Onfido will be providing identity verification services for Wallester AS. The latter is a white-label issuer of Visa cards, and it will be packaging Onfido’s onboarding technology with the card-issuing platform that it sells to financial institutions. That, in turn, will allow those clients to offer a simpler registration process for end users who want to sign up for Visa cards.
The Onfido solution uses a combination of face and document recognition to onboard new users remotely. Prospective customers are first asked to take a picture of a photo ID, and then asked to take a selfie or a selfie video that can be matched to the image on that document. The solution comes with liveness detection to ensure that the user is present for the interaction.
Banks that work with Wallester will be able to use Onfido’s technology to prevent fraud, and to comply with various Know Your Customer (KYC) and Anti-Money Laundering regulations. The platform also has a Known Faces feature that spots faces that have already been used to open an account. The feature thwarts cybercriminals who try to use the same face to open multiple accounts, and can help legitimate users who may not remember signing up in the first place.
“Consumers increasingly expect a streamlined digital experience so that they can prove their real identity knowing that it’s secure, while businesses expect to be able to easily verify customers in a safe and compliant way,” explained Onfido EMEA SVP Oliver Krebs.
“KYC verification is a must have for any responsible fintech company,” said Wallester Co-owner, CEO, and Board Member Sergei Astafjev. “It was vital for us to find a reliable partner that aligned with our client onboarding objectives and requirements.”
Onfido has argued that traditional banks need to offer better digital experiences to remain competitive in a remote environment. The company has already provided onboarding services for several financial institutions, including TBI Bank and TSB.