Onfido’s technology automates identity verification, reducing onboarding time from days to minutes.
Onfido, the global leader in automated identity verification, today announced a partnership with InbestMe, a digital investment platform offering personalised investment strategies, to automate their onboarding process. With Onfido’s award-winning AI technology, InbestMe can now verify new users in minutes, making them the first Robo Advisor, an automated financial advisor, in Spain to integrate identity verification technology.
Based in Barcelona, InbestMe is a personalised portfolio manager that uses machine learning to customise and manage investment plans to align with their users’ needs. Committed to innovation and efficiency, InbestMe partnered with Onfido to streamline user onboarding and enhance fraud prevention while meeting KYC and AML regulations. The partnership enables users to onboard in as little as five minutes, instead of days when manual verification was required.
Onfido’s advanced technology verifies user identities using a library of award-winning document and biometric verifications, trusted data sources, and passive fraud signals. Users are able to sign up for InbestMe’s services by simply taking a photo of their government-issued identity document (ID) and a simple head-turn video capture. Onfido first checks that the ID is genuine and not fraudulent, and then matches it to the user’s face using Onfido Motion, an iBeta PAD Level-2 compliant biometric verification solution with 100% automated analysis with verifications returned in seconds. Users are able to start their digital journey quickly and securely through a simple and user-friendly online experience that meets compliance requirements.
With the Robo Advisor sector rapidly growing in Spain, InbestMe’s forward-thinking integration with Onfido positions them as a pioneer in user security and efficiency. Through the adoption of Onfido’s solutions, InbestMe is setting a higher standard for user security and efficiency within their industry.
Daniel Vivancos, CMO at InbestMe commented on the partnership: “With innovative technology like Onfido’s, we are proud to have become the first Robo Advisor in Spain to adopt identity verification technology. Our integration not only propels us ahead in our sector but ensures that our clients have a seamless and secure onboarding experience.”
Miguel Mones, Customer Success Senior Manager at Onfido said: “We are thrilled to partner with a forward-thinking company like InbestMe, supporting their goal of revolutionising the onboarding process and expanding Onfido’s presence in Spain. Together, we are redefining how identity verification technology shapes user experience and security in financial services like Robo Advisors.”