Onfido, Vodeno partner with challenger Aion Bank

Tuesday 19 January 2021 09:50 CET | News

Onfido and BaaS platform Vodeno have partnered with Belgium-based challenger Aion Bank to develop further digital banking and ID verification capabilities for the bank, according to an official press statement.

Vodeno provides the full core banking suite for Aion Bank, while Onfido ensures that the Aion Bank team knows the real identities of their customers in the digital world. As a digital-first bank, Aion Bank must ensure that they’re fulfilling regulatory requirements such as ‘Know Your Customer’ (KYC). In a traditional branch-based setting, this could be achieved with manual, face-to-face interactions. However, Aion wanted to avoid this for two reasons: industry disruption and customer experience. 

AI-powered identity verification from Onfido uses a photo of the government-issued ID and facial biometrics, allowing Aion Bank to set itself apart from other digital banks by creating a secure environment for trading without hampering the user experience. The key results of the partnership so far are:

  • Users are verified within 2 minutes with assisted image capture SDK guiding customers through the identity verification process;
  • Vodeno went from 'concept' to 'market ready', baking Onfido into Aion Bank's onboarding process within just 8 weeks. 

More: Link

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Keywords: Onfido, Vodeno, Aion Bank, Belgium, Banking as a Service, BaaS, digital banking, ID verification, bank, core banking, KYC
Categories: Banking & Fintech
Countries: Belgium
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Banking & Fintech

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