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InbestMe partners with Onfido

Wednesday 13 December 2023 11:44 CET | News

Onfido has partnered with InbestMe, a digital investment platform offering personalised investment strategies, to automate the latter's onboarding process. 

 

Under this partnership and with Onfido’s AI technology, InbestMe can now verify new users in minutes using an automated financial advisor.

Onfido has partnered with InbestMe, a digital investment platform offering personalised investment strategies, to automate the latter's onboarding process.

 

InbestMe is a personalised portfolio manager that uses machine learning to customise and manage investment plans to align with their users’ needs. InbestMe partnered with Onfido to streamline user onboarding and enhance fraud prevention while meeting KYC and AML regulations. The partnership is intended to enable users to onboard in as little as five minutes, instead of days similar to when manual verification was required. 

Technology behind Onfido 

Onfido’s technology verifies user identities using a library of document and biometric verifications, trusted data sources, and passive fraud signals. Users can sign up for InbestMe’s services by simply taking a photo of their government-issued identity document (ID) and a simple head-turn video capture. Onfido first checks that the ID is genuine and not fraudulent, and then matches it to the user’s face using Onfido Motion, an iBeta PAD Level-2 compliant biometric verification solution with 100% automated analysis with verifications returned in seconds. Users can start their digital journey quickly and securely through a simplified and user-friendly online experience that meets compliance requirements.  

With the Robo Advisor sector rapidly growing in Spain, InbestMe’s integration with Onfido positions them as a key player in user security and efficiency.  

About InbestMe 

Based in Spain, InbestMe works to create a better way of investing in a simple, transparent, independent manner and with low costs. To do this, it creates a personalized and independent investment plan and manage it for users. 

About Onfido 

Onfido is a digital identity verification provider that has extended its services to over 900 companies. The enterprise has offices worldwide and has completed over 2.2 million verifications so far. One of the capabilities it extends is biometric video liveness technology, which it leveraged to purportedly detect over 500,000 fraud attempts for its clients. 

In July 2023, UK-based KYC marketplace company, Magic, partnered with Onfido. The primary goal of the joint venture was to offer both document and biometric verification services for KYC processes and, consequently, help mitigate fraud. News of the partnership came as Magic is reportedly building a ‘Sign-up with Google’ capability addressed to regulated services. As outlined in the official release, the company's goal is to create a privacy-first ecosystem that caters to enterprises and individuals.  

Earlier in 2023, the identity verification company partnered with orchestration service provider Mvine to facilitate digital IDV checks. 

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Keywords: identity verification, artificial intelligence, investment, digital verification, biometric authentication
Categories: Fraud & Financial Crime
Companies: Onfido
Countries: Spain
This article is part of category

Fraud & Financial Crime

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Onfido

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