Lemonway, a pan-European payment service provider, and Onfido, a global leader in automated identity verification, have reported immediate results from their joint initiative, confirming significant growth in customer acquisition.
Lemonway, a trusted payment institution across Europe, delivers regulated payment services, wallet management, and expedient pay-out for marketplaces, such as Decathlon, SNCF Connect, and HelloAsso. On the other side, Onfido simplifies digital identity, offering an end-to-end verification platform backed by an innovative AI solution. Both companies have joined forces to enhance customer onboarding and meet regulatory obligations more efficiently.
The primary driver behind the partnership was to meet European Economic Area (EEA) regulations concerning Know Your Customer (KYC) and Anti-Money Laundering (AML) processes more effectively. A key aim was to avoid delays in the user onboarding process and verify identity documents on a global scale, without compromising the overall customer experience.
Onfido, with its AI-powered identity verification solutions, has helped Lemonway not only to streamline their KYC process but also to reduce manual effort, increase document validation rates and enhance automation. Onfido’s role in the partnership is crucial in ensuring that the verification process is robust, rapid, and accurate.
This collaboration has brought about tangible outcomes. Lemonway reported an impressive 2X increase in validated identity documents and validated wallets and accounts. Automated identity verification processes also helped reduce the manual effort needed for document verification and KYC compliance. All of this contributed to maintaining regulatory obligations, facilitating business growth, and improving customer onboarding experience.
Lemonway plans to further expand the partnership with Onfido, aiming to strengthen its presence in the marketplace sector, especially among large corporations. This expansion includes leveraging Onfido Studio to orchestrate verification journeys, and Onfido’s award-winning next-generation biometric liveness detection solution, Motion, which enhances verification speed by 12X.
Jeremy Ricordeau, chief operation officer at Lemonway said, “Onfido has been an invaluable partner for Lemonway. Their AI-powered identity verification solutions have helped us streamline our customer onboarding process, reducing friction and increasing conversion rates. What sets Onfido apart is its commitment to accuracy and security, which gives us peace of mind knowing that our customer’s personal information is protected.”
Nello Franco, chief customer officer at Onfido also expressed his enthusiasm over the expanded partnership, “In today’s digital age, speed and convenience are paramount to customer experience. We’re thrilled to expand our partnership with Lemonway to process applications faster and more efficiently while providing a simplified user experience.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
Copyright © 2018 RegTech Analyst