Onfido will be outfitting MANGOPAY with face-based identity verification technology. MANGOPAY operates an end-to-end payment platform that allows businesses to make, receive and manage payments with an e-wallet system that is compatible with multiple currencies and payment formants. The automated workflows are designed to make it easier to manage a high volume of transactions.
Onfido, meanwhile, is best known for its remote onboarding technology. The company’s solution asks users to take selfie and a photo of an identity document. It then uses document recognition to confirm the authenticity of the document, and facial recognition (with liveness detection) to match the selfie to the image on that ID.
MANGOPAY will use Onfido’s technology to improve its own onboarding experience. The partnership will allow MANGOPAY to comply with Europe’s latest Know-Your-Customer regulations while further reducing friction for new customers. The company’s e-wallet system is available in 26 countries, and is currently being used to clear more than 200 million transactions for over 2,500 platforms on an annual basis.
“We are never going to compromise when it comes to the user experience we are offering to our clients and their communities,” said MANGOPAY CEO Romain Mazeries. “This partnership allows us to further improve our KYC experience in an evolving regulatory framework.”
“Onfido’s hybrid approach combines the speed and scalability of AI, with expert identity analysts, so forward-thinking companies such as MANGOPAY can onboard more users quickly with world-class fraud detection capabilities,” added Onfido Southern EMEA VP Gimena Diaz. “This helps build user trust and improves the user experience with a simplified yet fortified identity verification process.”
The news builds on Onfido’s strong track record with financial services providers. The company got off to a fast start in 2021 with new partnerships with FundOf and Hodlnaut, and also partnered with LocalBitcoins at the tail end of 2020.
(Originally posted on FindBiometrics)