SwissBorg automates onboarding process with digital identity verification powered by Onfido
- Digital Identity
- 04.08.2020 05:52 pm
SwissBorg has partnered with Onfido to securely verify applicant identities for its wealth management platform, providing a seamless customer onboarding experience while achieving regulatory compliance.
SwissBorg’s mission is to become the world-leading wealth management ecosystem powered by blockchain technology - setting the standards for crypto projects across the industry while building a dedicated community of users. As a licensed financial entity, SwissBorg’s priority is safeguarding users’ data and preventing fraudsters’ attempts by performing sufficient Know Your Customer (KYC) checks. All this must be achieved without compromising the customer onboarding experience.
To achieve this, SwissBorg partnered with Onfido to securely verify remote users while streamlining the onboarding process and watchlist checks. With Onfido’s AI-powered identity verification technology, SwissBorg applicants are able to sign up by simply taking a photo of their government-issued identity document (ID) and a selfie. Onfido first checks that the ID seems genuine and is not fraudulent, and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present. Users are able to start their digital crypto investment and trading journey anywhere, anytime, through a fast and user-friendly online experience.
For a digital-first business in an emerging industry, balancing compliance needs with customer experience could be the difference between winning market share and driving customers away. Finding a service that SwissBorg could trust and integrate seamlessly—and use to satisfy KYC needs—was essential.
Now, 60% of Swissborg’s applications are processed automatically with regard to identity checks, making it one of the faster onboarding journeys in the cryptosphere. KYC checks are completed in under two minutes on average and users can be fully onboarded in under ten minutes. The data is only used for verification purposes for the safety and security of users assets. Onfido’s SDK event tracking also allows the SwissBorg team to see exactly where the drop-off is, so they can react in real-time.
“One of SwissBorg’s main priorities is the protection of its community. This includes preventing users with ill-intent from onboarding and also safeguarding users’ data. Partnering with Onfido has allowed us to achieve these objectives while providing one of the safest and quickest onboarding experiences on the market.” comments Christophe Diserens, Chief Compliance Officer at SwissBorg.
“In today’s digital age, users increasingly appreciate a user-friendly digital experience so they can seamlessly prove their real identity while knowing it is secure. As SwissBorg scales across Europe, they can now be confident that it can satisfy customer verification, and that Onfido’s comprehensive coverage—spanning over 4,600 document types in 195 countries—will be there to help.” said Husayn Kassai, CEO and co-founder at Onfido.