back Back

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

By Megha Bhattacharya

September 30, 2020

  • Onfido
  • UK
Share

Onfido logoOnfido, 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.

Previous Article

September 30, 2020

Finastra selected by National Bank of Bahrain to future-proof treasury business

Read More
Next Article

September 30, 2020

bitFlyer Europe rolls out new cross border trading service with Japan

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Onfido

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Decentro elevates its DigiLocker Stack to secure KYC processes in India

Read More

April 18, 2024

5 RegTech platforms streamlining finance compliance in India

Read More

April 18, 2024

Berenberg selects Kaizen for enhanced regulatory reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023