Identity and verification providers Onfido are partnering with blockchain identity and wallet specialists Civic to streamline the sign-up process for new users in preparation for the roll-out of the next generation digital wallet this autumn.
Civic and Onfido Partner to Make AI-Powered Identity Verification More Accessible for the Civic Wallet https://t.co/c06bhyVCQL
— Civic (@civickey) August 8, 2019
Onfido will handle the verification element to confirm a wallet users identity by utilising AI-powered technology to assess whether the supplied photo of any government-issued identity document is authentic. At the same time, the document and the users facial biometrics will be compared for an extra layer of security. Civic’s blockchain-based secures any underlying data but, with the wallet-holders permission, can allow multiple parties to use the personable identifiable information to confirm the users identity.
Founded in 2012 by 3 former students at Oxford University on a seed grant of just £200,000 from the University’s Saïd Business School, Onfido went onto to raise $4.5 million from a Series A funding round in 2015 and were joined by former Google director Ed Ungar as their Chief Commercial Officer. By 2016, the company had completed around ten million background checks.
In April this year, Onfido confirmed total investments in their company now exceeded $100 million and this funding had positioned them to engage with an expanding personal identification market that is estimated by McKinsey to be worth in the region of $20 billion by 2022.
Civic launched through an initial coin offering (ICO) in 2017 with the aim of putting identity data back into the hands of the holder and in doing so providing a valuable tool in stemming the daily tide of data breaches that continue to outpour from corporate and government institutions alike.
Speaking of the collaboration between the two companies, Civic CEO Vinny Lingham said Onfido “…share our vision of providing everyone with digital identity they may own and control” and Lingham, perhaps with a view of providing a stress-free customer experience in mind, has seen “…first hand how their AI verification technology delivered higher pass rates without compromising on fraud protection.”