Digital bank Arro Money is going with mobile biometrics for customer authentication, care of Onfido.
Based in London, the latter has built an increasingly familiar system that combines facial recognition with identity document reading to enable remote ID verification using a smartphone or tablet. Arro, as a provider of digital personal and business accounts, is now going to leverage Onfido’s Facial Check with Photo for its customer registration process, allowing end users to set up accounts with a selfie and a picture of official ID.
In a statement announcing the integration, the companies noted that the technology will help Arro to achieve compliance with Know Your Customer and Fourth Money Laundering Directive regulations. But they also emphasized the technology’s value in improving the customer experience and facilitating growth, with Arro Money Director Muhammad Asim proclaiming, “Having already onboarded 10,000 customers with our advanced KYC checks, we hope this partnership will support our aims of acquiring 50,000 more business accounts over the next 12 months.”
As for Onfido, CEO Husayn Kassai suggests the company is also seeing some considerable success, calling Arro “just one of a number of high-quality partners that we have across the globe using our solution to onboard clients in a way which complies with all financial institution regulations and directives.” That implies the company, despite its relatively recent entry to the field, is reaping the benefits of market demand that has propelled peers like Jumio and FacePhi in recent months and years.