With Onfido’s AI-powered identity verification technology, SwissBorg applicants are able to sign up by taking a photo of their government-issued identity document (ID) and a selfie. Onfido first checks that the ID seems genuine and is not fraudulent, and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present.
According to the official press release, 60% of Swissborg’s applications are processed automatically with regard to identity checks. KYC checks are completed in under two minutes on average and users can be fully onboarded in under ten minutes. The data is only used for verification purposes for the safety and security of users’ assets. Onfido’s SDK event tracking also allows the SwissBorg team to see where the drop-off is, so they can react in real-time.
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