London-based remittance company TransferGo is taking advantage of selfie-based biometric customer enrollment, care of Onfido.
Onfido’s solution will allow newcomers to the TransferGo platform to sign up simply by taking images of their official identity documents, and themselves. Onfido’s facial recognition technology is designed to compare and match the images, ensuring that the submitted IDs do in fact belong to the end user in question; and to also match these images against international watch lists, helping to ensure that TransferGo is compliant with Know Your Customer and Anti-Money Laundering requirements.
Onfido’s technology appears to be well-suited to TransferGo’s brand. In a statement announcing the partnership, the companies emphasized the latter’s focus on speed and sophisticated technology, with TransferGo claiming to be the only pan-European remittance company that can guarantee transfers will be sent within 30 minutes, and the only remittance company in the world to offer cryptocurrency exchange services. Onfido’s automated, biometric enrollment system would seem to be a good fit.
The partnership reflects the financial services sector’s growing interest in biometric onboarding technologies, with Onfido and its peers becoming increasingly popular for their selfie-based systems as more and more banking business is done on mobile devices.
August 9, 2018 – by Alex Perala