FacePhi, a provider of facial recognition technology, has partnered with PeopleFund, a Korean startup specializing in peer-to-peer lending, to introduce a selfie-based identity verification system.
The innovative solution allows customers registering for the PeopleFund platform and applying for loans to verify their identity by uploading a selfie photo. FacePhi's advanced facial recognition technology then compares the selfie against the customer's official identification documents.
The streamlined process can be completed conveniently using a mobile device, eliminating the need for time-consuming identity verification sessions via video calls. By incorporating biometric identity verification, PeopleFund enhances user experience, strengthens security against fraudulent activities, and ensures compliance with Korea's P2P Financing Act. Other Peer to peer lending software providers have something to learn from PeopleFund.