UK challenger bank Monzo Bank, f/k/a Mondo Bank, has inked a 2-year contract with AU10TIX to power customer acquisition and fraud protection ID document authentication and selfie-to-ID picture comparison services.
With AU10TIX BOS in place Monzo Bank boosts both attractiveness to customers and operating efficiency, while meeting KYC requirements and protection against ID fraud much more effectively than other banks. ID forgery and counterfeiting is already recognized as the primary driver of fraud and the reason for increasing regulations.
Effective, speedy reaction rules out manual ID document “examination”. In addition to this, 1st generation solutions only automate document image content extraction and analysis but offer no effective answer to image tampering and counterfeiting.
AU10TIX BOS, the forerunner of 2nd generation ID authentication and onboarding already powers the world’s major financial services providers due to offering deep, pixel-level forgery and counterfeiting detection, better performance with borderline quality ID images, pinpointed exception reporting and multi-lingual support.
Monzo is a bank as smart as your phone. Built for your smartphone, this is banking like never before. One that updates your balance instantly, gives intelligent notifications, and is easy to use. Monzo strives to build the best bank on the planet and wants you on board. Monzo offers a high-tech banking app and credit card. It gives users instant balance updates and offers a range of intelligent notifications such as tracking recurring payments and providing summaries of exactly where your money goes each month.
AU10TIX deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company’s products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient.