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News

Onfido launches Compliance Suite to simplify local and global identity verification

Wednesday 24 January 2024 11:01 CET | News

Onfido has launched its Compliance Suite, an all-in-one identity verification solution to help businesses expand into new markets and meet local regulatory needs for customer onboarding. 

Per the official announcement, Onfido's Compliance Suite introduces Qualified Electronic Signature (QES) and One-time Password (OTP) alongside no-code compliance workflows to its Real Identity Platform.  

Businesses would no longer have to daisy-chain niche, locally accredited services together and can instead bring all their local and global compliance needs under one provider and control centre so they can focus on growth while mitigating fraud. 

Onfido has launched its Compliance Suite, an all-in-one identity verification solution to help businesses expand into new markets and meet local regulatory needs for customer onboarding.

The addition of QES and OTP to Onfido's ETSI-certified identity verification enables businesses to customise their onboarding workflows based on local regulatory requirements, boost customer conversions, and keep bad actors out. The pan-EU offering has passed its conformity assessment board checks and will immediately benefit Onfido's customers across core European markets, including the UK, France, Italy, and Romania, as well as aiding organisations expanding into those regions. 

Moreover, Lemonway is expanding its partnership with Onfido to include the Compliance Suite to address regulation alongside other Onfido ETSI-certified identity verification solutions. 

Fortifying identity verification 

QES is a digital signature that is created using signals unique to the signer and is backed by a qualified digital certificate. Having the signature tied to the certificate provides a reliable means to confirm the identity of the person associated with the signature. It protects the documents against tampering or forgery in such a secure way that it has the same legal enforceability as a handwritten signature.  

It augments Onfido's core AI-powered platform, which matches an official identity document with a selfie using biometric verification, by bringing together all the identity verification capabilities into a single solution. 

Through Compliance Suite, Onfido is able to help customers securely conduct high-risk agreements, such as payments, loans and mortgages, and address KYC and AML requirements in core EU markets through Onfido Studio while benefiting from fraud protection at scale. 

About Onfido 

Onfido makes it easy for people to access services by digitally verifying them using its Real Identity Platform. The platform allows businesses to tailor verification methods to individual user and market needs in a no-code, orchestration layer – combining the right mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction and regulatory requirements. Partnering with over 1200 businesses globally, Onfido helps millions of people access services every day – from billion-dollar institutions to hyper-growth start-ups. 

Source: Link


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Keywords: identity verification, digital identity, KYC, fraud prevention, partnership
Categories: Fraud & Financial Crime
Companies: Onfido
Countries: Europe
This article is part of category

Fraud & Financial Crime

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Onfido

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