Mitek Helps Cryptocurrency Payments Platform to Improve Onboarding, Comply with EU Regulations

Mitek’s document verification technology has helped a blockchain-based mobile payments platform to cut its customer onboarding time by a whopping 98 percent, the company has announced.

Developed by a small startup in The Netherlands, Nocks is a mobile payments platform based on Gulden, a blockchain-based cryptocurrency. The system is designed to facilitate trading of Gulden as well as everyday bill payments and peer-to-peer transactions through a mobile device. Given its trading and banking capabilities, it had a previously onerous verification process for new users that took about 12 hours. Now, thanks to Mitek’s Mobile Verify system, that process has been reduced to five minutes.

That’s because Mobile Verify is designed to confirm users’ identity documents with their smartphone cameras. While it doesn’t appear to feature the facial recognition component used in Mitek’s Mobile Verify for Lending platform – and indeed available via the Mobile Verify Facial Comparison SDK – according to a statement announcing the Nocks deployment, Mobile Verify can assess a pair of ID documents including a driver’s license to validate that they “are genuine, original, unaltered, and government-issued”.

Commenting on the system’s integration with Nocks, Nocks co-founder and CEO Roel Boers explained, “we wanted to make it as easy as possible for new users to access services so they can grow their businesses and improve their financial lives,” adding, “We also wanted to ensure compliance with regulatory demands”. Mitek says Mobile Verify helps Nocks to comply with the 4th and 5th European Union Anti-Money Laundering Directives.