UK-based Banking-as-a-Service fintech Griffin has announced a partnership with Estonia-based identity verification provider Veriff to offer out-of-the-box ID&V to BaaS customers. Griffin’s customer onboarding solution Verify now comes pre-integrated with Veriff’s ID&V (identity and verification) technology, enabling fintechs to carry out biometric checks and onboard new users in a quick and secure manner.

Identity verification and Griffin – Veriff’s partnership details As per the press release information, the integration means that fintechs leveraging Griffin’s onboarding solution can: Perform ID&V checks quickly and easily; Automate documentation review processes; Decrease friction in the onboarding process; Improve user experience and customer conversion rates. Identity verification comes as a critical component within the customer onboarding process, particularly with identity fraud on the rise. In 2022, identity fraud comprised 68% of fraud cases, showcasing the organisations’ difficulties in authenticating customers online.

As new technologies enable deepfakes and synthetic identity fraud, these cases are increasingly harder to detect. To combat identity fraud, most companies rely on traditional ID&V methods, which are known to have drawbacks. Manual ID&V checks are prone to error and inefficient, oftentimes leading to onboarding delays and a poor customer experience.

Furthermore, traditional ID&V processes are complicated and lengthy, which can lead to frustration, prompting potential customers to look for competitors that provide a hassle-free onboarding experience. Griffin’s collaboration with identity verification platform Veriff seeks to bring advanced ID&V to its customers, with the announcement detailing that Veriff’s AI-powered ID&V solution enables fintechs to onboard their own customers via Griffin’s platform and get ID&V decisions in a quick and secure manner. Through a single API, customers can use the full suite of Veriff’s ID&V features, alongside other screening, and verification checks.

The centralisation helps eliminate the need for multiple software integrations to meet compliance requirements, simplifying the onboarding process. The streamlined ID&V process ensures that the user journey is straightforward and intuitive, decreasing user drop-offs and bettering conversion rates. Griffin’s Verify solution capabilities Verify is Griffin’s complete onboarding solution that enables fintechs to run an extensive set of KYC/KYB checks on new customers through a single product.

The solution integrates with data providers, and the partnership with Veriff enables the company to offer an advanced, out-of-the-box ID&V solution as part of the package. Verify seeks to offer fintech companies the confidence that they are onboarding the right customers with minimal friction, without having robust KYC/KYB compromised. This simplifies how customers access Griffin’s banking products, as its end-to-end onboarding flows come with the appropriate checks pre-configured and ‘ready to go’.

Per the announcement, the company’s goal is to focus on compliance and banking infrastructure so that customers can build products and grow their businesses. .