Onfido unveils compliance suite: Streamlining global identity verification

Onfido unveils compliance suite: Streamlining global identity verification

Onfido, a global pioneer in automated identity verification, has launched the Compliance Suite to address the pressing need for a unified identity verification solution.

This innovation allows fast-growth businesses to penetrate new markets effortlessly while adhering to the intricate local and international regulatory demands for customer onboarding.

Onfido specialises in streamlining identity verification processes. By leveraging cutting-edge AI and a comprehensive global document database, the company enhances fraud prevention and simplifies customer onboarding. Onfido’s solutions are designed to cater to businesses expanding in the digital age, ensuring both security and convenience.

The Compliance Suite, a landmark addition to Onfido’s Real Identity Platform, integrates Qualified Electronic Signature (QES) and One-time Password (OTP) with no-code compliance workflows. This integration allows businesses to consolidate their local and global compliance needs under one umbrella, eliminating the need to juggle multiple, niche services. The suite not only simplifies the onboarding process but also bolsters security by customising workflows to meet specific local regulations, thereby enhancing customer conversion rates and fortifying against fraudulent activities.

The Compliance Suite’s strength lies in its holistic approach, combining Onfido’s ETSI-certified identity verification with advanced AI for fraud detection. This synergy enables businesses to offer a secure, high-quality user experience, as evidenced by Lemonway, a leading pan-European payment institution, which has expanded its partnership with Onfido to integrate the Compliance Suite into its operations.

The Compliance Suite’s launch is a testament to Onfido’s commitment to simplifying the compliance landscape. With its pan-EU offering and proven conformity to rigorous assessment board checks, the suite is set to be a game-changer for businesses across major European markets, including the UK, France, Italy, and Romania.

Lemonway Chief Operating Officer Jeremy Ricordeau said, “Onfido’s Compliance Suite will help us to meet local compliance regulations in all the countries we are expanding in while maintaining a consistently high-quality user experience that our customers have come to expect. With Onfido, we are now able to build a high-performing, secure and convenient onboarding experience that will unlock our ability to scale across multiple geographies quickly.”

Onfido Chief Product Officer Yuelin Li said, “Onfido’s Compliance Suite eases the regional compliance headache and delivers a one-stop-shop compliance offering that allows leaders to focus on their expansion, register customers faster, and remain agile to future regulatory demands.

“Locally accredited verification solutions typically solve regulatory needs for just one market and often add unnecessary friction to the onboarding process, causing frustration and delaying user acquisition. With Compliance Suite, we now have the most comprehensive verification offering in the market, making Onfido the go-to scaling partner for globally trusted institutions.”

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.