Hodlnaut Selects Onfido to Automate Customer Onboarding Using Trusted Identity Verification
Verifies new customers quickly while reducing total onboarding time from 2 days to just 60 minutes
12 Jan 2021 – Hodlnaut, a crypto borrowing and lending platform, today announced a partnership with Onfido, the global identity verification, and authentication company, to automate customer onboarding using Onfido’s AI-powered document and biometric verification solution, to verify users quickly and efficiently while meeting Know-Your-Customer (KYC) requirements.
Hodlnaut needed to meet the regulatory requirements of KYC enacted by the MAS (Monetary Authority of Singapore) which aims to regulate all payment institutions including providers of Digital Payment Tokens. The partnership with Onfido automates the verification process, enabling Hodlnaut users to complete the KYC process in a secure and efficient manner so they can onboard and start using the financial platform faster.
The partnership has yielded immediate results:
- Automate their identity verification process, improving turnaround time to verify a new user
- Reduce the total time to onboard a customer from 2 days to under 60 minutes
- Increase completed checks by over 52%
- Provide an improved user experience, enabling their users to start their digital journey anywhere, anytime, while meeting regulatory requirements
By integrating Onfido’s award-winning identity verification solution, Hodlnaut users can verify themselves by simply taking a photo of their government-issued identity document (ID) and a short selfie video. Onfido first checks that the ID is genuine and not fraudulent, and then performs liveness checks to verify the selfie is a live video and matches it to the photo in the ID. This adds a layer of protection against stolen IDs and impersonation attacks.
“We tested several different solutions and came to the conclusion that Onfido offered the best user experience overall with industry-leading screening,” said Simon Lee, CTO at Hodlnaut. “Onfido delivers exactly what we need to be KYC compliant without sacrificing the user experience.”
“We are very happy to be supporting Hodlnaut in their vision of providing simple to access financial services for individual investors,” said Harvinder Singh, GM APAC of Onfido. “We bring trust to digital interactions worldwide, and we’re excited to be partnering with a company that’s equally ambitious. We pride ourselves on delivering an experience that’s as rapid as it is robust, and look forward to helping Hodlnaut as they innovate for the future of banking.”
Onfido is setting the new standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can verify their users without compromising on experience, conversion, privacy, or security.
Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 – Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with approximately 400 team members across seven countries, is enabling digital access for some of the largest companies around the world.
Hodlnaut is a platform that provides financial services for individual investors where they earn interest on their cryptocurrencies by lending it to margin traders. Founded in April 2019 by self-proclaimed bitcoin maximalists Juntao Zhu and Simon Lee, the company has a mission to help hodlers get the most out of their crypto assets. Hodlnaut offers competitive interest rates to individual investors with a Hodlnaut Interest Account by lending it to rigorously vetted margin traders in the form of crypto loans.
Hodlnaut is a blockchain company recognized by the Infocomm Media Development Authority (IMDA) of Singapore. The project is backed by some of Asia’s leading companies, such as Three Arrows Capital, Sparrow, Singapore Management University, and BitGo. In addition, Hodlnaut is part of Antler’s portfolio company, a global VC firm backing early-stage startups.