Fondeadora Chooses AU10TIX For Identity Verification Services

Fondeadora has chosen AU10TIX as its identity verification provider, the Mexican challenger bank announced.

According to the two companies, their partnership will provide more accessible financial services for millions of people in Mexico.

“As Fondeadora’s demand grows, we’ve been looking across all systems to ensure our offering is resilient and ready to scale — particularly at that first touchpoint with a potential account holder, which is so critical in establishing confidence,” Fondeadora Chief Business Development Officer Miguel Gutiérrez said in a news release.

Fondeadora says they’re operating in a demanding environment thanks to strict local KYC (know your customer) regulations, in one of the fastest growing markets in the world. And with roughly 65 million users who still use cash for most transactions, automatic KYC and digital onboarding are critical for banks such as Fondeadora, the bank said.

According to the news release, Fondeadora will use AU10TIX for “Mexican identity document verification, liveness detection and face biometric authentication” to get ID verification results in less than 8-10 seconds during customer onboarding and logins.

Tel Aviv-based AU10TIX recently launched SECURE.ME, a customer verification product that does not require integration into the businesses it serves. Able to confirm a customer’s identity in under eight seconds, it decreases the entire digital onboarding experience to less than a minute and a half.

In a February interview with PYMNTS, AU10TIX CEO Carey O’Connor Kolaja discussed the importance of “identity literacy” for businesses and customers.