Among the hottest sectors amongst fintech startups has been the cross border money transfer segment. Providing digital methods to handle currency exchanges and transfers, companies such as Xoom, TransferWise and CurrencyFair are providing the service at lower rates than traditional banks.
Helping power these firms are automated solutions for onboarding new customers to fulfill know your customer (KYC) and anti-money laundering (AML) requirements that can verifiy customers in a few minutes, rather than hours or days. As online businesses, instant verification is part of the overall trend of expected services related to web-based platforms.
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Among firms servicing this payment transfer industry with automated services is AU10TIX, whose solution lets customers snap images on of their documents on their phone or webcam for quick validation. Announcing a new customer, AU10TIX’s solution has been chosen by UK based WorldFirst.
A cross-border currency transfer provider, WorldFirst is one of the older online exchange firms, having launched in 2004 and opened offices in six countries around the world. Beyond their direct to consumer business, WorldFirst was in the headlines late last year for a business partnership as they closed a deal with Virgin Money, to power their international money transfer offering.
Commenting on the selection of AU10TIX, Tim Rudman, COO of WorldFirst stated: “We took on AU10TIX BOS for ID authentication as part of our ongoing commitment to providing customers with a slick, efficient registration process whilst also ensuring market-leading security procedures. Automating the authentication of ID documents as part of our registration is good for customer experience but also good for customer’s peace of mind too and means we remain vigilant in our efforts to prevent fraud while being able to scale as our business grows. We are happy to have partnered with AU10TIX and view this solution as a great addition to our already robust KYC and AML systems.”