Onfido is continuing to build its client roster in the financial sector. The company will be providing mobile identity verification services for the Italian fintech specialist Tinaba, which will in turn use the technology to enable remote onboarding for Banca Profilo customers.
In that regard, Tinaba operates as the key fintech provider for the Italian bank. The company maintains a portfolio of digital banking and payment services for both individual consumers and larger corporate entities, and was searching for a solution that could automate Banca Profilo’s online onboarding procedures.
That search ended with Onfido, which uses face and document recognition to verify the identity of new users remotely. The solution is compliant with the latest Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, and can help mitigate the threat of fraud.
In practice, new Banca Profilo customers will be asked to take a selfie video and a picture of a government ID. Onfido’s solution will confirm that the document is legitimate, and then match the face in the selfie video to the face on the document to make sure they belong to the same person. The video provides liveness detection to ensure that the true owner of the document is present for the interaction.
“Onfido met our digital onboarding expectations, in terms of security and speed,” said a Tinaba spokesperson. “In a few months we reached a significant upgrade, both on our business processes framework and smoothness of our customer experience.”
“We’re pleased to support Banca Profilo in achieving this digital initiative, realizing gains in customer experience, operational efficiency, and risk prevention,” added Onfido EMEA SVP Oliver Krebs.
The news comes only a few days after Onfido joined the European Fintech Association. The company has previously provided onboarding services for multiple financial institutions, with TDI Bank and One standing as some of Onfido’s newest customers.
December 1, 2021 – by Eric Weiss