Onfido, a digital identity verification provider used by peer-to-peer lending platforms, has expanded its ‘real identity platform’ to improve its fraud accuracy by 54 per cent.
Onfido said that the platform now includes Onfido Atlas, an AI decisioning engine that powers the entire platform, providing fully automated identity verification and authentication on a global scale, with 95 per cent of checks completed in less than 10 seconds – a 12-times improvement.
Atlas also powers a year-over-year improvement in fraud accuracy by 54 per cent, Onfido said.
Other expanded platform features include a library of identity verification services including biometric solutions and data sources, and an identity “orchestration layer” that helps firms manage identities across the world and optimise workflows.
The expanded platform also offers identity verification software for clients that it says delivers over 90 per cent first-time pass rates, with features such as intelligent end-user feedback.
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“With the addition of multi-dimensional identity verification signals, organizations can now get a more holistic view of their customers and make faster, more informed decisions about which products or services to offer and when to offer them,” said Alex Valle, chief product officer of Onfido.
“By combining this with the flexibility of easily integrating identity verification at any point in the customer journey through drag-and-drop workflows, organizations can create the perfect user experience without compromising on fraud protection, all through a single API and best-in-class software development kit.”
“Time is a precious resource for organizations when it comes to engineering and developer talent. Effectively managing a team’s workload is essential when considering onboarding flows or initiating major changes to stay compliant with financial regulations across multiple countries,” said Ron Kalifa OBE, chair of the Treasury-commissioned independent review into the UK’s fintech sector.
“Onfido is helping to keep the UK at the forefront of fintech innovation by enabling businesses to scale internationally, enabling them to navigate compliance and complex fraud vectors more easily.”