Online money transfer specialist Fonmoney has partnered with identity confirmation provider HooYu to fast track its KYC (Know Your Customer) procedures for welcoming and verifying new customers.
Prior to using HooYu, Fonmoney sometimes had to use man-hours to review ID documents manually before transactions could proceed as part of Anti-Money Laundering compliance requirements.
This sometimes meant that customer approvals could take two to three hours if the information given was incomplete, meaning that customers who transacted overnight might not be approved until the next working day.
HooYu is now being integrated into the Fonmoney site so that users can quickly and easily be verified through HooYu’s unique combination of digital footprint analysis, ID document authentication, facial biometrics and identity scoring.
Once the customer has passed the automated HooYu ID confirmation, they can send money abroad to friends or family quickly and easily with low fees and great exchange rates.
Matthias Wurmböck, Managing Partner at Fonmoney said: “On one hand, using HooYu means that we are not just ticking compliance boxes and preventing fraud, but more importantly to us, HooYu helps us make the journey for all of our customers more efficient and smooth.
“They have been a good partner to us in helping to ensure that we are in line with customer identity checking compliance, while localising their platform together to ensure the best possible customer experience as we continue to grow into new markets.”
David Pope, Marketing Director at HooYu said, “The money transfer industry needs an identity confirmation service to help verify identity where traditional database checks fall short.
“Our approach of not just checking an ID document, but looking at the wider picture by using digital footprint analysis and facial biometrics in conjunction with ID document authentication helps firms like Fonmoney to build true confidence that their customers are indeed, who they say they are.”