Oval Money, Onfido partner to secure the digital customer onboarding process

Wednesday 30 September 2020 13:22 CET | News

Oval Money has partnered with Onfido, the global identity verification and authentication company, to strengthen its digital customer verification and registration process.

According to the press release, Oval Money is improving its digital onboarding process to meet the changing needs of its 450,000 users across Europe. With an aim to become a one-stop-shop financial hub, whereby customers can use Oval’s app to access services like financial planning and budgeting, it is departing from outdated manual onboarding processes that are often slow, offer little visibility and ultimately cost new business.

Therefore, by choosing to partner with Onfido, new users can benefit from AI technology that streamlines and speeds up the registration process, while keeping Oval compliant with KYC and AML regulations. When a new customer signs up to Oval’s app, Onfido’s solution asks for a photo of their ID and a short video recording that verifies they are a genuine person. The ID and video are then matched using facial recognition technology, which ensures the person presenting the identity is its legitimate owner and is physically present. 

Overall, thanks to the partnership, Oval Money can better understand its customer base and automate internal processes in-line with application trends and patterns, while reducing the number of customers placed under ‘fraud lock’, giving them access to their service faster. 

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Keywords: Oval Money, Onfido, identity verification, customer authentication, customer onboarding, KYC, AML, fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime