Arro Money, a provider of personal and business accounts, has partners with has partnered with RegTech 100 company Onfido to offer real-time ID verification and KYC checks.
Arro Money offers money management for both personal and business accounts, and claims to improve the way consumers and businesses access financial products by eliminating unnecessary credit checks and reducing the lengthy set-up times associated with traditional banking.
By using the global identity verification providerâ€™s technology, the company claims that new customers will have full access to an Arro account in just three minutes.
Onfido will provide eKYC data as well as real-time verification for passports, ID cards and driving licences from 160 countries, with its database verifying home addresses faster than before.
The RegTechâ€™s facial check with photo will also provide added security to Arroâ€™s user sign-up process. As a result of the partnership, all users have to do when signing up for an Arro business or consumer account is take a selfie and a picture of their ID document, both of which are then submitted to Onfido via API for verification. The IDs are then verified through Onfidoâ€™s algorithms to reduce the expensive and timely task of manual review.
Muhammad Asim, director at Arro Money, explained:â€œBy partnering with Onfido, we are able to further improve our customer service and continue to eliminate excessive credit checks. Ultimately, we are helping to improve accessibility and financial inclusion. At Arro, we have always put our customers first and, by having this strong alliance with Onfido, our customersâ€™ identification is verified securely, simply and, above all, quickly.
â€œHaving already onboarded 10,000 customers with our advanced KYC checks, we hope this partnership will support our aims of acquiring 50,000 more business accounts over the next 12 months.â€
Last year, Arro Money opened a Series A Financing round to investors, which is expected to be used to enhance its customer experience, as well as build additional capacity in-house.
Founded in 2012, Onfido has received over $60m in investment, and works with over 1,500 fintech, banking and sharing economy clients globally â€“ helping them onboard more users while cutting costs and risk.
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 â€“ an essential, in-depth analysis of the global RegTech market.
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