The regulatory sandbox, developed by the Financial Conduct Authority (FCA), is available for authorised companies and unauthorised businesses that require authorisation and technology businesses. It aims to enable the participants to test their products and services in a controlled environment. Tech partners like Evernym and Deloitte will also take part within the initiative.
The pilot is expected to point out the necessity to fix identity verification issues and ways to create re-usable identity. Moreover, according to Onfido, the sandbox pilot will see its customers having control on their own identity data by using their smartphone. The company believes that this will support customer onboarding without compromising on privacy or security, according to IBS Intelligence.
Onfido’s services allow customers to take a photo of their identity document and then a selfie or video for submission. Followed by this, the tech company uses a combination of AI and machine learning to perform checks including facial similarity and fraud checks.
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