RegTech 100 company Onfido has partnered with BitPay to support identity verification services for cryptocurrency payments.
Through the new deal, BitPay will be able to utilise Onfido’s KYC tools to support compliance requirements and securely onboard new users.
From this partnership, Onfido will now be able to accept payments in Bitcoin. In doing this, Onfido will be able to expand into international markets where credit card payments are not as widely used. BitPay will enable Onfido to receive transactions from computer and mobile devices, helping the RegTech to provide identity verification services to more customers.
Using cryptocurrency payments also helps to increase the transparency of transactions and lower fraud risks around credit cards.
Onfido uses machine learning technology to help users verify identities through the upload of a photo identity document and a selfie. Once verified via the system, users can access a selection of online services, helping businesses to improve their onboarding.
Onfido CEO and co-founder Husayn Kassai said, “At Onfido, it’s our mission to build an open world where identity is the key to access. Partnering with Bitpay was the obvious choice for both our businesses.
“BitPay enables us to securely service more people in a way that is cost-effective and quicker than a bank wire, while we can deliver them the most trusted identity verification service in the crypto space.”
BitPay is a cryptocurrency payments provider, which processes around $1bn annually from merchants and B2B customers. The FinTech company enables businesses or consumers to complete online payments with digital currencies, receive these funds or store them in a secure wallet.
Late last year, Onfido formed a partnership with crowdfunding platform Indiegogo. The deal was formed to help boost fraud protection efforts and ensure secure identity verification when onboarding new customers.
Last year, Onfido was hand-picked by a panel of industry experts for the RegTech 100, for a second year in a row. This is a list of companies that every financial institution should know about in 2019. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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