Onfido and GetID have joined forces to provide automated onboarding services for Admiral Markets. Admiral Markets is an internet trading company that needs to adhere to strict Know-Your-Customer and Anti-Money Laundering regulations to conduct digital trading operations.
In the past, Admiral Markets has onboarded new users through an online application form that needed to be verified manually. The partnership with Onfido and GetID will streamline that process. The new hybrid system asks users to take a photo of an official government ID, and then uses document recognition to verify both the legitimacy of that document and the identity of the person holding it. Any questionable cases are still flagged for manual verification.
According to Onfido, the new technology has already increased Admiral’s onboarding rates by 13 percent, and allowed the company to welcome users from countries that were not supported under the old system. It has also lowered the cost of onboarding each new user.
“We are very happy to be partnering with GetID to support Admiral Markets,” said Onfido Co-Founder and CEO Husayn Kassai. “We bring trust to digital interactions worldwide, and we’re excited to be partnering with a company that’s equally ambitious.”
“GetID and Onfido share the same value of providing the easiest onboarding for new customers with an individual approach to each client,” added GetID CEO Dmitri Laush.
GetID is based in Estonia, and was previously featured at the 2019 Slush Helsinki tech startup in November. Onfido, meanwhile, has made CB Insights’ annual AI 100 ranking for the second year in a row. The company recently updated its SDK to make its technology more accessible to people with disabilities, and provided mobile onboarding for the yallo swype digital subscription platform.
GetID is not Onfido’s first partner in Estonia. The company has also formed a strategic partnership with Entify, which is a Know-Your-Corporate-Customer specialist.
April 2, 2020 – by Eric Weiss