Onfido enables quick, seamless compliance processes for currency exchange
Travel Money Club delivers cash currency to frequent travellers via fully insured, secure, next day delivery. Over £49 billion in currency is exchanged in the UK and taken abroad by British travellers every year, as cash is still the preferred mode of payment in most taxis, shops and restaurants. Travel Money Club caters to this market by offering currency exchange to its users at unbeatable rates, since the company profits only from membership fees and not from currency. A typical Travel Money Club member saves £341 per year compared to the high street, with some saving as much as £743.
With thousands of orders already placed and millions of pounds exchanged on the platform since its launch in January 2018, Travel Money Club needed a fast and secure way to meet its compliance requirements. Onfido’s identity verification solution enables Travel Money Club to meet its promise of next-day delivery by rapidly onboarding new users with automated KYC.
Onfido enables speedy, secure and scalable user onboarding via Travel Money Club’s mobile app. For most users, identity record checks document and watchlist checks are also performed. Travel Money Club chose Onfido for the speed and sophistication of its solution, as well as its broad range of data sources.
Don Clark, Chairman of Travel Money Club, said: “Protecting customers and our business against fraud is of paramount importance to us. Onfido’s modern compliance technology enables us to deliver on our promise to our members, and offer more money to more users. Since partnering with Onfido, we’ve seen a significant increase in the number of people we’re able to securely verify and onboard, helping us scale. And for our users, the process is seamless – most sail through without any impact on their experience.”
Husayn Kassai, CEO of Onfido, said: “It’s a pleasure to be helping Travel Money Club bring its services to new users. Meeting compliance challenges without sacrificing on customer experience is a tough balance to strike, but one that’s increasingly important in our online world. We look forward to working together as Travel Money Club continues to scale.”
Onfido helps businesses digitally onboard new users. Using machine learning technology, Onfido validates a user’s identity document and compares it with their facial biometrics. The identity can then be cross-referenced against international credit and watchlist databases. Founded in 2012, Onfido has received over $60m in funding from investors including M12, Salesforce Ventures and Idinvest Partners. Onfido carries out checks in 192 countries for global customers including Revolut, Bitstamp and Zipcar.
For further press information or enquiries, please contact Niamh Cassidy at firstname.lastname@example.org or (+44) 20 8133 3628
About Travel Money Club
Winner of the BIMA Advance Award for Startup of the Year 2018, Travel Money Club is the UK’s first completely transparent foreign currency provider which guarantees the best exchange rates in the UK
The online service allows travellers to order currencies which cover 75% of worldwide destinations, via its website or app, with currencies delivered directly to members doors via a fully-insured, guaranteed next day delivery service.
Founded to provide travel money at the very best exchange rates in the UK, club members get the currency they need without any commissions or hidden charges – instead paying a small membership fee or road testing the service via the guest option.
For complete peace of mind, members are guaranteed the best rates on a like for like basis or they receive a double the difference refund. Members are also guaranteed to save at least their membership fee each year or be refunded the difference.
Travel Money Club was launched to the British public in January 2018 following a successful trial period. It is the brainchild of Don Clark, founder and former CEO of Torquil Clark PLC, a large IFA which charged fixed fees for financial products and repaid any commissions to clients. Over 18 years the company refunded £21 million of commissions directly to clients. Don will use the same business model for travel money so club members can enjoy similar benefits and make significant savings on their currency.