Identity verification provider Onfido has announced a partnership with digital pension plan management provider PensionBee in a bid to “streamline KYC processes.”
Onfido’s ‘selfie-based’ identity verification process works by asking the user to take images of their official identity documents and themselves.
The companies facial recognition technology is designed to compare and match the images, ensuring that the submitted verification belongs to the end user in question; helping to ensure PensionBee’s compliance with KYC requirements.
“As a Fintech, meeting compliance requirements without compromising on user experience is a challenge. Onfido helps automate much of our KYC process and was incredibly easy to integrate into our existing tech stack,” said Romi Savova, chief executive officer, PensionBee. “Onfido’s market-leading technology not only makes things smoother for our end-users, but for our internal operational team, too.”
Founded in 2015, PensionBee has over 125,000 users on the platform. Their programme allows users to combine all their old pension pots into one ‘PensionBee plan’ which can be accessed through any mobile device.
According to the announcement, Onfido’s technology was chosen by PensionBee due to its high pass rates and ease of integration with Salesforce, an on-demand customer relationship management and cloud service provider.
Co-founder and CEO of Onfido, Husayn Kassai, said: “Manual identity verification processes are costly for business and add unnecessary friction for users. Our clients in the FinTech space, like PensionBee, can’t afford either.
“We’re delighted to be helping them streamline their processes to get new users on board swiftly and securely.”