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Banking Competition Remedies offers GBP 5 mln to Onfido

Wednesday 19 August 2020 11:02 CET | News

The Board of Banking Competition Remedies (BCR) has announced it is awarding Onfido a GBP 5 million grant from the Capability and Innovation Fund Pool.

This facilitates development and innovation of financial technology that is relevant to small and medium enterprises (SMEs). Onfido is one of six organisations receiving a share of the grant which has a combined value of GBP 20 million. BCR is the independent body established to implement the Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package, and it attracts applications across different sectors.

Onfido is committed to improving digital identity and access, delivering a cost-effective solution that simplifies their KYB obligations, and provides time-efficiency, security, and reliability. The grant from BCR will enable Onfido to invest in the development of biometric fraud detection, data anonymisation, and document fraud prevention technologies. This will occur concurrently with the development of portable identity (PID), in order to integrate these enabling technologies and provide a novel service which minimises the impact of the KYB process on SMEs.


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Keywords: Onfido, UK, Banking Competition Remedies, financial services, SMEs, BCR, funding, KYB, digital identity, security, biometrics, fraud detection, data anonymisation, fraud prevention
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions