The Warsaw-based Spoko.app is streamlining its onboarding procedures through a new partnership with Sumsub. Spoko.app is a financial services provider that gives users an easy way to make international money transfers, while Sumsub is an identity verification specialist that helps clients meet their Know Your Customer and Anti-Money Laundering obligations.
With that in mind, Sumsub will provide Spoko.app with face and document recognition technology to confirm the identities of new users. The process can be completed in about a minute, and compares a selfie (with liveness detection) to the image on a photo ID.
Spoko.app currently has 500,000 users, and offers service in 50,000 locations. The solution allows people to send and receive money using local payment methods, offering support for e-wallets and credit cards in addition to cash and bank accounts. The company also discloses all transaction costs to maintain a high level of transparency. The platform is designed to promote financial inclusion, and consequently does not impose any commission fees on people sending money to Nigeria, Ukraine, Brazil, and Turkey.
“Thanks to Sumsub’s technology we are confident that our clients receive the best possible solution for mobile money transfers,” said Spoko.app CEO Evgeny Chamtonau. “Sumsub allows Spoko.app’s users to send their money under fully safe conditions wherever they are.”
“Spoko.app does a tremendous job by making money transfers possible for millions of people faced with bank account inaccessibility or other financial challenges,” added Sumsub Co-founder Jacob Sever. “We want to support their efforts by making sure their verification procedures are compliant with local and international laws and regulations.”
Spoko.app is hoping that that regulatory compliance will support its expansion into new markets. The GSMA has previously noted that the volume of mobile money remittances skyrocketed during the COVID-19 pandemic, and providers are increasingly turning to biometric solutions to protect those transactions. WorldRemit and MyCash Money, for example, have both enabled biometric onboarding through partnerships with Onfido.
May 25, 2021 – by Eric Weiss