SwissBorg selects Onfido for digital identity, KYC automation

By Sunniva Kolostyak

SwissBorg, a financial ecosystem for wealth management, is automating its onboarding processes, digital identity verification and Know Your Customer (KYC) checks with identity provider Onfido.

Onfido allows SwissBorg to securely verify remote users while streamlining the onboarding process and watchlist checks. It uses AI-powered identity verification technology so that users can get verified by taking a photo of their government-issued identity document (ID) and a selfie.

Onfido first checks that the ID seems genuine and is not fraudulent, and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present.

Husayn Kassai, CEO and Co-Founder at Onfido, explained: “In today’s digital age, users increasingly appreciate a user-friendly digital experience so they can seamlessly prove their real identity while knowing it is secure. As SwissBorg scales across Europe, they can now be confident that it can satisfy customer verification, and that Onfido’s comprehensive coverage—spanning over 4,600 document types in 195 countries—will be there to help.”

SwissBorg, a wealth management ecosystem powered by blockchain technology, aims to set the standards for crypto projects across the industry while building a dedicated community of users. With the new onboarding experience, users are able to start their digital crypto investment and trading journey anywhere, anytime, through a fast and user-friendly online experience.

Christophe Diserens, Chief Compliance Officer at SwissBorg, commented: “One of SwissBorg’s main priorities is the protection of its community. This includes preventing users with ill-intent from onboarding and also safeguarding users’ data. Partnering with Onfido has allowed us to achieve these objectives while providing one of the safest and quickest onboarding experiences on the market.”

The companies noted that 60 per cent of Swissborg’s applications and identity checks are now processed automatically, making it one of the faster onboarding journeys in the cryptosphere. The KYC checks take under two minutes on average and users can be fully onboarded in under ten minutes. The data is only used for verification purposes for the safety and security of users’ assets. Onfido’s SDK event tracking also allows the SwissBorg team to see exactly where the drop-off is, so they can react in real-time.