Simplex selects Onfido to power secure identity verification, automating 70% of customer verifications

October 28, 2021 Laura Noye

Simplex partners with Onfido for an automated, secure, and efficient approach to verifying their customers.

Simplex, a Nuvei company and one of the largest fiat infrastructures for digital currencies globally, today announced a partnership with Onfido, to verify customers on its banking service and payment processing platform with AI-powered document and facial biometric technology. Simplex is the latest cryptocurrency provider to partner with Onfido for secure and trusted identity verification, streamlining Know Your Customer (KYC) and Anti-Money Laundering (AML) processes while providing a simplified user journey.

Simplex built the fiat-to-crypto infrastructure for the entire world and processed approximately US$500 million in merchant transactions in 2020 alone. Through its payment processing and crypto banking infrastructure, the company made cryptocurrency more accessible, enabling its users to purchase cryptocurrencies using fiat currency quickly and seamlessly through its partner network. This means ensuring that every payment processed is secure and compliant, and offering partners a 100% chargeback guarantee. 

Simplex was acquired by Nuvei, a leading global payment technology provider, in September 2021. Having a seamless online payment experience that balances evolving compliance and emerging fraud threats is essential as the company scales. An automated, secure and efficient approach to verifying its customers was required. 

By integrating Onfido’s AI-powered identity verification service, this can be achieved. Users can sign up by simply taking a photo of their government-issued identity document (ID) and taking a selfie or a selfie video. Onfido first checks that the ID is genuine and runs checks against Politically Exposed Persons (PEPs), sanctions watchlists and credit databases for financial regulatory compliance. Then, with biometric recognition technology, Onfido checks that the ID matches the user’s face. 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.

The partnership had immediate results:

  • 76% of customers are approved first-time with accurate, fast, AI-driven identity verification.
  • 70% of customer verifications are automated, enabling customer access with end-to-end processing.

“We care a lot about risk, from both a product and cultural perspective. It’s why we offer a 100% chargeback guarantee for customers,” says Erez Ben Ezra, VP Global Expansion at Simplex, a Nuvei company. “Onfido gives us confidence in the customers we onboard, doing so in a way that enables us to capture an omnichannel audience without burdening our manual teams at scale.” 

“Simplex, a Nuvei company, has a forward-thinking approach to digital banking that puts fraud prevention and compliance at the centre,” says Oliver Krebs, Senior Vice President EMEA at Onfido. “We’re pleased to support them in achieving this digital initiative, realising gains in customer experience, operational efficiency, and risk prevention. Onfido’s technology brings trust to digital transactions worldwide, with leading UX practices from auto-capture technology through to live user feedback, customers can go from ‘I’ve never been through a process of verifying my identity online’ to ‘verified without delay.”

See more in the case study here.

 
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