British e-payment firm MoneyNetint has collaborated with identity verification platform Onfido to enhance its KYC processes.
Onfido believes that its capabilities in artificial intelligence and facial biometrics will make MoneyNetint’s s online experience frictionless and also support its onboarding process.
Under the partnership, the e-payment firm will utilise Onfido’s IDV service in an effort to combat fraud.
Onfido CEO and co-founder Husayn Kassai said: “Because our machine learning models continuously learn to identify new fraud trends from the millions of identities, we can enable MoneyNetint to onboard more users quickly without compromising on their fraud requirements.
“This helps build user trust, inclusion and safety online and meet KYC and AML regulations.”
Through Onfido’s IDV service, MoneyNetint will be able to authenticate customers with a photo of their ID, a selfie or live video.
The technology initially checks the authenticity of the ID and compares facial similarity to ensure a match against the ID.
As an added security layer, the ID is then cross-referenced against international watchlists.
MoneyNetint CEO Yishay Trif said: “Onfido’s facial similarity technology will allow us to help protect customers from fraudsters using fake IDs.
“After using their biometric services, we can now provide greater security to customers using our platform, who wish to send and receive money cross borders.”