Many types of bank accounts cover pretty much everything that people look for – from checking and brokerage to savings. But what about the basics? That’s right, today we’re talking business and merchant accounts! You see, not all clients sure, if they are required to have both these accounts, and what are their purpose. That’s what we talk about in this article. What is a merchant account? Do you need one for a business? A merchant account is a type of bank account that allows companies to accept electronic payment transactions for their goods and services. So, if you are
We at Genome are proud to partner with companies that can help to enhance our services to the maximum potential. And Onfido is a great example of such. So we’re proud to announce the full case study, where you can get more insights on how Genome benefited from using Onfido.
Onfido is an identity verification service that utilizes AI technology to prove a person’s identity and is used by businesses around the world within different industries like e-Commerce, gaming, healthcare, travel and vehicle hire, and financial services.
We found out more about Onfido while looking for a company that would help us with clients’ verification, as we work with audiences from a lot of different European countries and need to comply with KYC regulations.
Before that, Genome’s staff used to check our clients’ documents manually to verify their identity, which was too time-consuming for both parties.
But now, the process has become much easier with Onfido, as it takes place completely online: to verify documents and biometric data, a client just needs to make a selfie video and read the numbers on the smartphone screen out loud.
To find out more details about how the Onfido verification process works within Genome’s site, check out our detailed tutorial on how to open a personal IBAN account.
The results speak for themselves, as our clients complete the process twice as fast as before. Onfido’s technology proved to be very accessible and provides inclusive user experience and insights about users’ flow so that a business can react instantly.
The positive experience with Onfido prompted us to use the company’s services in the future. You see, soon we are going to start issuing personal and business debit cards, which our clients will be able to use for online transactions or at any ATM, store, and POS-terminal. But still, our clients will need to undergo a KYC procedure before getting the card. And that’s where Onfido can help us with its verification process to protect Genome from potential fraudulent actions.
Thus, we are looking forward to our next cooperation with Onfido to improve our clients’ experience.