Qonto selects Fourthline to streamline customer onboarding

By Gloria Methri

Qonto, a European business finance solution has selected Fourthline for the verification of customer compliance during onboarding in France, Spain and Italy.

Fourthline is a European FinTech that has developed a technology suite enabling financial services providers to carry out KYC (Know Your Customer) and AML (Anti Money Laundering) procedures automatically and in compliance with local requirements.

At a time when local requirements vary from one country to another, even within the European Union, and qualified electronic signatures (QES) are becoming more widespread, Fourthline has positioned itself from the outset to adapt its solutions to the demands of regulators throughout Europe.

This international capability convinced Qonto to use Fourthline as its partner for onboarding its customers in France, Italy and Spain. Through a single API, Qonto will have access to all the technological building blocks: examination of identity documents, authentication of electronic signatures, analysis of biometric data, and use of Fourthline’s OCR (optical character recognition) model to detect any potential manipulation.

Launched in 2017, Qonto is serving more than 400,000 customers and has contributed to the creation of more than 120,000 businesses.

Krik Gunning, Co-founder and CEO of Fourthline said, ” Regulations continue to evolve on a country-by-country basis, leading to ever-increasing complexity for (international) banks and FinTechs. Fourthline’s single API slashes this complexity by offering all the building blocks required to comply with local regulations, providing peace of mind to our clients when local regulations change. The French market is a prime example of how updated regulations require a futureproof partner and we are proud to add Qonto to the growing list of French financial institutions that leverage Fourthline’s technology to comply’’.