Founded by three friends at the University of Oxford, Onfido has been on a mission to simplify all things digital identity since 2012.
Today, the firm is partnered with more than 1,200 businesses across the globe and is helping millions of people access crucial services on a daily basis.
The latest step in Onfido’s upwards trajectory comes with the launch of Compliance Suite, an all-in-one ID verification solution that empowers fast-growth businesses to expand seamlessly into new markets and meet local regulatory needs for customer onboarding.
Easing regional compliance headaches
Compliance Suite introduces qualified electronic signature (QES) and one-time password (OTP) capabilities, alongside no-code compliance workflows, to Onfido’s flagship Real Identity Platform.
It means clients no longer have to link together a series of niche, locally-accredited services, and can instead bring all their compliance needs under a single prodiver and control centre, thus mitigating fraud and freeing them up to focus on unlocking growth.
“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,” comments Yuelin Li, Chief Product Officer at Onfido.
“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.”
Lemonway set to benefit from Compliance Suite
The addition of QES and OTP to Onfido’s platform, which includes award-winning AI for fraud prevention and global document coverage, enables businesses to customise onboarding workflows based on local regulatory requirements, boost customer conversions and, ultimately, keep bad actors out.
This enhanced offering has passed conformity assessment board checks and will immediately benefit Onfido’s customers across core European markets, including the UK, France, Italy and Romania, as well as assisting organisations expanding into those nations.
Among those set to gain is Lemonway, which is expanding its partnership with Onfido to include the Compliance Suite. The leading pan-European payment institution is looking to address regulation with confidence alongside other Onfido ETSI-certified ID verification solutions.
“Onfido’s Compliance Suite will help us meet local compliance regulations in all the countries we are expanding in, while maintaining the consistently high-quality user experience our customers have come to expect,” adds Jeremy Ricordeau, COO at Lemonway.
“With Onfido, we’re now able to build a high-performing, secure and convenient onboarding experience that will unlock our ability to quickly scale across multiple geographies.”
FinTech Magazine is a BizClik brand.