The Co-operative Bank partners Onfido for customer onboarding solution
The Co-operative Bank has partnered with ID verification firm Onfido for enhanced customer onboarding.
Co-operative Bank partners Onfido for ‘selfie’ onboarding solution
The Co-operative Bank can now verify new users’ identities in as little as 15 seconds, with “accurate and automated” identity verification, address verification and fraud prevention.
New customers upload a picture of their government-issued ID, such as a passport, driving licence, or identity card, along with a selfie. Onfido’s Atlas AI determines that the ID is genuine and then matches it to the user’s face using “sophisticated” facial biometric technology.
The new solution enables customers to prove their identity online, allowing the bank to onboard quicker and doing away with the need for new customers to visit a branch or send documents in the post.
The Co-operative Bank senior manager for current accounts and credit cards, Darren Prescott, says the Onfido solution is a product “that we could plug into our application process without expensive IT engineering costs and without integrating it fully into our mainframe systems”.
Onfido CEO Mike Tuchen says their product allows banks such as The Co-operative Bank to meet regulatory requirements, “including Know Your Customer (KYC) and Anti-Money Laundering (AML), while meeting consumers’ changing digital preferences”.
