Onfido launches Compliance Suite to simplify local and global identity verification amid complex compliance environments

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Jan 23, 2024, 03:00 ET

Qualified Electronic Signature and One-time Password, combined with Onfido's off-the-shelf no-code compliance workflows, create a simpler, fully customizable identity verification solution to help customers meet regulatory requirements.

SAN FRANCISCO and LONDON, Jan. 23, 2024 /PRNewswire/ -- Onfido, the global leader in automated identity verification, today launched its Compliance Suite, an all-in-one identity verification solution that empowers fast-growth businesses to expand seamlessly into new markets and meet local regulatory needs for customer onboarding.

Onfido's Compliance Suite introduces Qualified Electronic Signature (QES) and One-time Password (OTP) alongside no-code compliance workflows to its Real Identity Platform. Businesses no longer have to daisy-chain niche, locally accredited services together, and can instead bring all their local and global compliance needs under one provider and control centre so they can focus on unlocking growth across Europe while at the same time mitigating fraud.

The addition of QES and OTP to Onfido's ETSI-certified identity verification, which includes award-winning AI for fraud prevention and global document coverage, enables businesses to customize their onboarding workflows based on local regulatory requirements, boost customer conversions, and keep bad actors out. The pan-EU offering has passed its conformity assessment board checks and will immediately benefit Onfido's customers across core European markets, including the UK, France, Italy, and Romania, as well as aiding organizations expanding into those regions.

Lemonway, a leading pan-European payment institution, is expanding its partnership with Onfido to include the Compliance Suite to address regulation with confidence alongside other Onfido ETSI-certified identity verification solutions.

"Onfido's Compliance Suite will help us to meet local compliance regulations in all the countries we are expanding in while maintaining a consistently high-quality user experience that our customers have come to expect. With Onfido, we are now able to build a high-performing, secure and convenient onboarding experience that will unlock our ability to scale across multiple geographies quickly," said Jeremy Ricordeau, Chief Operating Officer at Lemonway.

QES is a digital signature that is created using signals unique to the signer and is backed by a qualified digital certificate. Having the signature tied to the certificate provides a reliable means to confirm the identity of the person associated with the signature. It protects the documents against tampering or forgery in such a secure way that it has the same legal enforceability as a handwritten signature. It augments Onfido's core AI-powered platform, which matches an official identity document with a selfie using biometric verification, by bringing together all the identity verification capabilities into a single solution.

Through Compliance Suite, Onfido can help customers securely conduct high-risk agreements, such as payments, loans and mortgages, and address Know Your Customer (KYC) & Anti-Money Laundering (AML) requirements in core EU markets through Onfido Studio while benefiting from sophisticated fraud protection at scale.

Commenting on the launch, Yuelin Li, Chief Product Officer at Onfido, said: "Onfido's Compliance Suite eases the regional compliance headache and delivers a one-stop-shop compliance offering that allows leaders to focus on their expansion, register customers faster, and remain agile to future regulatory demands.

"Locally accredited verification solutions typically solve regulatory needs for just one market and often add unnecessary friction to the onboarding process, causing frustration and delaying user acquisition. With Compliance Suite, we now have the most comprehensive verification offering in the market, making Onfido the go-to scaling partner for globally trusted institutions."

For more information on Onfido's Compliance Suite, visit our website here.

About Onfido
Onfido makes digital identity simple. The company makes it easy for people to access services by digitally verifying them using its Real Identity Platform. The platform allows businesses to tailor verification methods to individual user and market needs in a no-code, orchestration layer – combining the right mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction and regulatory requirements. Partnering with over 1200 businesses globally, Onfido helps millions of people access services every day – from billion-dollar institutions to hyper-growth start-ups.

SOURCE Onfido