Volopa picks Onfido to securely scale its customer onboarding using AI-powered KYC
Volopa further enhances its customer onboarding procedures using cutting edge identity
verification technology from Onfido to support growing demand for its new multi-currency prepaid cards.
Onfido and payments and foreign exchange fintech Volopa today have partnered to
deliver secure and scalable KYC capabilities. Using Onfido’s machine learning-based
technology Volopa’s customer onboarding processes is significantly enhanced and
simplified to support the increase in sales volumes.
Volopa operates consumer and corporate multi-currency prepaid card programmes
using its proprietary platform and offers businesses the ability to provide their own
branded card programmes which are powered by Volopa. Customers can hold and
spend up to 14 local currencies on the cards. The cards automatically detect the local
currency when making purchases at merchants or ATMs abroad and use the local
currency for the transaction with no additional conversion or foreign transaction
charges typically associated with using debit or credit cards abroad. Customers can also
spend in any other currency as long as they have the base currency on the cards. The
cards come with secure and intuitive mobile and web based applications enabling
customers to seamlessly manage their cards, monitor and control their expenditure on
the go. This includes the ability to see transactions in real time, instantly top up and
exchange currencies 24/7, block cards and transfer funds between cards.
Signing up for the card usually take less than 5 minutes based on the new customer
onboarding process developed with Onfido.
Onfido’s machine learning technology automates identity verification to enable speedy,
secure and scalable user onboarding. Customers wishing to sign up for the Volopa
cards take a selfie and a photo of their identity document; Onfido’s technology checks
that the identity document is genuine, compares facial similarity and cross references
the identity against international watchlists.
Jay Wissema, Director at Volopa, said: “Volopa is excited to launch its new customer
onboarding process which is another step forward in the company’s focus to maximise
customer delight and deliver exceptional products at lower cost for our customers. A
key strength of Volopa is our ability to deliver client branded cards which presents a
unique advantage for Volopa in the marketplace where we are seeing strong demand
for this proposition. In response to this Volopa looked at a number of providers in order
to securely scale up its customer onboarding capabilities and decided on Onfido based
on their cutting-edge technology and experience in the fintech sector. We look forward
to working with Onfido and continuing to grow our businesses together.
Husayn Kassai, CEO of Onfido, said: “We’re proud to be supporting Volopa as they grow.
Balancing security against scale is a challenge for many businesses, but our machine
learning technology means we’re able to help Volopa deliver both. We’re excited by their
vision of putting people in control of their transactions and look forward to developing
our partnership with Volopa.”