Fintech, Onfido simplifies identity verification with Compliance Suite

Fintech, Onfido simplifies identity verification with the Compliance Suite, a solution designed to facilitate fast-growing businesses, allowing them to seamlessly expand into new markets and comply with local regulations for customer onboarding.
By integrating Qualified Electronic Signature (QES) and One-time Password (OTP) into no-code compliance workflows, the Suite offers verified identity in a highly customizable and easy-to-use way.
Let's take a detailed look at how Onfido is revolutionizing the fintech sector and simplifying identity verification in complex compliance contexts.
What is the Onfido Compliance Suite The Onfido Compliance Suite represents a significant breakthrough in the field of identity verification.
By integrating Qualified Electronic Signature and One-time Password into its Real Identity Platform, Onfido overcomes the challenges of regulatory compliance by offering companies a centralized and versatile solution.
This approach avoids assembling local specialized services, allowing businesses to manage all compliance needs through a single provider and control center.
A concrete example is the expanding partnership with Lemonway, a pan-European payment institution that uses the Compliance Suite to confidently address regulation while maintaining a high-quality user experience.
QES, a digital signature based on unique signatory signals and supported by a qualified digital certificate, joins Onfido's robust identity verification platform, already powered by AI, creating a complete solution for Know Your Customer needs (KYC) and Anti-Money Laundering (AML).
The benefits of the Compliance Suite The Compliance Suite not only simplifies regulatory compliance, but offers a number of tangible benefits for businesses.
By adding QES and OTP to Onfido's ETSI certified identity verification, companies can adapt their onboarding flows based on local regulatory requirements, improving customer conversions and discouraging fraudulent behavior.
Additionally, the suite allows you to securely conduct high-risk deals and transactions, such as payments, loans and mortgages.
Onfido Chief Product Officer Yuelin Li highlights how this solution reduces the complexity of regional compliance, providing a one-stop-shop offering to allow leaders to focus on their expansion and remain agile to future regulatory demands.
The future of identity verification With its Compliance Suite, Onfido positions itself as the ideal partner for the growth of trusted institutions globally.
Locally accredited verification solutions often add complications to the onboarding process, slowing user acquisition.
In contrast, the Compliance Suite offers the most comprehensive verification solution on the market, allowing companies to quickly expand into new geographies.
Onfido, with over 1200 global partners, supports millions of people in accessing services every day, demonstrating the effectiveness and adaptability of its Real Identity Platform.
As regulations continue to evolve and the need for security increases, Onfido is strategically positioned to lead the future of digital identity verification.