Volopa, a payments and foreign exchange FinTech, has partnered with Onfido to enhance its customer onboarding procedures.
The company will leverage Onfido’s machine learning-based technology to the support growing demand for its new multi-currency prepaid cards.
Volopa operates consumer and corporate multi-currency prepaid card programmes.
Customers can hold and spend up to 14 local currencies on the cards, which automatically detects the local currency when making purchases at merchants or ATMs abroad.
Following the deal, customers wishing to sign up for the Volopa cards take a selfie and a photo of their identity document. Onfido’s technology checks that the identity document is genuine, compares facial similarity and cross references the identity against international watchlists.
Signing up for the card usually take less than 5 minutes based on the new customer onboarding process developed with Onfido according to the company.
Jay Wissema, director at Volopa, said: “Volopa is excited to launch its new customer onboarding process which is another step forward in the company’s focus to maximise customer delight and deliver exceptional products at lower cost for our customers.”
“Volopa looked at a number of providers in order to securely scale up its customer onboarding capabilities and decided on Onfido based on their cutting-edge technology and experience in the fintech sector.”
Founded in 2012, Onfido has received over $60m in funding from investors including M12, Salesforce Ventures and Idinvest Partners. It carries out checks in 192 countries for global customers including Revolut, Bitstamp and Zipcar.
The RegTech has 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.
Onfido also partnered with another car rental solution this year, implementing its services with Snappcar to verify identities of users on the platform.
Last year, Onfido was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
