Arro Money and Onfido partner to deliver world-class KYC capabilities in just three minutes
Arro Money, a fast-growing provider of personal and business accounts, has partnered with the global identity verification provider, Onfido, to offer real-time ID verification and “Know Your Customer” (KYC) checks.
Working with Onfido, Arro Money provides easy and secure access to financial services to those that have struggled to open traditional bank accounts previously. This alliance means that new customers will have full access to an Arro account in just three minutes, thanks to innovative high-speed yet accurate Customer Due Diligence (CDD) checks.
With the Fourth Money Laundering Directive (4MLD), it is essential that financial institutions conduct strong and reliable KYC checks on new customers when they want to open an account.
Onfido provides state-of-the-art eKYC data as well as real-time verification for passports, ID cards and driving licences from 160 countries. Additionally, Onfido’s extensive databases verify home addresses faster than ever before, meaning Arro’s customers can gain access to the financial services they need almost instantly.
Onfido’s Facial Check with Photo provides added security to Arro’s user sign-up process to prevent even the most sophisticated spoofing attempts. As a result, all users have to do when signing up for an Arro business or consumer account is take a selfie and a picture of their ID document, both of which are then submitted to Onfido via API for verification. The IDs are then verified through Onfido’s algorithms to reduce the expensive and timely task of manual review.
Speaking about the alliance, Muhammad Asim, Director at Arro Money, explained: “By partnering with Onfido, we are able to further improve our customer service and continue to eliminate excessive credit checks. Ultimately, we are helping to improve accessibility and financial inclusion. At Arro, we have always put our customers first and, by having this strong alliance with Onfido, our customers’ identification is verified securely, simply and, above all, quickly.
“In our first year of Arro Money we have 25,000 personal account holders and a business offering for both limited companies and sole traders. We are now looking to using this partnership and the technology behind Arro Money to develop our white label solution and enable other businesses to launch their own accounts.”
Husayn Kassai, CEO at Onfido, continues: “Having seen the advancements Arro has made over the last six months and its focus on providing a best-in-class service for KYC and KYB checks, it was clear that our companies shared the same vision of providing a safe, seamless and trustworthy verification process.
“Arro is just one of a number of high-quality partners that we have across the globe using our solution to onboard clients in a way which complies with all financial institution regulations and directives.”
The partnership comes after Arro’s Series A Financing round, which aimed to raise further funds to invest in enhancing the customer experience of Arro’s product, as well as building additional capacity in-house.