SwissBorg is turning to Onfido to secure its blockchain-based wealth management platform. The latter’s selfie-based authentication solution will allow SwissBorg to verify the identities of its customers during the onboarding process.
To do so, new SwissBorg users will first be asked to take a photo of their official government ID. That photo will then be compared to a selfie to make sure that the the person holding the phone is indeed the person depicted on that ID.
According to Onfido, 60 percent of SwissBorg’s new applications are now being handled automatically. The technology is fully compliant with international Know-Your-Customer regulations, while the entire application process takes less than ten minutes. Of that, less than two minutes is needed for identity verification.
“One of SwissBorg’s main priorities is the protection of its community. This includes preventing users with ill-intent from onboarding and safeguarding users’ data,” said SwissBorg Chief Compliance Officer Christophe Diserens. “Partnering with Onfido has allowed us to achieve these objectives while providing one of the quickest onboarding experiences on the market.”
Once the onboarding process is complete, SwissBorg customers can use the platform to make crypto investments from anywhere in the world. The digital-first company is hoping that the partnership with Onfido will allow it to scale its operations in Europe and beyond, with the two parties noting that Onfido’s tech is compatible with over 4,600 different identity documents.
Of course, SwissBorg is far from the first company to adopt Onfido’s onboarding solution in the past few months, nor is it even the only recent customer in the financial sector. The financial services providers Curve and WorldRemit have both signed on with Onfido in 2020. Sixty-nine percent of Onfido’s sales came from new customers in the first six months of 2020, thanks in large part to the growing demand for contactless identity solutions during the COVID-19 pandemic.
August 7, 2020 – by Eric Weiss