Onfido announced the expansion of its Real Identity Platform, improving fraud accuracy by 54% and fully automated performance by 12x.
The platform simplifies identity for everyone. Now customers can reduce the complexity of sourcing and managing multiple identity verification vendors to meet local compliance regulations and can more easily mitigate fraud threats in an increasingly global marketplace. The Real Identity Platform includes four new products:
- Onfido Verification Suite, a curated library of identity verification services including award-winning document and biometric solutions, trusted data sources, and innovative anti-fraud measures.
- Onfido Studio, a powerful identity orchestration layer that acts as the mission control for identity verification, enabling organizations to build and optimize multiple identity verification flows using the entire verification suite and no-code workflows.
- Onfido Smart Capture, a flexible, easy-to-integrate SDK that delivers over 90% first-time pass rates, with NFC verification, accessibility features, and intelligent end-user feedback to correct things like blurred or cropped images.
- Onfido Atlas, the state-of-the-art AI decisioning engine that powers the entire platform, providing fully automated identity verification and authentication at global scale, with 95% of checks completed in less than 10 seconds. Its built-in anti-bias capabilities are unparalleled in the industry.
These additions to the platform enable organizations to optimize and automate the user experience while providing the highest levels of risk assurance.
“Managing multiple vendors across end-user workflows is one of the biggest challenges banks can face in compliance and fraud prevention,” said Kavin Mistry, Head of Digital at TSB. “Onfido’s Real Identity Platform brings all this together, reducing that complexity and providing a valuable array of verification signals that will help make managing our customers’ identity much simpler.”
The Onfido Real Identity Platform allows organizations to build multiple workflows optimized for different market conditions, geographies, and risk tolerance that achieve the lowest fraud and highest end-user conversion rates, without the need to invest in additional customer support.
“Making identity proofing, fraud detection and user authentication capabilities work together across the user journey can improve risk mitigation, reduce costs and boost innovation in product or service offerings, but remains challenging for organizations to execute on,” said Akif Khan, Senior Director Analyst at Gartner.
“With the addition of multi-dimensional identity verification signals, organizations can now get a more holistic view of their customers and make faster, more informed decisions about which products or services to offer and when to offer them,” said Alex Valle, Chief Product Officer of Onfido. “By combining this with the flexibility of easily integrating identity verification at any point in the customer journey through drag-and-drop workflows, organizations can create the perfect user experience without compromising on fraud protection, all through a single API and best-in-class SDK.”
Onfido Verification Suite: Increased fraud detection accuracy
Onfido Verification Suite provides a curated library of globally trusted data sources and identity verification services. The suite provides tailored user experiences designed around specific fraud and regulatory use cases, compliance requirements, global needs, risk appetite, and business objectives. This library extends and tightly integrates with Onfido’s award-winning document and biometric identity verification solutions. The trusted data verification sources include Watchlist (PEPs and Sanctions), Ongoing Monitoring, ID Record Check, AAMVA (American Association of Motor Vehicle Administrators), Tax ID (India), Social Security Number (US), and Proof of Address. Accompanying these are additional fraud detection verifications including Phone Verification (network signal and device integrity), IP Reputation, Geolocation, Email Risk Verification and Known Faces.
Onfido Studio: Simplifying digital identity orchestration
Onfido Studio enables organizations to orchestrate business logic with no code and powerful analytics to make intelligent, data-driven decisions. Quickly build workflows that respond to changing market conditions, whether expanding into new geographies, aligning with changes in internal policies, changing risk tolerance, or keeping compliant with regulations or evolving sanctions. Simply drag and drop a document and biometric check or one of many other verifications or fraud signals into your customer journey to optimize customer onboarding or authentication.
Onfido Smart Capture: Over 90% first-time pass rates
Smart Capture provides a powerful and flexible SDK that enables customers to quickly create a world-class onboarding experience that is easy to use and optimized for fraud prevention. It includes NFC scanning, image quality enhancements, face detection, and advanced document capture features such as barcode, MRZ and edge detection. Also included are advanced on-device fraud detection capabilities including device tampering and IP intelligence. Smart Capture is WCAG level 2.1 accredited for accessibility. 70% of Onfido’s customers use Smart Capture SDK due to its flexibility, ease of integration, and proven performance – resulting in 90% first-time pass rates and 20% increase in first-time document and selfie capture success.
Onfido Atlas AI: Fully automated identity verification
The Real Identity Platform is powered by Atlas, an AI that enables fully automated identity verification with 95% of checks processed in less than 10 seconds, a 12x improvement. It also powers a year-over-year improvement in fraud accuracy by 54%. Atlas is built on over 10,000 micromodels that decipher the slightest nuances of global ID documents, and refined on tens of millions of checks each year, all to deliver unparalleled accuracy and automation to each verification. With a cornucopia of training sets and oversight from the ICO (Information Commissioner’s Office), Atlas effectively safeguards against facial biometric bias, improving false acceptance rates by 10x to 0.01%.
Onfido’s Real Identity Platform supports fast, frictionless fraud prevention and compliance at global scale that adapts to the unique needs, markets and risks of each customer, from financial services and healthcare, to gaming, telecommunications, retail, and hospitality.
“Time is a precious resource for organizations when it comes to engineering and developer talent. Effectively managing a team’s workload is essential when considering onboarding flows or initiating major changes to stay compliant with financial regulations across multiple countries,” said Ron Kalifa OBE, Chair of FinTech Review. “Onfido is helping to keep the UK at the forefront of fintech innovation by enabling businesses to scale internationally, enabling them to navigate compliance and complex fraud vectors more easily.”
“A challenge telecommunications companies face in remaining compliant and mitigating fraud is managing the sheer number of vendors used across multiple customer workflows, getting them to interact correctly, and then deriving actionable insights,” said Artur Stankiewicz, Chief Digital Officer at Orange Poland. “Onfido’s Real Identity Platform strips away that complexity by offering multiple verification methods in a one-stop solution that simplifies customer identification.”
“We’re always looking for ways to reduce user friction and help our customers onboard faster, while remaining secure and compliant,” said Peter Lu, Director of Product at KOHO. “As we continue to expand throughout Canada, Onfido’s Real Identity Platform will scale with us, allowing us to decide our fraud tolerance and apply the correct level of identity proofing at different points along the customer journey.”
“As the largest African money-transfer platform, we must walk a fine line between managing the growing complexity of AML/KYC regulations in all the countries we operate in and ensure a fast, frictionless customer onboarding experience,” said Hasan Luongo, VP of Global Marketing at Chipper Cash. “Onfido’s Real Identity Platform simplifies this complexity and will enable us to grow more rapidly in the face of evolving fraud vectors and global regulations.”
“As a fast-growing, fully digital financial services startup our customer experience is our first priority,” said Sebastian Robles, CEO at Kredito. “We’re always looking for ways to reduce user friction and help our customers onboard faster,” said Robles. “We’re excited to start using Onfido’s Real Identity Platform to simplify our customer onboarding process without making any compromises on fraud prevention, compliance or security.”