The partnership enables Arro Money to provide access to financial services to those that have struggled to open traditional bank accounts previously. Onfido will provide eKYC data as well as real-time verification for passports, ID cards and driving licences from 160 countries. Additionally, its extensive database will verify home addresses, enabling thus Arro to comply with Customer Due Diligence (CDD) and Fourth Money Laundering Directive (4MLD) regulation.
The regtech’s Facial Check with Photo solution will provide added security to Arro’s user sign-up process to prevent spoofing attempts. As a result, all users have to do when signing up for an Arro business or consumer account is take a selfie and a picture of their ID document, both of which are then submitted to Onfido via API for verification.
The partnership comes after Arro’s Series A Financing round, which aimed to raise further funds to invest in enhancing the customer experience of their product, as well as building additional capacity in-house.
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