NEW YORK, NY — Onfido, a provider of digital identity verification and authentication services, announced the expansion of its Real Identity Platform at Fintech Nexus in New York City.
The additions improve fraud accuracy by 54% and fully automated performance by 12-fold. Customers can now reduce the complexity of sourcing and managing multiple identity verification vendors to meet local compliance regulations. They can more easily mitigate fraud threats in an increasingly global marketplace.
Four new products are included. Onfido Verification Suite AI is a curated library of identity verification services, including award-winning document and biometric solutions, trusted data sources, and innovative anti-fraud measures. Onfido Studio is an orchestration layer that acts as the mission control for identity verification, enabling organizations to build and optimize multiple identity verification flows using the entire verification suite and no-code workflows.
Smart Capture is an SDK that delivers in excess of 90% first-time pass rates, with NFC verification, accessibility features, and intelligent end-user feedback to correct things like blurred or cropped images. Onfido Atlas is an AI decisioning engine that powers the entire platform, providing fully automated identity verification and authentication at global scale, with 95% of checks completed in less than 10 seconds.
“Managing multiple vendors across end-user workflows is one of the biggest challenges banks can face in compliance and fraud prevention,” said Kavin Mistry, head of digital at TSB. “Onfido’s Real Identity Platform brings all this together, reducing that complexity and providing a valuable array of verification signals that will help make managing our customer’s identity much simpler.”
The Onfido Real Identity Platform allows organizations to build multiple workflows optimized for different market conditions, geographies, and risk tolerance that achieve the lowest fraud and highest end-user conversion rates without the need to invest in additional customer support.
“Making identity proofing, fraud detection, and user authentication capabilities work together across the user journey can improve risk mitigation, reduce costs and boost innovation in product or service offerings, but remains challenging for organizations to execute on,” said Akif Khan, senior director analyst at Gartner.
“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,” Onfido CPO Alex Valle added. “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 SDK.”
Onfido Verification Suite provides a curated library of globally trusted data sources and identity verification services. The suite provides tailored user experiences designed around specific fraud and regulatory use cases, compliance requirements, global needs, risk appetite, and business objectives. This library extends and integrates with Onfido’s document and biometric identity verification solutions.
Trusted data verification sources include Watchlist (PEPs and Sanctions), Ongoing Monitoring, ID Record Check, AAMVA (American Association of Motor Vehicle Administrators), Tax ID (India), Social Security Number (US), and Proof of Address. Accompanying these are additional fraud detection verifications, including Phone Verification (network signal and device integrity), IP Reputation, Geolocation, Email Risk Verification, and Known Faces.
Onfido Studio enables organizations to orchestrate business logic with no-code analytics to make intelligent, data-driven decisions. Users can build workflows that respond to changing market conditions, whether expanding into new geographies, aligning with changes in internal policies, changing risk tolerance, keeping compliant with regulations, or evolving sanctions. Drag and drop a document and biometric check or one of many other verifications or fraud signals into your customer journey to optimize customer onboarding or authentication.
Smart Capture provides an SDK that enables customers to create an onboarding experience that is optimized for fraud prevention. It includes NFC scanning, image quality enhancements, face detection, and advanced document capture features such as barcode, MRZ, and edge detection. Also included are advanced on-device fraud detection capabilities, including device tampering and IP intelligence. Smart Capture is WCAG level 2.1 accredited for accessibility.
The Real Identity Platform is powered by Atlas’ AI that enables fully automated identity verification, with 95% of checks processed in less than 10 seconds. It also powers a year-over-year improvement in fraud accuracy by 54%.
Atlas is built on more than 10,000 micromodels that decipher the slightest nuances of global ID documents and refined on tens of millions of checks each year, all to deliver unparalleled accuracy and automation to each verification. Atlas said it effectively safeguards against facial biometric bias, improving false acceptance rates by 10x to 0.01%.
Onfido’s Real Identity Platform supports fraud prevention and compliance at global scale that adapts to the unique needs, markets, and risks of each customer, from financial services and healthcare to gaming, telecommunications, retail, and hospitality.
“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 FinTech Review. “Onfido is helping 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.”
Tony is a long-time contributor in the fintech and alt-fi spaces. A two-time LendIt Journalist of the Year nominee and winner in 2018, Tony has written more than 2,000 original articles on the blockchain, peer-to-peer lending, crowdfunding, and emerging technologies over the past seven years. He has hosted panels at LendIt, the CfPA Summit, and DECENT's Unchained, a blockchain exposition in Hong Kong. Email Tony here.