Fondeadora Selects AU10TIX For Automated Identity Verification Services

TEL AVIV, Israel and MEXICO CITY, March 24, 2021 /PRNewswire/ -- Fondeadora, Mexico's fastest-growing challenger bank, today announced that it has selected AU10TIX, the global leader in identity verification, to boost the speed and security of its customer onboarding and ongoing due diligence processes. The partnership combines the simplicity of Fondeadora's digital banking app with AU10TIX's deep experience in automating ID authentication and KYC flows for the financial sector, enabling a safer, more accessible financial service option for millions of Mexicans.

"As Fondeadora's demand grows, we've been looking across all systems to ensure our offering is resilient and ready to scale—particularly at that first touchpoint with a potential account holder, which is so critical in establishing confidence. We needed an identity verification partner that was fully automated, accurate, responsive and customizable, and AU10TIX's technology and team met all those demands," explained Miguel Gutiérrez, Chief Business Development Officer, Fondeadora.

The Mexican fintech industry is operating in a highly regulated environment that requires strict compliance to local KYC/AML regulations; it's also the second biggest in Latin America and one of the fastest growing in the world, given about 65 million users who are still using cash for most of their transactions. For this reason, automatic KYC and digital onboarding processes are critical for challenger banks opening in Mexico.

As Fondeadora looks to serve its local community, verifying and protecting the identities of its user base will be critical in promoting collaboration, transparency and access in the new system. The company's search for a partner in identity verification was driven by its mission is to improve the banking experience for Mexicans and to allow consumers to open an account without physically visiting a branch—and this will be possible with AU10TIX.

Fondeadora is using AU10TIX's automated solution for Mexican identity document verification, liveness detection, and face biometric authentication to enable identity verification results in less than 8-10 seconds during customer onboarding and account log ins. Fondeadora also opted into INSTINCT, AU10TIX's collaborative platform for synthetic fraud detection.

"AU10TIX is excited to join Fondeadora on its mission to provide financial access to all of Mexico through technology," said Carey O'Connor Kolaja, CEO, AU10TIX. "Together, we can build a trusted digital payments ecosystem, one in which Fondeadora can confidently link the physical and digital identity attributes of its account holders necessary to not only comply with local regulations but also exceed consumer expectations for speedy, seamless access."

About AU10TIX
AU10TIX, an identity management company headquartered in Israel, is on a mission to obliterate fraud and further a more secure and inclusive world. The company provides critical, modular solutions to verify and link physical and digital identities so businesses and their customers can confidently connect. Over the past decade, AU10TIX has become the preferred partner of major global brands for customer onboarding and customer verification automation—and continues to work on the edge of what's next for identity's role in society. AU10TIX's proprietary technology provides results in less than 8 seconds, enabling businesses to onboard customers faster while preventing fraud, meeting compliance mandates and, importantly, promoting trust and safety. AU10TIX's most recent investment is $80M from TPG and Oak HC/FT to fuel growth and innovation. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). For more information, visit AU10TIX.com.

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SOURCE AU10TIX