Manchester's Arro Money, a fast-growing provider of personal and business accounts, has partnered with the global identity verification provider, Onfido, to offer real-time ID verification and “Know Your Customer” (KYC) checks.
Working with Onfido, Arro Money provides access to financial services to those that have struggled to open traditional bank accounts previously. This alliance means that new customers will have full access to an Arro account in just three minutes, thanks to innovative high-speed yet accurate Customer Due Diligence (CDD) checks.
With the Fourth Money Laundering Directive (4MLD), it is essential that financial institutions conduct strong and reliable KYC checks on new customers when they want to open an account.
Onfido will provide state-of-the-art eKYC data as well as real-time verification for passports, ID cards and driving licences from 160 countries. Additionally, Onfido’s extensive database will verify home addresses faster than ever before, meaning Arro’s customers can gain access to the financial services they need almost instantly.
Muhammad Asim, director at Arro Money, explained: “By partnering with Onfido, we are able to further improve our customer service and continue to eliminate excessive credit checks. Ultimately, we are helping to improve accessibility and financial inclusion. At Arro, we have always put our customers first and, by having this strong alliance with Onfido, our customers’ identification is verified securely, simply and, above all, quickly.
“Having already onboarded 10,000 customers with our advanced KYC checks, we hope this partnership will support our aims of acquiring 50,000 more business accounts over the next 12 months.”
Husayn Kassai, CEO at Onfido, continues: “Having seen the advancements Arro has made over the last six months and its focus on providing a best-in-class service for KYC and KYB checks, it was clear that our companies shared the same vision of providing a safe, seamless and trustworthy verification process.
“Arro is just one of a number of high-quality partners that we have across the globe using our solution to onboard clients in a way which complies with all financial institution regulations and directives.”
The partnership comes after Arro’s Series A Financing round, which aimed to raise further funds to invest in enhancing the customer experience of Arro’s product, as well as building additional capacity in-house.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement