B2B Payments

Onfido Secures $6.6M Grant For Biometrics To Prevent B2B Fraud

Facial ID Company Onfido Secures £5M Grant

A U.K. fund set up to foster competition in the banking sector has given $6.6 million to facial recognition firm Onfido "to invest in the development of biometric fraud detection, data anonymization and document fraud prevention technologies," the entities announced in a news release on Tuesday (Aug. 18).

Onfido said the funding from Banking Competition Remedies "will enable Onfido to invest in the development of biometric fraud detection, data anonymization and document fraud prevention technologies."

Banking Competition Remedies said in a prepared statement that nearly 100 organizations applied for grants and six were awarded a total of $26.5.

Husayn Kassai, CEO and co-founder of Onfido, said in a prepared statement: “We pride ourselves on leading discovery and innovation of artificial intelligence technologies applied to identity verification, and are honored to receive the grant to further invest in the technologies that are creating a more open and inclusive online world. We view this as a critical issue as we enter a more digitized era where an individual’s identity is the key to access."

Onfido says it provides its clients, including Zipcar, with a product that enables them to remotely verify a potential customer's identity.

The company, which was founded by three graduates of Oxford University, has offices in England and Silicon Valley.

While technological advancements in facial recognition have been embraced in some quarters, fierce opposition has emerged in the political world as well as among private-sector organizations due to privacy concerns. The issue made it into the 2020 Democratic Presidential Primary, when Vt. Sen. Bernie Sanders said he would ban the technology's use if elected.

——————————

PYMNTS TV LIVE OCTOBER SERIES: B2B PAYMENTS 2021 – WHAT WILL YOU CHANGE? 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border. Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

TRENDING RIGHT NOW