BitPay permits Onfido to just accept fee in Bitcoin, serving to ship id verification providers to extra of the world’s unbankedNew partnership additionally sees Onfido ship AI-based KYC to largest world crypto funds providerJanuary 23, 2019, San Francisco: Onfido, the award-winning world id verification platform, at this time introduced a partnership with BitPay to just accept fee in Bitcoin. BitPay can also be utilizing Onfido’s expertise to fulfill Know Your Buyer (KYC) necessities and onboard new customers to its platform swiftly and securely.Onfido’s machine studying expertise powers id verification for over 1,500 prospects worldwide. With only a photograph of an id doc and a smartphone digital camera, customers can verify their id and achieve entry to a number of on-line providers, serving to companies onboard extra prospects, extra securely. BitPay is the most important world crypto funds supplier. It processes over $1 billion yearly from retailers and B2B prospects. BitPay verifies the funds and accepts the Bitcoin on behalf of the group; companies then obtain settlement in fiat foreign money inside one to a few enterprise days.Partnering with BitPay helps Onfido broaden into worldwide markets the place bank card funds are impractical. Whereas over 2 billion adults worldwide are un- or underbanked, half of these personal a smartphone. BitPay permits transactions from any laptop or cell system, that means Onfido can ship id verification providers to a lot of in any other case underserved world customers.In addition to opening up entry to new customers, Bitcoin funds additionally assist enhance fee transparency and cut back the fraud dangers related to bank cards. Cryptocurrency offers elevated transactional transparency and safety as each transaction is verified, recorded and saved on the blockchain. The transaction itself incorporates no delicate info, and as a push transaction, much like taking money out of a pockets, the person sends the precise quantity of Bitcoin wanted to pay the invoice. This eliminates conventional bank card fraud and id theft dangers related to bank cards. Consequently, there are not any chargebacks, which value retailers virtually $19 billion in 2017 alone.Along with Onfido with the ability to settle for fee in bitcoin, Onfido can also be the KYC supplier for BitPay. For BitPay, utilizing Onfido’s id verification expertise helps them onboard extra customers, extra rapidly. With demand for digital currencies reaching unprecedented ranges, crypto funds suppliers are coming underneath growing scrutiny. Onfido helps BitPay meet with its KYC necessities, preserving fraud off the platform with out compromising BitPay’s means to scale. Onfido is rapidly turning into the go-to supplier for KYC on this house, and is already utilized by over 30 of the world’s largest crypto exchanges and wallets.Husayn Kassai, CEO and co-founder of Onfido, stated: “At Onfido, it’s our mission to construct an open world the place id is the important thing to entry. Partnering with Bitpay was the plain selection for each our companies. BitPay permits us to securely service extra individuals in a manner that’s cost-effective and faster than a financial institution wire, whereas we will ship them probably the most trusted id verification service within the crypto house.”Stephen Pair, President and CEO at BitPay, stated: “We’re delighted to be working with Onfido to allow them to just accept fee in Bitcoin. We chosen Onfido as our inner id verification platform because it had probably the most sturdy performance and was best to make use of. Permitting crypto firms to pay in Bitcoin reveals Onfido’s dedication to the crypto house, and we’re excited to be working collectively to make crypto safer, for extra individuals.”About OnfidoOnfido verifies the world’s identities. We develop AI that types true IDs from false, after which compares them towards facial biometrics. That’s how we assist companies onboard extra prospects, extra securely. Our expertise brings extra customers onto your platform, driving down fraud threat at onboarding and past. Recognised as a worldwide chief in machine studying, we’re backed by Salesforce and Microsoft.As a workforce of 250 technologists unfold throughout 6 international locations, we’ve raised $60m in funding. We energy verification for 1,500 prospects together with, Bitstamp, Revolut and AllState.www.onfido.com www.fb.com/onfido www.twitter.com/onfido For additional press info or enquiries, please contact [email protected] About BitPayFounded in 2011, BitPay is the pioneer and probably the most skilled firm in bitcoin and blockchain funds. Its suite of merchandise permits companies to ship and obtain cross border funds, additionally enabling customers to handle digital property with the BitPay Pockets and switch digital property into {dollars} with the BitPay Pay as you go Visa® Card. The corporate has places of work in North America, Europe, and South America and has raised over $70 million from main buyers together with Founders Fund, Index Ventures and Aquiline Know-how Development. For extra info go to https://bitpay.com The BitPay Visa® Pay as you go Card is issued by Metropolitan Industrial Financial institution, member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Industrial Financial institution” are registered emblems of Metropolitan Industrial Financial institution © 2014. Use of the Card is topic to the phrases and situations of the relevant Cardholder Settlement and charge schedule, if any.