Drip Capital, Inc., a leading cross-border digital trade finance platform, announced a partnership with Onfido, a global digital identity verification and authentication provider, to streamline the onboarding process for new customers.
Through the partnership, Drip Capital will leverage Onfido’s real identity platform to verify identity documents in real time through a secure, fully digital workflow. This will eliminate the need for tedious physical document submission and handling while also speeding up the onboarding process for new applicants.
The platform will also provide multiple checks like anti-money laundering, bringing fraudulent documents to light even faster. Onfido’s identity verification solution will enable Drip to enhance its security and provide a seamless experience to its customers.
This is one of several initiatives from Drip Capital to offer a simplified credit application process and a more user-friendly KYC process than traditional lenders. In India, the company provides collateral-free export finance solutions, allowing SMBs to unlock working capital to invest in business growth.
Onfido, a digital identity verification platform, makes it easier for people to complete their KYC compliance quickly and securely. By leveraging biometric and AI technology for automating checks, Onfido helps increase the efficiency of verifying crucial documents at scale and enables real-time response on the validity of these documents. In partnering with Onfido, Drip joins several other major technology companies, including Remitly and VW Financial Services, who already leverage Onfido’s digital identity verification platform.
“AI-driven document verification and facial biometrics can greatly help sellers and buyers minimise the risk of miscommunication and fraud, thus resolving a major source of friction,” said Pushkar Mukewar, CEO and Co-Founder of Drip Capital. “We’re proud to partner with an industry leader like Onfido, allowing us to continue to scale, innovate, increase operational efficiency, and efficiently manage risk.”
Also Read | Drip acts as a strategic financial partner to MSMEs: CTO Anil Gopinath
“Customers have become more cautious while sharing sensitive information. With Onfido’s high level of security when handling documents and its ability to provide real-time responses on the validity of paperwork, customers don’t have to worry about submitting confidential information or tedious requirements for notarised copies of identity documents. This will allow Drip to build trust with clients and make their journey more seamless,” said Rahul Nath, Head of Product & Operations at Drip Capital.
“Drip Capital is innovating in the world of cross-border trade, simplifying digital trade financing solutions for SMBs,” said Alex Valle, Chief Product Officer at Onfido. “We’re excited to be partnering with such a forward-looking company and are pleased to be enabling Drip to acquire new customers faster and more securely than before.”
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
