We are delighted to announce today that leading UK FinTechs Monese, Seedrs, Curve and B-Social are joining us 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 followed by a selfie or video, and we use a combination of AI, Machine Learning, and human experts to perform analysis, including facial similarity and fraud checks. But we want to aim higher. Our aim is to create an open world where everyone can quickly and simply prove their legal identity online, enabling them to access any product or service.
We believe portable (re-usable) identity will make this future a reality. It will mean that customers don’t have to continuously re-verify themselves every time they want to access a new online service, and mean businesses save time and money due to reduced compliance costs.
It’s also empowering – in our pilot, the customer has control of their identity data and can permission it from any smartphone. Plus, it holds the potential to boost the UK’s tech ecosystems by enabling customer onboarding at scale, without compromising on privacy or security, which translates to 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. We are thrilled that Monese, Seedrs, Curve and B-Social are leading the way in demonstrating the need for this kind of progressive, customer-centric and privacy-first solution. By participating in the sandbox pilot, we hope 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 the Global Financial Innovation Network (GFIN), across regulatory geographic borders.