Another cryptocurrency exchange is turning to Onfido for secure onboarding services. Simplex runs a platform that allows people to buy cryptocurrency with fiat money, which in turn makes cryptocurrency more accessible for the average consumer.
The partnership with Onfido will make it even easier for prospective users to open an account. The company’s platform uses document recognition to confirm the authenticity of an identity document, and then uses facial recognition to match a selfie to the image on that ID. The platform offers liveness detection, and can cross reference each user’s personal information with sanctions watchlists and lists of politically exposed persons.
In doing so, Onfido can enable a fully remote (and fully automated) onboarding experience. In that regard, Simplex indicated that 76 percent of customers have been approved on the first attempt since implementing Onfido’s technology, and that 70 percent of its identity verification events have been completely automated. The Onfido solution allows Simplex to comply with international Know Your Customer and Anti-Money Laundering regulations.
Nuvei acquired Simplex in September of this year. The company offers a 100 percent chargeback guarantee to its partners, and processed roughly $500 million worth of transactions over the course of 2020.
“Simplex has a forward-thinking approach to digital banking that puts fraud prevention and compliance at the centre,” said Onfido EMEA SVP Oliver Krebs. “We’re pleased to support them in achieving this digital initiative, realising gains in customer experience, operational efficiency, and risk prevention.”
“We care a lot about risk, from both a product and cultural perspective,” added Simplex Global Expansion VP Erez Ben Ezra. “Onfido gives us confidence in the customers we onboard, in a way that enables us to capture an omnichannel audience without burdening our manual teams.”
Bitex, Hodlnaut, and LocalBitcoins are some of the other cryptocurrency exchanges that have partnered with Onfido in the past 12 months. The company has previously argued that strong identity practices will be vital to the long-term health of the cryptocurrency industry at large.
November 1, 2021 – by Eric Weiss