Global remittance platform Remitly has partnered with Onfido to help onboard new users to its platform, without running the risk of fraud or financial crime.
Launched in 2011, Remitly is a US-based digital remittance company available across twelve European territories, Canada and Australia. It serves immigrant communities around the world by helping them transfer money internationally quickly and cost-efficiently; annually, over $6 billion is transferred through the platform.
The company said it picked Onfido because it needed to meet compliance requirements without sacrificing the speed its users expect.
Onfido’s AI-based technology will enable Remitly’s KYC processes to be rapidly completed for new users wishing to join the platform; for those requiring further assurance, a document check can also be performed.
Nate Spanier, VP global payments and expansion at Remitly, said: “Onfido’s superior speed, solid match rates and customisable checks have enabled us to rapidly scale into new markets, and add more users to our global community. Our users expect to be able to make and receive payments quickly and easily, and Onfido helps us to deliver on that promise without adding friction to their journey. They also give us the assurance we need that our users are who they claim to be, and that’s invaluable as Remitly continues its global growth.”
Founded in 2012, London-based Onfido helps businesses digitally onboard new users. Using machine learning technology, the RegTech validates a user’s identity document and compares it with their facial biometrics. Onfido has received over $60m in funding from investors including M12, Salesforce Ventures and Idinvest Partners.
Founded in 2012, Onfido has received over $60m in funding to date, raising capital from the likes of M12, Salesforce Ventures and Idinvest Partners. Using machine learning technology, Onfido validates a user’s identity document and compares it with their facial biometrics. The identity can then be cross-referenced against international credit and watchlist databases.
Onfido carries out checks in 192 countries for global customers including Revolut, Bitstamp and Zipcar. Volopa, a payments and foreign exchange FinTech, recently partnered with Onfido to enhance its customer onboarding procedures. The company is leveraging Onfido’s machine learning-based technology to the support growing demand for its new multi-currency prepaid cards.
The RegTech has also announced several new partnerships over the past few months. In August, it partnered with TransferGo to enhance its customer onboarding, while in July, it completed a deal with LendInvest which will see its identity technology implemented to help LendInvest’s mortgage process. Just last month, Indiegogo partnered with Onfido to prevent fraudsters from entering its crowdfunding platform.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
