Regtech: Taylor Rose MW, a Law Firm, Selects Onfido for Enabling Automated Identity Verification

Onfido, the global leader in automated identity verification, has announced a partnership with Taylor Rose MW, a top 60 independent law firm in the UK, to provide automated and secure identity verification services. This collaboration aims to streamline Taylor Rose MW’s Know Your Customer (KYC) process, fraud detection, and user onboarding for home buyers online.

The partnership will enable Taylor Rose MW to reduce operational costs associated with in-person manual KYC reviews. It will also facilitate fast and convenient onboarding for clients, improving the overall user experience.

Taylor Rose MW is one of the largest providers of conveyancing services in the UK, offering a diverse range of legal services. Conveyancing has been identified by the Solicitors Regulation Authority (SRA) as the highest risk area for identity fraud and money laundering. With Onfido’s certified identity service, Taylor Rose MW can mitigate these risks using document and biometric verifications, trusted data sources, and fraud detection signals.

The immediate impact of this partnership has been significant, with clients now able to onboard to a live file in as little as 20 minutes, compared to the days it used to take with in-person visits. This improvement in efficiency is made possible by Onfido’s AI-powered identity verification technology.

Clients can now sign up by simply taking a photo of their government-issued ID and a selfie. Onfido verifies the authenticity of the ID and matches it to the user’s face, ensuring that the person presenting the identity is the legitimate owner and physically present. This user-friendly and compliant online experience allows clients to start their digital journey anytime, anywhere.

Matthew Hoe, Director of Risk & Compliance at Taylor Rose MW, expressed his confidence in Onfido’s technology, stating that online ID checks are the ideal solution for client onboarding in the post-pandemic world of remote working. He highlighted the ease of use for clients and the quick results provided to their team.

Nello Franco, Chief Customer Officer at Onfido, emphasized the importance of their technology in facilitating seamless and secure identity verification. He acknowledged the simplicity and accessibility of the results generated within minutes, making Onfido the natural choice for Taylor Rose MW.

With this partnership, Taylor Rose MW is setting a precedent for the legal industry by leveraging Onfido’s cutting-edge identity verification capabilities. The implementation of automated verification processes not only ensures compliance with KYC regulations but also saves time and minimizes risks associated with identity fraud and money laundering.

Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it

What do you think?

363 Points
Upvote Downvote

Written by editorial

Leave a Reply

Your email address will not be published. Required fields are marked *

Date and AI company Databricks secures $500m funding, reaching a valuation of $43bn.

Groundfloor Celebrates Launch of Labs Partnership Program