Onfido has been selected by Mode, a fintech app that allows users to trade bitcoin, to provide automated identity verification with document analysis and facial biometrics to ensure full compliance with KYC requirements and seamless user experience for European citizens using the service, the company announced.
Mode is leveraging Onfido’s AI-enabled identity verification technology during onboarding and ‘Know Your Customer’ (KYC) process to enable customers to verify their identity just by taking a selfie and a photo of their government ID. The method confirms owner identity and physical presence.
The two companies have also been working on automating the address verification process to optimize onboarding procedures and ensure frictionless user experience.
“Creating a seamless user experience has been critical in the makeup of our mobile application,” said Janis Legler, Head of Product and Partnerships at Mode. “We are proud to work with Onfido, who closely align with our values and ambitions in this evolving space. Since inception, Onfido has been a true pioneer in the ‘RegTech’ field, bringing credibility to the industry as a whole through its best-in-class AI-driven approach. We are thrilled to be able to show the world how we have integrated this solution and how it provides a unique user experience.”
“We are excited to be supporting Mode’s aim to build a truly secure and efficient digital banking app,” said Husayn Kassai, CEO and co-founder at Onfido. “We bring trust to digital interactions worldwide, securely verifying a user identity at the onboarding and ongoing management of that identity. Service providers shouldn’t have to compromise on user experience or security, and we’re thrilled to be working with Mode who demand both as they build a next-generation financial ecosystem.”
In January, Onfido announced completing the Service Organisation 2 (SOC 2), Type 2 certification which confirms the company’s commitment to protecting customer data and privacy. The company has also partnered with the World Economic Forum to work together on developing a passwordless future.
All credits to the source below by Luana Pascu: