Sonect is a Switzerland-based financial technology company that converts every shop into a ‘virtual ATM’, according to Omega Underground. It reduces the cost of cash distribution for banks and eases up in-store cash management for merchants via a location-based on-demand service. In addition, Sonect turns every cash register into an ATM using its POS system or even just a smartphone. It democratises the process of cash distribution to reduce the ‘cost of cash’. Sonect is a location-based matchmaking platform connecting shops that have cash with people who need cash.
Via the iDenfy identity verification service, Sonect operators can establish their remote users’ genuine identity by verifying identity documents in real-time. The document verification would allow new users to check their identity using their smartphone to scan documents including passports, ID card, and residence permits.
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