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Onfido’s Machine Learning Technology Scales New Height in KYC Management

  • Volopa Picks Onfido to Securely Scale Its Customer Onboarding Using AI-Powered KYC
  • Volopa Further Enhances Its Customer Onboarding Procedures Using Cutting-Edge Identity Verification Technology from Onfido to Support Growing Demand for Its New Multi-Currency Prepaid Cards

Today, a leading identity verification provider- Onfido, and payments and foreign exchange fintech – Volopa, have announced that they have partnered to deliver secure and scalable KYC capabilities. Using Onfido’s machine learning-based technology Volopa’s customer onboarding processes is significantly enhanced and simplified to support the increase in sales volumes.

Volopa operates consumer and corporate multi-currency prepaid card programmes using its proprietary platform and offers businesses the ability to provide their own branded card programs which are powered by Volopa.

At the time of this announcement, 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 maximize customer delight and deliver exceptional products at lower cost for our customers.”

Founded in 2012, Onfido has received over $60m in funding from investors including M12Salesforce Ventures, and Idinvest Partners.

Jay added, “A key strength of Volopa is our ability to deliver client branded cards which presents a unique advantage for Volopa in the marketplace where we are seeing strong demand for this proposition. In response to this 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. We look forward to working with Onfido and continuing to grow our businesses together.”

How AI-Powered Technology Works with Cards?

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Customers can hold and spend up to 14 local currencies on the cards. The cards automatically detect the local currency when making purchases at merchants or ATMs abroad and use the local currency for the transaction with no additional conversion or foreign transaction charges typically associated with using debit or credit cards abroad.

Customers can also spend in any other currency as long as they have the base currency on the cards. The cards come with secure and intuitive mobile and web-based applications enabling customers to seamlessly manage their cards, monitor and control their expenditure on the go. This includes the ability to see transactions in real time, instantly top up and exchange currencies 24/7, block cards and transfer funds between cards.

Signing up for the card could take less than 5 minutes based on the new customer onboarding process developed with Onfido.

Onfido’s machine learning technology automates identity verification to enable speedy, secure and scalable user onboarding. 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 by comparing facial similarity and cross-referencing the identity against international watch lists.

Husayn Kassai, CEO of Onfido, said, “We’re proud to be supporting Volopa as they grow. Balancing security against scale is a challenge for many businesses, but our machine learning technology means we’re able to help Volopa deliver both. We’re excited by their vision of putting people in control of their transactions and look forward to developing our partnership with Volopa.”

Currently, Onfido helps businesses digitally onboard new users. 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.

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