Placing a focus on the efficiency of the customer journey, WorldRemit has selected Onfido, the global identity verification and authentication company, to make it easier and quicker for customers to open an account and send money abroad.
The partnership will allow the FCA regulated international payments company to further automate the Know Your Customer (KYC) decision-making process to verify the identification of customers.
Stephen Moffatt, director of payments at WorldRemit said: “Our new partnership with Onfido is an important step for us in reducing friction, helping new customers join our platform faster so they can send money home. As part of our constant efforts to improve and refine our customer experience, adding Onfido’s functionality to our registration process will ensure that we can put our customers on the happy path of sending money home, while protecting them from fraudsters.”
Additionally, this partnership will support WorldRemit’s ambitions for financial inclusion on its platform. Onfido’s optimised verification technology means that customers who have lower spec smartphones and cameras will have a better user experience.
The platform also provides users with granular feedback beyond a simple pass or fail. Facial orientation or poor lighting conditions can now be provided as reasons for failure in verification, allowing customers to try again or be prompted to alter their camera set up during the verification process.
Husayn Kassai, CEO and co-founder at Onfido added: “International payment transfers shouldn’t have to be costly for businesses and complex for users.
“We’re pleased to be supporting a forward-thinking remittance platform such as WorldRemit which strives to provide the best for its users. We’re delighted to be helping the company streamline their processes to get new users onboard swiftly and securely, while meeting strict compliance regulations.”
Expert Analysis: The collaboration is undoubtedly well-positioned to grow in the market and for it to place a focus on financial inclusion at this current time, is vitally important as the banking and finance sector becomes increasingly digitalised.