London- and San-Francisco-based identification firm Onfido has been recognised with the 2019 European Technology Innovation Award.
The platform, powered by artificial intelligence and biometrics, allows firms in sectors such as banking, insurance, and retail to validate a user’s indentity supporting documents through its smartphone-based scanning technology.
It is backed heavyweight investors including by Salesforce Ventures, SBI Investment, and M12 (Microsoft) Ventures.
Co-founder by CEO Husayn Kassai previously told Business Cloud that the firm’s technology, currently used to ID customers, could have the potential to bring millions of new people online.
“With 240 technologists spread across six countries, Onfido has taken proactive measures to grow in-line with industry demands and the threat landscape,” said industry analyst Doraiswamy Bharath Sunderraj.
“Although a number of large technology participants are staking a claim to the identity verification market, Onfido has a strong footprint and intends to grow as a major standalone participant.”
The award, presented by business consulting firm Frost & Sullivan, is handed to a company that has developed a product to recognise its innovative features and rapid acceptance in the market.
“Onfido’s proprietary identity verification solution employs multiple advanced algorithms in parallel, which helps triangulate and verify users’ documents as efficiently as possible, in less than 20 seconds,” continued Sunderraj.
“Onfido’s process is able to scale with increased demand as it uses machine learning to intelligently detect anomalies in 2D identity documents. Compared to local know your customer (KYC) document collectors that are vulnerable to hacking and data loss, Onfido’s solution is cloud-based and extremely secure.”