Spoko.app Secures Money Transfer Platform With Sumsub Onboarding Technology

The Warsaw-based Spoko.app is streamlining its onboarding procedures through a new partnership with Sumsub. Spoko.app is a financial services provider that gives users an easy way to make international money transfers, while Sumsub is an identity verification specialist that helps clients meet their Know Your Customer and Anti-Money Laundering obligations.

With that in mind, Sumsub will provide Spoko.app with face and document recognition technology to confirm the identities of new users. The process can be completed in about a minute, and compares a selfie (with liveness detection) to the image on a photo ID.

Spoko.app currently has 500,000 users, and offers service in 50,000 locations. The solution allows people to send and receive money using local payment methods, offering support for e-wallets and credit cards in addition to cash and bank accounts. The company also discloses all transaction costs to maintain a high level of transparency. The platform is designed to promote financial inclusion, and consequently does not impose any commission fees on people sending money to Nigeria, Ukraine, Brazil, and Turkey.

“Thanks to Sumsub’s technology we are confident that our clients receive the best possible solution for mobile money transfers,” said Spoko.app CEO Evgeny Chamtonau. “Sumsub allows Spoko.app’s users to send their money under fully safe conditions wherever they are.”

“Spoko.app does a tremendous job by making money transfers possible for millions of people faced with bank account inaccessibility or other financial challenges,” added Sumsub Co-founder Jacob Sever. “We want to support their efforts by making sure their verification procedures are compliant with local and international laws and regulations.”

Spoko.app is hoping that that regulatory compliance will support its expansion into new markets. The GSMA has previously noted that the volume of mobile money remittances skyrocketed during the COVID-19 pandemic, and providers are increasingly turning to biometric solutions to protect those transactions. WorldRemit and MyCash Money, for example, have both enabled biometric onboarding through partnerships with Onfido.

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May 25, 2021 – by Eric Weiss

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FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

Unico is a global identity network that forges trust between people & companies. We identify people globally so they can have safe, efficient and private digital access to services around the world. Unico is present in over 20 countries, and serves 165 million users with over 1.5 billion identity verifications every year. We are the leading global identity network.www.unico.io

Innovatrics is an EU-based provider of trusted biometric solutions for governments and enterprises. Our algorithms consistently rank among the fastest and most accurate in fingerprint, face, and iris recognition. Since 2004, we have partnered with all types of organisations to build trusted and flexible biometric identification solutions. Our solutions are used in more than 80 countries, benefiting over a billion people worldwide. https://www.innovatrics.com/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

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