KYC marketplace start-up chooses Onfido for its robust, low code ID verification capabilities
Onfido, the global leader in automated identity verification, today announced a partnership with Magic, an innovative Know Your Customer (KYC) marketplace company, to provide document and biometric verification to streamline KYC processes and help mitigate fraud.
Magic is building “Sign-up with Google” for regulated services. Its mission is to empower companies and individuals with a privacy-first ecosystem that drives new revenue, boosts engagement, and fortifies sensitive data control.
The partnership is part of Magic’s forthcoming Beta programme and will actively redefine how businesses verify and manage customer identities. It will empower companies to see KYC as more than just a compliance exercise, but a tool for transformation and growth. At the same time, Onfido will support Magic to securely elevate the identity data associated with any user profile, enabling individuals to swiftly access essential services that enrich their lives.
By integrating Onfido’s AI-powered Real Identity Platform, Magic users can sign up by simply taking a photo of their government-issued identity document (ID) and capturing a selfie. Onfido first checks that the ID is genuine and not fraudulent, and then checks the liveness of the selfie or selfie video and matches it to the photo in the ID. This ensures the person presenting the identity is its legitimate owner and is physically present. Users can start their digital journey anywhere, anytime, through a simple and user-friendly online experience that meets regulatory requirements.
Thanasis Mandaltsis, Co-founder and CEO of Magic, said of the partnership, “Our network is designed to empower users, giving them complete control over their personal information while rewarding their engagement. Simultaneously, we equip organisations with the tools to streamline their KYC procedures, reduce attrition, and present offers to compliant users without infringing on data privacy. This synergy between user empowerment and business efficiency truly makes it a win-win situation.”
He added, “Onfido continues to be the identity verification market leader, with state-of-the-art fraud capabilities and orchestration tools. Our goal has always been to create tools that help both businesses and people grow together. Entrusting the intricate task of fraud detection to the industry leader was a strategic yet essential step for us. It aligns seamlessly with our commitment to foster a secure, efficient digital landscape where businesses and users can engage with trust and assurance.”
“In today’s digital age, users increasingly expect a user-friendly digital experience so that they can seamlessly prove their real identity while knowing it is secure and upholds privacy,” said Yuelin Li, Chief Product Officer at Onfido. “At Onfido, we bring trust to digital transactions worldwide, and we’re pleased to be supporting Magic’s digital initiative in creating a trusted digital identity ecosystem. We pride ourselves on delivering access to online services that both detects and prevents fraudulent attempts while enabling the business to scale and meet regulatory requirements.”