UK-based remittance company TransferGo has partnered with Onfido to facilitate onboarding of customers who seek to use its platform for money transfers.
Under the collaboration, TransferGo will leverage Onfido’s identity verification technology powered by machine learning.
The technology requires users to take a selfie and a picture of their identity documents. It compares and matches the facial biometrics and also cross-checks the pictures against international watchlists.
This approach for automated identify verification is expected to allow fast, secure and scalable user enrolment.
TransferGo CEO Daumantas Dvilinskas said: “Onfido enables us to deliver the swift service our customers expect, without compromising on security. Their risk-based approach means we can confidently verify our users, and don’t have to add unnecessary friction where it’s not needed.
“Onfido’s support is imperative to our international growth, and we’re confident that they’ll continue to help us strengthen our position into the future.”
Said to be the only pan-European remittance service provider that facilitates transfer within 30 minutes, TransferGo currently has more than 650,000 users.
The company allows transfers between 47 countries. It also launched a cryptocurrency trading facility for Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin.
Onfido CEO Husayn Kassai said: “As a RegTech, we know how critical a smooth, secure and speedy onboarding process is for users, and look forward to helping TransferGo deliver that to new global markets and across new products.”