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PensionBee chooses Onfido to deliver frictionless KYC compliance

Onfido streamlines operations to securely bring new users onboard

ID: 1546275
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(businesspress24) - 31st January 2019, London: Leading identity verification provider Onfido today announces that it has partnered with PensionBee. Onfido’s machine learning-based identity verification technology allows PensionBee to streamline KYC processes, reducing manual overheads and bringing new users onboard.

PensionBee helps users take control of their finances by consolidating all their old pension pots into one PensionBee plan. Government estimates place the value of unconsolidated pensions at £750bn in the next 3 years as pension-holders disengage with overly complex plans and processes. PensionBee aims to solve this problem by enabling users to straightforwardly see and manage their combined pension through any device, including a mobile app.

Founded in 2015, PensionBee now has over 125,000 users on the platform and currently on-boards hundreds of customers each day. Customers can sign up in minutes, often on their mobile phones, using Onfido’s KYC technology.

As a FinTech platform, delivering a smooth user experience was paramount for PensionBee. They sought an identity verification provider that would allow them to confidently meet with KYC compliance requirements, without adding unnecessary friction to the end user. It was also important to streamline the process internally, as time spent on onerous manual review slowed down user onboarding and was resource-intensive for PensionBee.

PensionBee chose Onfido to deliver its identity verification thanks to its high pass rates, which means that more users can be onboarded automatically instead of going through to manual review. Ease of integration was also a deciding factor. Onfido’s ability to integrate directly into Salesforce means PensionBee is able to easily keep record of KYC compliance, and automate next steps to get new users up and running more quickly. Onfido is the only document and facial verification tool currently available through Salesforce’s AppExchange.

Founder and CEO of PensionBee, Romi Savova, said: “As a FinTech, meeting compliance requirements without compromising on user experience is a challenge. Onfido helps automate much of our KYC process and was incredibly easy to integrate into our existing tech stack. Onfido’s market-leading technology not only makes things smoother for our end-users, but for our internal operational team, too.”



Co-founder and CEO of Onfido, Husayn Kassai, said: “Manual identity verification processes are costly for business and add unnecessary friction for users. Our clients in the FinTech space, like PensionBee, can’t afford either. We’re delighted to be helping them streamline their processes to get new users on board swiftly and securely.”




More information:
http://https://www.realwire.com/releases/PensionBee-chooses-Onfido-to-deliver-frictionless-KYC-compliance



Keywords (optional):

onfido, pensionbee, kyc,



Company information / Profile:

Onfido verifies the world's identities. We develop AI that sorts true IDs from false, and then compares them against facial biometrics. That’s how we help businesses onboard more customers, more securely. Our technology brings more users onto your platform, driving down fraud risk at onboarding and beyond. Recognised as a global leader in machine learning, we’re backed by Salesforce and Microsoft.

As a team of 250 technologists spread across 6 countries, we’ve raised $60m in funding. We power verification for 1,500 customers including, Bitstamp, Revolut and AllState.

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PressContact / Agency:

For further press information or enquiries, please contact Jasper Martens at press(at)pensionbee.com or (+44) 20 3859 5788



published by: RealWire
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Date: 01/31/2019 - 11:25
Language: English
News-ID 1546275
Character count: 2859
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