Leading UK FinTechs Monese, Seedrs, Curve and B-Social are joining with Onfido in the FCA regulatory sandbox test, alongside tech partners Evernym and Deloitte, to demonstrate that there’s a better, safer and more secure way to make identity verification work for both customers and businesses.
Currently, Onfido provides identity verification services for over 1,500 clients globally. It’s quick and easy - customers just take a photo of their identity document and then a selfie or video and they use a combination of AI and Machine Learning plus human experts to perform checks including facial similarity and fraud checks.
Onfido believes the future is portable (re-usable) identity. It holds the potential to boost the UK’s tech ecosystems through enabling customer onboarding at scale, without compromising on privacy or security, which means faster fintech growth, more jobs and improved tax receipts for the government.
Finally, this solution has the potential to improve access and inclusion in financial services which is hugely important.
By participating in the sandbox pilot, Onfido hopes to show policy makers and regulators that fixing identity is critical to the UK and to global society, that the tech is ready, and that the time is now.
The FCA is the UK financial services regulator, an organization that was set up to protect the financial markets and promote innovation in the interest of consumers - it’s widely acknowledged as one of the most progressive regulators world-wide. Its sandbox gives companies the opportunity to test innovative propositions in the market with real consumers and in the case of GFIN, across regulatory geographic borders.