Linus has entered a partnership with Passbase to add biometric identity verification onboarding to its crypto-powered cash deposit account for a seamless user experience, the financial technology platform announced.
Passbase supports over 6,000 documents from more than 190 countries. To verify identity, users need a photo of their identity document and a smartphone camera for a selfie comparison. Once their identity is confirmed, they can securely access online services.
Linus provides its customers with a contactless option to access decentralized, digital asset credit markets. It secures transaction authenticity with Ethereum blockchain, converts deposits into crypto-coins and transfers them to credit markets.
By integrating Passbase’s technology, Linus has reduced the verification process to a matter of minutes, detects fraud and spoofing attempts, and provides a frictionless onboarding experience, according to the announcement.
The Financial Action Task Force (FATF) released last year a draft Guidance Paper on digital identity, setting out a risk-based approach to help governments, financial institutions and other entities comply with Anti-Money Laundering (AML) and countering of financing of terrorism (CFT) requirements using digital ID systems, including biometrics.
“Digital identity is an integral part of trust in financial services and we’re glad to have Passbase by our side to help us with this,” said Matthew Hamilton, COO and co-founder of Linus, in a prepared statement. “Passbase has significantly reduced the time and cost of our manual review process as we grow our user base, and it’s invaluable to us to have a partner that so strongly believes in individual privacy and data security.”
“Linus is connecting its users to the future of finance and we’re excited to be working with such a forward-thinking company,” said Mathias Klenk, CEO and co-founder of Passbase, in the press release. “Balancing security with an intuitive user experience is a challenge for many businesses and our seamless tool will help Linus achieve both.”
Passbase was recently chosen by remote employment service provider Boundless to deliver biometric onboarding for remote employees.