior Mobile application for opening a personal account. Onfido’s partnership is expected to power ID verifications for the Bank and enable users to begin their digital journey with protection against identity fraud.