Another payment provider is turning to Onfido for secure onboarding services. Lemonway’s API was built to simplify the online transaction process, and the company will specifically be using Onfido’s technology to verify the identities of new users signing up for its payment platform.
To that end, prospective Lemonway customers will first be asked to take a picture of a photo ID. Onfido’s solution will confirm that the ID is legitimate, and then compare the ID to a selfie video of the document holder. The video has liveness detection to make sure that the user is present, and uses facial recognition to match the face in the video to the one on the identity document.
Once that process is complete (and assuming that everything checks out), Lemonway will allow the user to open an account and make financial transactions. The company offers services throughout Europe, and specializes in secure payments for crowdfunding platforms and for business-to-business and consumer-facing product marketplaces. In that regard, Lemonway’s solution uses automation to remove friction from payment workflows.
According to Lemonway, the partnership will boost client revenues because Onfido will increase conversion rates and allow those clients to focus on core aspects of their business. The solution will also minimize the threat of fraud and help companies fulfill their Know Your Customer obligations. Lemonway’s API is an end-to-end payment solution, and has already been delivered to companies like Renault, Decathlon, and HelloAsso.
“In today’s digital age, users and businesses increasingly expect a seamless digital experience so that they can easily prove their real identity while knowing it is secure,” said Onfido EMEA SVP Oliver Krebs. “We deliver access to online services that both detect and prevent fraudulent attempts while enabling the business to scale and meet regulatory requirements.”
Onfido joined the European Fintech Association in November, agreeing to promote the interests of the fintech industry to European legislators. The company has previously provided onboarding services for a slew of financial institutions, including BUX, MANGOPAY, and Tinaba.
(Originally posted on FindBiometrics)