Mode, the UK’s new mobile banking app for everyday investors to buy, store and manage Bitcoin, and Onfido, the global identity verification provider, today announced their partnership, empowering Mode’s mobile application to seamlessly verify and connect UK and European citizens to a thriving Bitcoin market.
Through the new partnership, Mode expands its network of industry-leading financial technology partners, each sharing Mode’s core values of security, compliance, and technological innovation. By using Onfido’s AI-enabled verification technology, during its customers’ onboarding and ‘Know Your Customer’ (KYC) process, applicants simply take a photo of their government-issued ID and a selfie; Onfido checks the ID seems genuine and matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present. Mode is able to verify applications and users anywhere, anytime, with the highest degree of compliance with KYC requirements.
In addition to identity verification, Mode has worked with Onfido to simplify and automate one of the biggest pain points in fintech: the address verification process. This will reduce the need for Mode customers to navigate complicated onboarding procedures, providing a frictionless user experience.
“Creating a seamless user experience has been critical in the makeup of our mobile application,” said Janis Legler, Head of Product and Partnerships at Mode. “We are proud to work with Onfido, who closely align with our values and ambitions in this evolving space. Since inception, Onfido has been a true pioneer in the “RegTech” field, bringing credibility to the industry as a whole through its best-in-class AI-driven approach. We are thrilled to be able to show the world how we have integrated this solution and how it provides a unique user experience.”
“We are excited to be supporting Mode’s aim to build a truly secure and efficient digital banking app,” said Husayn Kassai, CEO and co-founder at Onfido. “We bring trust to digital interactions worldwide, securely verifying a user identity at the onboarding and ongoing management of that identity. Service providers shouldn’t have to compromise on user experience or security, and we’re thrilled to be working with Mode who demand both as they build a next-generation financial ecosystem.”
Part of the R8 Group, Mode Banking is a London-headquartered fintech firm on a quest to build a safe and regulated global banking ecosystem, that recognises and unleashes the full potential of digital assets for the everyday customer.
In Q1 2020, Mode Banking officially launched its first consumer app designed to make buying and managing Bitcoin – the world’s most sought-after digital asset – accessible to everyone via a responsive and modern user interface.
The Mode app provides an attractive and seamless way for both new and existing investors to access the digital asset markets with a comparable user experience to popular mobile banking solutions.
New updates and exciting features, such as first of its kind Bitcoin interest-generating accounts, are expected to be rolled out throughout 2020.
R8 Limited is a UK fintech group which was divested out of the Redwood Bank Group in 2017. R8 is building modern financial services needed to support the growing decentralised economy. The company was launched by Jonathan Rowland, Co-founder and Director of UK challenger bank Redwood Bank. Redwood Bank became the UK’s first 100% ‘born in the cloud’ business bank using Microsoft Azure Platform.
R8’s subsidiary companies include Mode, and JGOO – a marketing, e-commerce and payments platform connecting UK brands to Chinese shoppers, online and face-to-face. JGOO are official partners of WeChat Pay and AliPay.
Onfido is building the new identity standard for the internet. Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Zipcar, Orange and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.