WorldRemit has today announced a new partnership with Onfido, the global identity verification and authentication company, to make it easier and quicker for customers to open an account with WorldRemit, to send money abroad.
Partnering with Onfido will allow the FCA regulated international payments company to further automate the Know Your Customer (KYC) decision-making process to verify the identification of customers.
Fulfilling both identification and financial compliance requirements without impacting the speed or ease of onboarding customers is critical to the customer experience WorldRemit delivers. Partnering with Onfido will allow new customers to join the platform quickly while remaining compliant and reducing the risk of fraud.
Additionally, this partnership will support WorldRemit’s mission for financial inclusion on its platform. Onfido’s optimised verification technology means that customers who have lower spec smartphones and cameras will have a better user experience. The sophisticated platform also provides users with granular feedback beyond a simple pass or fail. Facial orientation or poor lighting conditions can now be provided as reasons for failure in verification, allowing customers to try again or be prompted to alter their camera set up during the verification process.
Stephen Moffatt, director of payments at WorldRemit said: “Our new partnership with Onfido is an important step for us in reducing friction, helping new customers join our platform faster so they can send money home. As part of our constant efforts to improve and refine our customer experience, adding Onfido’s functionality to our registration process will ensure that we can put our customers on the happy path of sending money home, while protecting them from fraudsters.”
Husayn Kassai, CEO and co-founder at Onfido added: “International payment transfers shouldn’t have to be costly for businesses and complex for users. We’re pleased to be supporting a forward-thinking remittance platform such as WorldRemit which strives to provide the best for its users. We’re delighted to be helping the company streamline their processes to get new users onboard swiftly and securely, while meeting strict compliance regulations.”
The partnership will add functions for higher systemic levels of security. With Onfido, WorldRemit will have the ability to quickly alert the relevant bodies to protect even those who aren’t customers but may have had their ID stolen or tampered with.
Notes to Editors:
WorldRemit is a leading UK fintech providing international money transfer services. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 800 people worldwide.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, UK with a global presence including in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
For more information visit www.worldremit.com
Onfido is the new standard for digital access. The company uses AI to verify any photo ID and then compares it with the person’s facial biometrics. This use of AI means that businesses no longer need to compromise on customer experience, inclusion, privacy or security.
Recognized as a global leader in artificial intelligence for identity verification and authentication, Onfido is backed by TPG Growth, Crane Venture Partners, Salesforce Ventures, M12 – Microsoft’s venture fund, and others. With approximately 400 employees spread across seven countries, Onfido has raised $200m in funding and powers digital access for some of the world’s largest companies.