The goal is for Onfido to streamline its identity verification procedures for Bitex customers. According to Bitex, the integration of Onfido’s technology has reduced the amount of time needed to onboard a new customer. The process previously took as long as 48 hours, and can now be completed in as little as 60 seconds while still meeting all of the necessary Anti-Money Laundering and Know Your Customer regulations.
Onfido’s solution uses face and document recognition to match a selfie to the image on an official photo ID. When the user is asked to take a picture of their ID to verify its authenticity, Onfido’s Optical Character Recognition tech will extract the information on the document and use it to fill in the Bitex registration form to further speed up the onboarding process.
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