Onfido Archives - Finovate

Onfido Teams Up with Bank Millennium to Bring Innovations in Identity Verification to Customer Onboarding

By David Penn Posted on June 13, 2022
Categories: Alumni News, Daily news, Onfido

Identity verification company Onfido partnered with Bank Millennium Poland to bring automated identity verification to its onboarding process.
Bank Millennium Poland was named “Best Digital Bank in Poland” in 2021 by Global Finance Magazine.
Onfido also announced that it was joining the digital ID program launched by The Investing and Savings Alliance (TISA).

Identity verification and authentication innovator Onfido bookended the weekend with two appearances in the fintech headlines. The company announced that it has teamed up with Poland’s Bank Millennium to automate the identity verification component of the bank’s customer onboarding process.

“Poland is seeing fast acceleration of the digitization of financial service offerings, and we’re very happy to be partnering with one of the most innovative banks in the Central Eastern Europe region,” SVP of EMEA at Onfido Oliver Krebs said. “We pride ourselves on delivering access to online services that both detect and prevent fraudulent attempts while enabling the business to scale and meet regulatory requirements.”

The partnership will enable Bank Millennium to enhance its online customer journey with an onboarding process that is quicker, simpler, and easier for customers. New users will be able to sign up with Bank Millennium with just a photograph of their government-issued identification document (ID) and a selfie video. Onfido’s AI-powered identity verification technology first ensures that the ID is legitimate, and then matches the image on the ID with the image in the selfie video. This makes sure that the individual is the legitimate owner of the ID and is physically present. By leveraging Onfido’s technology, the institution will enable new customers to onboard with the bank from any location, at any time via a fully-compliant digital experience.

“We wanted to make our process even more user-friendly and accessible on most devices, and that is why we choose to work with Onfido,” Director of the Electronic Banking Department at Bank Millennium Halina Karpińska said. “We based the changes on a detailed analysis of our onboarding flow, we also looked at best market standards and, as always, we took into account the opinions of users. Now new customers finish the process already logged in to the application, with an active account that they can immediately use.”

Bank Milllennium Poland was founded in 1989 as Bank Inicjatyw Gospodarczych BIG SA. Part of the Millennium Group since 2003, the institution offers a wide range of banking solutions for private customers, SMEs, and enterprises alike. Last year, the bank was named Poland’s Best Digital Bank by Global Finance Magazine.

To start this week, Onfido announced that it has signed on to a digital ID program for financial services sponsored by The Investing and Savings Alliance (TISA). The program is designed to develop digital identities for consumers that will enable them to create and reuse identities when working with financial institutions. Already signed up for the program are a variety of companies including a handful of Finovate alums such as Signicat, Daon, and MoneyHub. Also involved in the digital identity plan are Lloyds Banking Group, NatWest, and Barclays

“TISA’s vision to create a resuable digital ID that meets all relevant regulatory requirements, such as know your customer (KYC) and anti-money laundering (AML), and also help consumers securely prove their identity to U.K. financial services is admirable,” Onfido Global Director of Public Policy Matthew Peake said in a statement.

Founded in 2012 and headquartered in London, Onfido made its Finovate debut in 2018 at FinovateEurope. The company’s technology has helped firms deliver a 12x year-over-year improvement in fully-automated performance, as well as delivered 95% of its identity verification checks in less than 10 seconds and a 10x lower false acceptance rate.

This spring, Onfido announced a partnership with Tesco Bank. Co-founder Husayn Kassai is Onfido CEO.

Photo by Jade

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Onfido Brings its Identity Verification and Authentication Technology to Tesco Bank

By David Penn Posted on March 8, 2022
Categories: Alumni News, Alumni profile, Daily news, Onfido

Identity verification specialist Onfido has teamed up with U.K.-based retail bank Tesco Bank to enhance security of Tesco’s Clubcard Pay+ new account opening process.
Tesco made its Clubcard Pay+ offering available to all of its 20 million Clubcard members, following a phased launch that began in March of last year.
Onfido made its Finovate debut in 2018.

A new partnership between global identity verification and authentication provider Onfido and Tesco Bank will help secure the application process for Tesco’s Clubcard Pay+ customers. The security upgrade comes as the bank makes the new offering available to all 20 million Clubcard members, following a successful phased launch of Clubcard Pay+ that began a year ago with a limited number of customers and Tesco colleagues.

With Clubcard Pay+, Clubcard members will be able to pay with their Clubcard and earn extra Tesco Clubcard points wherever they shop. Using the Tesco Bank mobile app, users can add funds to their Clubcard Pay+ account from any U.K. bank account as well as ringfence their grocery spend. Additional features of Clubcard Pay+ include the ability to round up purchases to the nearest pound and transfer the difference to their Round Up savings account.

Courtesy of its partnership with Onfido, Tesco will enable customers to apply for the new offering directly from the Tesco Bank mobile app. All that is required is that applicants take a photo of their government-issued ID and a selfie. Onfido’s technology ensures first that the identity document is genuine, and then matches the image on the document with the image on the selfie. This establishes both that the person presenting the ID is the actual owner of the document and that the individual is physically present. The technology helps customers establish their identity anywhere and at any time, easing and accelerating the account opening process.

“By combining decades of banking experience with advanced biometrics and AI technology, Tesco Bank is now able to accelerate the account opening process for new Clubcard Pay+ customers,” Onfido CEO Mike Tuchen explained. “The innovative technology provided by Onfido underpins a seamless and secure application experience that protects customers and provides them with a streamlined access to Clubcard Pay+.”

Founded in 1997, Tesco Bank is the product of a joint venture between the Royal Bank of Scotland and U.K.-based supermarket giant Tesco. With more than five million customer accounts and £5.7 billion in customer deposits, Tesco Bank offers a wide range of banking and insurance solutions for the retail market. In addition to its new Clubcard Pay+ offering, the institution began 2022 with major changes to its C-suite, appointing new interim Chief Risk Officer Debbie Walker and new interim Chief Insurance Officer, Tesco Bank and interim CEO, Tesco Underwriting Gary Duggan.

London-based Onfido entered 2022 in the wake of what the company referred to as a “breakthrough” 2021. The company grew revenues by 90% year-over-year to more than $100 million and reached year-over-year growth of 134% in the U.S. Further, the company expanded its workforce by 50% to 600 employees to better accommodate increased demand for its services, this includes reaching 150 million in digital identity checks.

“Our strong year reflects the continued shift towards the critical adoption of digital environments where businesses are adapting to meet their users online,” Tuchen said earlier this year. He pointed to the $56 billion in identity theft losses consumers endured in 2020, adding “a fast, simple, and secure online journey is imperative when it comes to building customer trust, which is why we are continuing to invest in our workforce, technology, research, and development.”

Onfido has raised more than $188 million in funding from investors including TPG Growth, Augmentum Fintech, and Salesforce Ventures.

Photo by Antonio Janeski from Pexels

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How One Identity Firm Used Partnerships to Grow its Business

By Julie Muhn (@julieschicktanz) Posted on October 27, 2020
Categories: Alumni profile, Onfido

Identity verification and authentication provider Onfido has provided a guiding light when it comes to digital identity in 2020 and the company’s Q3 sales results can back it up.

Onfido’s global sales increased 82% over the course of the third quarter. The company also doubled the number of sales from its 103 new clients. Overall, Onfido saw a 237% increase in U.S. sales during the third quarter and attributes the growth to new customers switching from other providers.

Aiding Onfido’s success is its decision to partner with Identity Access Management (IAM) companies to spur demand for enterprise-level customers. Some of the company’s marketing plays in this area include hosting an e-voting roundtable with Okta, integrating into Auth0’s Marketplace, and listing on the Salesforce AppExchange.

Additional key partnerships for Onfido this year include:

Alior Bank partnered with Onfido to power digital onboarding.
Hub City Media partnered with Onfido to resell and distribute Onfido’s identity verification and authentication services.
Deliveroo expanded its partnership with Onfido to accelerate its onboarding process for drivers.
Curve partnered with Onfido to enhance its Digital Identity and Know Your Customer (KYC) processes.
SwissBorg partnered with Onfido to provide a compliant customer onboarding experience.
Delfin Health partnered with Onfido on its app that predicts, monitors, and tests the health and safety of workforces.
MyCash partnered with Onfido to power digital onboarding.
Bondora partnered with Onfido to streamline its onboarding and KYC processes.
Voima Gold partnered with Onfido to allow customers to securely buy, sell, and store physical gold.
EstateGuru partnered with Onfido to automate KYC and AML compliance processes.

Onfido leverages the power of machine learning and AI to help companies cross-verify users’ identity documents with a live biometric of their face. The company can verify more than 4,600 document types from 195 countries.

“Our mission is to create a more open world, where identity is the key to access. This starts with widening access, creating opportunities for everyone to connect with the services they need and making sure that it’s as inclusive as it can be,” said Husayn Kassai, CEO and Co-founder of Onfido. “We made significant strides over the last quarter to make our product offering not only more conducive to enterprise-level organizations, but also fairer when it comes to verifying people from different ethnicities. We believe these changes will only accelerate our growth further.”

Onfido most recently showcased its technology at FinovateFall 2018, where it debuted Facial Check with Video. The tool, available via an SDK, prompts users to film themselves repeating numbers and performing randomized movements to ensure liveness and enhance identity verification.

Photo by ANGELA FRANKLIN on Unsplash

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Digital is Global, E-Currency for the Eurozone, Open Banking in Switzerland

By David Penn Posted on September 11, 2020
Categories: Finovate Global, Onfido, Revolut, Trulioo

FinovateFall: Digital AND Global

What’s to like about FinovateFall Digital, our all-digital fintech conference starting Monday, September 14th and continuing through Friday, the 18th? A CEO from one of our demoing companies pointed out that one of the special things about this fall’s conference is that because the FinovateFall is all-digital, it enables people all over the world to participate as virtual attendees.

With this in mind, we wanted to use this week’s Finovate Global to highlight those companies from outside the United States that will be demonstrating their latest fintech innovations as part of our annual autumn event. Here’s hoping they bring a few friends from across the border – or from over the sea – to digitally join us!

Cinchy – Toronto, Ontario, Canada. Provides a real-time data collaboration platform to solve data integration, access, governance, and solution-delivery challenges. Finovate Best of Show Winner. Founded in 2014.

DQ Labs – Bangalore, Karnataka, India. Offers a unified suite of modules that enables companies to unlock the value in their data to gain new insights. Founded in 2019.

Horizn – Toronto, Ontario, Canada. Helps banks and financial institutions dramatically increase digital adoption. Finovate Best of Show winner. Founded in 2012.

Mostly AI – Vienna, Wien, Austria. Enables companies to unlock privacy-sensitive data assets while protecting privacy. Founded in 2017.

Payever – Hamburg, Germany. Offers a Commerce Operating System to help entrepreneurs start, run, and grow their businesses. Founded in 2013.

Scientia Consulting – London, U.K. Leading fintech consulting and development firm in Europe. Founded in 2010.

Join us next week for Finovate’s latest all-digital fintech conference. Visit our registration page today and save your spot at our live and On Demand event.

Digital Currency Comeback?

Back in January Finovate Global took a look at the growing case for national digital currencies. We highlighted initiatives in countries as different as India and Japan, and underscored observations from Christine Lagarde (former head of the IMF and current president of the European Central Bank) in her address, “The Case for New Digital Currency”.

Now Ms. Lagarde is back in the news hinting at a near-term resolution to the question of a digital euro. In a speech this week at the Bundesbank’s conference on digital banking and payments, Lagarde argued that Europe must be wary of falling behind when it comes to the development of digital payment options, and that consideration of a national digital currency needs to be a part of that conversation.

“The Eurosystem has so far not made a decision on whether to introduce a digital euro,” Lagarde said. “But, like many other central banks around the world, we are exploring the benefits, risks, and operation challenges of doing so.” Lagarde added a taskforce on development of a digital euro is expected to release its findings “in the coming weeks.”

Open Banking All Over the World

We recently investigated the prospects for open banking in Australia. This week we share an overview of the state of open banking in Switzerland courtesy of Fintech Zoom’s Jung Min-Seo.

“Europe may moderately declare to be the cradle of open banking,” Min-Seo wrote, “however in contrast to within the E.U. the place members are obliged to implement PSD2, a directive meant to opening up cost transactions to non-banks and promote competitors, Switzerland has no such regulation in place.”

Read the rest: A Brief 2020 Overview of Open Banking in Switzerland

Here is our look at fintech around the world.

Middle East and Northern Africa

The Fintech Times profiles Demet Zübeyiroğlu, chair of the Financial Innovation and Technologies Association, a nonprofit based in Turkey
Israeli fintech startup Salaryo secures $5.8 million in funding from investors including Dubai-based private equity fund Ken Investments.
Jordanian fintech Whyise raises $675,000.

Central and Southern Asia

Trulioo expands to Pakistan.
TechWire Asia looks at how Amazon is leveraging its relationship with India to grow its fintech offerings.
Proving that cash is still alive in India, RapiPay, a subsidiary of Capital India Finance, will install 500,000 micro ATMs in the country over the next two years.

Latin America and the Caribbean

Caribbean-based fintech WiPay teams up with Mastercard to expand digital payments in the region.
Austria’s Paysafecard announces expansion into Mexico.
Mexican fintech Ubank, which offers an automated savings solution, plans to expand to the United States.

Asia-Pacific

Revolut goes live in Japan.
Onfido brings ID verification to migrant worker e-marketplace, MyCash Money, which serves workers in Malaysia and Singapore.
Backbase partners with Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) to speed the institution’s digital transformation.

Sub-Saharan Africa

Nigerian fintechs Opay and PalmPay, along with South African e-payment firm, Yoco, are the only three Africa fintechs to earn spots on CB Insights’ 2020 Fintech Top 250.
Ozow, a digital payments company based in South Africa, launches its new payments platform.
Nigeria’s Sparkle announces plans for digital distribution of insurance solutions.

Central and Eastern Europe

Blockchain analytics firm Chainalysis praises Ukraine as the country with the greatest rate of cryptocurrency adoption in a new report.
Hungarian biometric payment startup PeasyPay announces plans to expand to Spain and the U.K.
Balkan Insight reviews the fintech ecosystem in Croatia.

Photo by Candid Shots from Pexels

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MENA and Open Banking: A Conversation with Mohammed Aziz of Dapi

By David Penn Posted on August 7, 2020
Categories: Feedzai, Finastra, Finovate Global, Fiserv, Onfido, Salt Edge, Tinkoff Bank

This week for Finovate Global, we caught up with Mohammed Aziz, co-founder and CEO of Dapi, a fintech startup that offers a suite of open banking APIs to help connect customer bank accounts, initiate payments, and access data in real-time. Founded in 2019, the company currently operate in six countries in the Middle East and Africa, and is headquartered in both San Francisco, California, and the UAE.

We talked about the opportunity for open banking to fuel innovation in financial services in emerging economies, as well as the overall environment for fintech innovation in the MENA region. We also discussed the impact of the COVID-19 crisis on pre-existing trends such as digitization.

Finovate: Dapi is the third company you’ve founded, but your first fintech. What made you want to focus on the opportunities in this industry? What do you bring to fintech from your experience in other areas?

Mohammed Aziz: Dapi was the result of a problem that I personally faced when trying to build “Spendy” a hybrid between a peer to peer payment application and a personal financial management app. We were unable to build out Spendy for most emerging markets due to the lack of bank connectivity which got us super keen to build out the underlying infrastructure that would power the future of fintech in these markets.

Finovate: Tell us about Dapi. What problem does your company solve and who are your primary customers?

Aziz: Dapi’s mission is to provide the building blocks for a thriving fintech ecosystem in emerging markets around the world. Our API serves as the bridge between financial applications and banks, empowering developers to create digital wallets, budget trackers, investment applications and more. Our clients are developers working on fintech applications, businesses hoping to include financial services in their mobile and web offerings, and anyone that wants to include bank functionality within their digital offerings.

Finovate: Your business strategy relies on an embrace of open banking in the MENA region. How strong is the movement toward open banking there?

Aziz: The MENA region is a very exciting space to be operating in right now. Fintech is only beginning to develop here and the market is pretty much untapped, so we are hoping to serve as an influence towards the region embracing open banking and all the opportunities that come with that. I would also like to point out that we are able to activate and build connectivity regardless of open banking being present or not. We like to take the approach that companies like Plaid in the US or Truelayer in the UK did, whereby they were connected to banks despite frameworks and regulation being in place.

Finovate: Aside from open banking, what are some of the other exciting trends in the fintech industry in the Middle East/Abu Dhabi right now?

Aziz: There’s a general trend of growing interest for the kinds of applications that financial technology empowers, from digital wallets and peer to peer applications to investment platforms and digital banks. The market is new and rapidly evolving.

Finovate: We talk about the Middle East and North Africa as a region. But there is a great deal of variation among countries in MENA. How does this impact your ability to market your technology in the area?

Aziz: Beyond market considerations, the regulation surrounding the use of APIs in financial applications varies greatly from country to country. This is a new and mostly unregulated space, but we have had to consider completely separate approaches to integrating our services in the UAE as opposed to KSA, for example. Culture is also another important factor, as it varies between countries and impacts the products that you would want to launch along with the go-to-market approach.

Finovate: How has COVID-19 impacted the fintech industry in the region? Early in the crisis, we heard news from countries like Iran, but not as much since. How are businesses, especially fintech businesses, faring?

Aziz: The COVID-19 pandemic and its push towards social distancing and remote work has actually increased interest in digitization of financial services. For example, there have been a number of announcements within the UAE that the country will be moving towards enabling more online payments and other financial services without the need to physically go to a bank.

Finovate: You participated in the Y Combinator program. What was that experience like? What advice do you have for startups with the opportunity to pursue a similar path with a top-notch accelerator?

Aziz: Y Combinator has been a phenomenal experience for us. It really put us out there on the map and helped expand our network in silicon valley. From our experience, investors and VCs in the US are not usually convinced about investing in early stage MENA startups, but YC really helps establish that credibility.

Finovate: Tell us about your experience of setting up your business in Abu Dhabi.

Aziz: Abu Dhabi is an exciting place to work, since it is a rapidly growing and developing market, as mentioned above. Furthermore, we have received a lot of support from our involvement in ADGM and Hub71, which provided resources for us to establish and grow our operations in these beginning stages.

Finovate: What can we expect from Dapi over the balance of 2020 and beyond?

Aziz: We are very excited to continue growing and expanding into a variety of developing markets, beyond the UAE. At the same time, we have a number of exciting partnerships in our sights for the UAE, which we hope will bring our vision of a strong fintech ecosystem in the MENA region closer to reality.

Here is our look at fintech around the world.

Asia-Pacific

Singapore-based MatchMove launches cross-border remittance platform for businesses.
Clik, a payment aggregator and merchant acquirer based in Cambodia, raises $3.7 million in seed funding.
Leading Asian financial services platform GoBear teams up with UnionBank to launch lending-as-a-service solution in the Philippines; announces new Chief Financial Officer.

Sub-Saharan Africa

Fiserv inks partnership with Absa Regional Operations (ARO) to enhance credit card management and processing in nine African countries.
Ecobank Group unveils the finalists for its fintech challenge, now in its third year. Ten African startups from seven different countries made the cut out of an applicant pool of more than 600.
Salaam Gateway looks at the development of Islamic fintech in Kenya.