Online money transfer service Fonmoney is embracing sophisticated authentication technology including biometric identification in order to speed up its services.
The online site is integrating HooYu, a platform that uses ID document verification, facial recognition, and digital footprint metrics to produce an identity score for online users. It’s a move that should help the company to meet Know Your Customer requirements, while also smoothing out the money transfer process for its users, whose approvals can in some cases take a few hours if they haven’t fully filled out their information.
As Fonmoney Managing Partner Matthias Wurmböck explains in a statement announcing the integration, “using HooYu means that we are not just ticking compliance boxes and preventing fraud, but more importantly to us, HooYu helps us make the journey for all of our customers more efficient and smooth.”
It’s another example of the need for advanced authentication technology in financial services as the industry increasingly goes digital, and of the particular benefits offered by biometric technology, which is expected to once again be a hot topic at this month’s Money20/20 conference in Las Vegas.