AI-powered identity verification gives bunq users fast and frictionless onboarding and re-authentication
Today we announced a renewed partnership with European challenger bank, bunq. Onfido will continue to deliver market leading AI-powered identity verification and will expand to provide a fast and seamless user re-authentication solution to bunq users.
Scaling AI-enhanced identity verification
Onfido’s identity verification solution enables secure and simple onboarding for bunq users. Applicants simply take a photo of their government-issued identity document (ID) using their smartphone and the AI-enhanced technology assesses if it seems genuine. Users then take a video selfie and Onfido’s biometric analysis compares it to the ID to verify if it matches the user. The process detects fraudulent documents and spoofing attempts, while providing legitimate users a fast and frictionless onboarding experience.
“In everything we do at bunq, we aim to make our users’ lives easy,” says Ali Niknam, founder and CEO of bunq. “As Onfido shares this vision and can support our European growth, expanding our partnership is a logical step to provide the best onboarding experience for our users.”
Fast and secure user re-authentication
bunq is expanding its partnership with Onfido for its re-authentication solution for users looking to reset their passwords and resolve account lockouts. When high risk is detected around a customer account, Onfido lets users easily authenticate by simply taking a selfie. This eliminates the need for outdated and time-consuming identity checks such as a knowledge-based question (e.g. typing the third and fifth digit of an electricity bill number) or having to contact the bank, giving customers immediate remediation and putting control back in the hands of the user.
Security meets usability in FinTech
By combining Onfido’s AI-powered document and identity verification with bunq’s modern customer-focused services, users have a flexible mobile banking option that is secure and easy to use. With this sophisticated approach to know your customer (KYC), bunq is able to accept more government-issued IDs, verify more identities, and scale in multiple regions after its recent successful launch in all EU-markets.
“We’re thrilled to expand our partnership with bunq, especially on re-authenticating their users over multiple time-periods when needed, in order to detect and prevent fraudulent attempts while enabling the business to quickly scale,” said Husayn Kassai, CEO and cofounder of Onfido. “bunq shares our ethos of putting identity back in the hands of customers by delivering a much more secure and convenient way to provide access to online services.”