CoinDCX, Onfido team up to decrease KYC verification time

Friday 5 June 2020 11:35 CET | News

India-based cryptocurrency exchange CoinDCX has announced a partnership with global identity verification and authentication company Onfido

The reason behind this collaboration is to digitally automate CoinDCX’s entire KYC process while making it faster than ever. In India, a normal KYC onboarding procedure typically takes 5 days, whereas CoinDCX has been maintaining a 24-hour timeline for its KYC verifications. Onfido’s tech uses artificial intelligence to help verify users’ identities while preventing fraud, enabling CoinDCX to onboard users in under 5 minutes and meet KYC regulations.

Users are onboarded by clicking a picture of their government-issued IDs and a selfie. By using AI, Onfido verifies the user’s real identity by analysing their photo ID, checking that it seems genuine, running checks across government listed IDs, and then matching it against their selfie or video, AiThority reports. In addition, via this partnership, CoinDCX also aims to make financial services more accessible to the mass Indian market, while facilitating security and decreasing the cost and time required in due diligence checks. 

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Keywords: CoinDCX, partnership, Onfido, KYC, identity verification, India, cryptocurrency, authentication, onboarding, regulations, fraud, prevention, AI, artificial intelligence, due diligence, iD, security
Categories: Fraud & Financial Crime
Countries: India
This article is part of category

Fraud & Financial Crime

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