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February 11, 2020updated 12 Feb 2020 4:10pm

Mode partners with Onfido to boost digital security

By Mohamed Dabo

Mode, maker of a global banking app, has partnered with ID-verification and facial biometrics company Onfido to empower Mode’s mobile application.

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The partnership will leverage Mode’s mobile application to seamlessly verify and connect UK and European citizens to a thriving Bitcoin market, the partners said.

The collaboration will also allow Mode to expand its network of financial technology partners. Each of the partners, according to Mode, shares the company’s core values of security, compliance, and technological innovation.

A smooth process of authentication

The partners describe a simple process of ID verification:

Customers use Onfido’s AI-enabled verification technology, during its customers’ onboarding and ‘Know Your Customer’ (KYC) process. The applicants simply take a photo of their government-issued ID and a selfie.

Then, Onfido checks the ID seems genuine and matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present.

Finally, Mode is able to verify applications and users anywhere, anytime, “with the highest degree of compliance with KYC requirements.”

In addition to identity verification, Mode has worked with Onfido to simplify and automate the address verification process. This will reduce the need for Mode customers to navigate complicated onboarding procedures.

“Creating a seamless user experience has been critical in the makeup of our mobile application,” said Janis Legler, Head of Product and Partnerships at Mode.

“Bringing trust to digital interactions”

Mode is a London-based Fintech firm building a next-generation ecosystem of products and services that combine the benefits of traditional and digital finance.

Onfido bills itself as the new identity standard for the internet. It’s AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics.

Husayn Kassai, CEO and co-founder at Onfido commented:

“We bring trust to digital interactions worldwide, securely verifying a user identity at the onboarding and ongoing management of that identity. Service providers shouldn’t have to compromise on user experience or security, and we’re thrilled to be working with Mode who demand both as they build a next-generation financial ecosystem.”

Part of the R8 Group, Mode Banking is a fintech firm on a quest to build “a safe and regulated global banking ecosystem.”

 

 

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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