MoneyNetint, a borderless e-payment firm and one of Ripple’s partners, has announced they are partnering with identity verification and facial biometrics company, Onfido, to help improve their security verification KYC processes.
The UK e-money firm provides cross-border money transfers and exchange services for corporate clients. With technology regulations continually changing, they believe that facial biometric security will help them prevent identity fraud. Onfido’s selfie verification processes can also help them better navigate the complexities of global regulation.
Yishay Trif, CEO of MoneyNetint, said: “Onfido’s facial similarity technology will allow us to help protect customers from fraudsters using fake IDs. After using their biometric services, we can now provide greater security to customers using our platform, who wish to send and receive money across borders”.
Onfido’s expertise in artificial intelligence and facial biometrics will help MoneyNetint deliver a frictionless online experience. Furthermore, it will also improve their onboarding experience and operational efficiency through enhanced security checks.
Onfido’s end-to-end IDV service helps keep fraudsters off MoneyNetint’s platform. It does this by verifying customers wanting to send and receive money using a photo of their identity document (ID) and a selfie or live video. Onfido’s technology first checks their ID is genuine, then compares facial similarity to ensure a match against their ID document, it then cross-references the ID against international watchlists.
Husayn Kassai, CEO and Co-founder at Onfido said: “We’re excited to be partnering with MoneyNetint to help scale their business while reducing their exposure to fraud. Because our machine learning models continuously learn to identify new fraud trends from millions of identities, we can enable MoneyNetint to onboard more users quickly without compromising on their fraud requirements. This helps build user trust, inclusion and safety online and meet KYC and AML regulations.”
Speaking about the partnership, Yishay Trif said: “We are delighted to join forces with Onfido and passionately believe they complement our services. Our partnership will strengthen our position as one of the leading money exchange firms in Europe”.
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