Travel Money Club picks Onfido to onboard users

Travel Money Club, a currency exchange platform, has bolstered its identity verification experience by partnering with Onfido.

The RegTech’s machine learning-based identity verification technology will enable the company to offer its next-day currency exchange service to more users by rapidly onboarding new users with automated KYC.

The company’s online service allows travellers to order currencies which cover 75% of worldwide destinations, via its website or app, with currencies delivered directly to members doors via a fully-insured, guaranteed next day delivery service. Its club members get the currency they need without any commissions or hidden charges, instead paying a small membership fee or road testing the service via the guest option according to Travel Money Club.

With thousands of orders already placed and millions of pounds exchanged on the platform since its launch in January 2018, Travel Money Club said it needed a fast and secure way to meet its compliance requirements.

Onfido enables speedy, secure and scalable user onboarding via Travel Money Club’s mobile app. For most users, identity record checks document and watchlist checks are also performed. Travel Money Club said it chose the RegTech for the speed and sophistication of its solution, as well as its broad range of data sources.

Don Clark, Chairman of Travel Money Club, said: “Protecting customers and our business against fraud is of paramount importance to us. Onfido’s modern compliance technology enables us to deliver on our promise to our members, and offer more money to more users. Since partnering with Onfido, we’ve seen a significant increase in the number of people we’re able to securely verify and onboard, helping us scale. And for our users, the process is seamless – most sail through without any impact on their experience.”

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.

Onfido also partnered with another car rental solution this year, implementing its services with Snappcar to verify identities of users on the platform.

Copyright © 2018 FinTech Global

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