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Onfido Delivers Selfie Onboarding for Remittances Platform

April 22, 2022

Onfido is providing remote onboarding services for the Moneytrans financial services platform. Moneytrans is geared primarily toward migrant workers, and is designed to help them send remittances to family members internationally.

Onfido Delivers Selfie Onboarding for Remittances Platform

The partnership with Onfido will enable biometric onboarding for Moneytrans customers in Belgium and the Netherlands. The process will allow Moneytrans to meet its Know Your Customer obligations while reducing the amount of time needed to open an account. Onfido will also help prevent fraud, since its technology can identify and thwart attacks carried out with deepfakes, masks, and other common spoofing techniques.

With Onfido, Moneytrans customers will be asked to submit a selfie and a picture of their official photo ID. Onfido will then use document recognition to confirm that the ID is legitimate, and facial recognition to ensure that it belongs to the person depicted in the selfie.

Moneytrans, meanwhile, was founded in 2002, and currently provides financial services for more than 10 million customers. The company is trying to raise financial inclusion, and believes that its relationship with Onfido will make it easier and safer for people to send funds from Europe to other parts of the world.

“In a digital age, users need swift, convenient, and secure access to services. But delivering that can be a challenge for financial businesses who are subject to complex regulations,” said Onfidio EMEA SVP Oliver Krebs. “We understand that dichotomy and are excited to be working with Moneytrans as they deliver a frictionless experience to their users around the world.”

Of course, Moneytrans is not the first remittances service to turn to Onfido for secure identity verification. Onfido previously provided remote onboarding for MyCash Money and WorldRemit in 2020, and for TransferGo all the way back in 2018. The GSMA has noted that the demand for remittances services has skyrocketed since the start of the COVID-19 pandemic.

(Originally posted on FindBiometrics)

Filed Under: Industry News Tagged With: Biometric, biometrics, face biometrics, facial recognition, financial services, financial services biometrics, KYC compliance, Moneytrans, Onfido, remittances, selfie biometrics, selfie onboarding

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