Italy-based neobank HYPE has partnered with UK-based identity verification and authentication provider Onfido to automate customer onboarding. The partnership reduced the document verification time for HYPE’s customers from 24 hours to a few minutes thanks to Onfido’s identity document and facial biometric technology.

In order to sign up for HYPE’s services remotely, users need to provide a photo of their government-issued identity document (ID) as well as a short selfie video. Onfido’s system first checks if the submitted ID is genuine and then matches the photo on the ID to the facial biometrics captured in the selfie video. This way, the system makes sure that the person presenting the identity is its legitimate owner and is also physically present.

In order to keep operational costs low and to improve user experience, HYPE has leveraged Onfido’s solutions and introduced a hybrid system of automatic and manual checks. HYPE representatives stated in the company press release that they aim to offer an alternative to traditional banking models as well as a quick onboarding system that doesn’t sacrifice the security of their users’ personal information. Onfido officials emphasised their support of over 2,500 identity documents, which will allow HYPE to scale its business while creating a fast and frictionless end-to-end digital process for its users.

Moreover, the partnership between the two companies allowed Onfido to expand its presence in the Italian market. More information about HYPE HYPE was launched in 2015 and offers services such as digital payments, third-party services, and an online account that helps users manage their personal finances. HYPE’s financial service portfolio includes P2P and bill payments, transfers, savings management, and a cashback programme.

It also offers banking services in collaboration with its partners such as instant credit, personal loans, deposit accounts, insurance and investment funds. The partnership between HYPE and Onfido comes in the context of HYPE’s increasing number of onboarding users. The Italian neobank needed a solution to verify end-users accurately in minutes with a secure and seamless user experience that detects and mitigates fraud.

Other Onfido developments in 2022 In May 2022, Onfido has expanded its Real Identity Platform, allowing customers to source and manage multiple identity verification vendors to meet local compliance regulations while mitigating fraud threats. The expansion consisted of the Onfido Verification Suite, Onfido Smart Capture, Onfido Studio, and Onfido Atlas. In June 2022, Onfido partnered with online identification and digital signature processes company WebID to offer a new approach to identity verification to help banks, financial institutions, and other organisations comply with BaFin regulations.

WebID and Onfido collaborated to enable live video verification for Onfido customers via their API. Customers were able to manage and source multiple identity verification providers, which enabled them to meet local compliance obligations and mitigate fraud risks. .