Passbase has partnered with the financial technology platform Linus. Starting from today, Passbase will enable Linus to quickly and easily onboard new users who’re looking to get seamless access to digital asset credit markets.
Linus is developing a digital-first cash deposit account that delivers inflation-beating yields within a friendly, easy-to-use platform. It is the first FinTech company connecting everyday investors to financial services via a blockchain protocol, launching with a high yield cash account offering 4.0% APY on deposits.
Passbase powers identity verification across more than 6000 documents from over 190 countries. With just a photo of an identity document, such as a passport, national card or a driving license, and a smartphone camera, users can confirm their identity and gain access to different online services, helping businesses onboard more customers, more securely.
As volatility in debt and equity markets has increased, Linus enables depositors to access decentralized, digital asset credit markets, without the need to ever touch digital assets. The platform converts deposits into stable coins and relays them into these markets on the depositor’s behalf. The authenticity of all transactions is secured using the Ethereum blockchain.
Security meets usability in FinTech
By combining Passbase’s document and identity verification solution with Linus’ modern customer - focused services, users can access digital asset credit markets in a frictionless and secure manner. Done in a matter of minutes, the whole verification process detects fraudulent documents and spoofing attempts, while providing legitimate users a fast and frictionless onboarding experience.
The demand for identity verification comes on the heels of the announcement by the Financial Action Task Force, the international policy-making body that sets anti-money laundering standards and counter-terrorist financing measures worldwide, urging businesses to “use technology to the fullest extent possible” to speed up onboarding and digitise financial services.
Enhancing banking with digital identity verification
Passbase’s identity verification solution enables secure and simple onboarding for Linus’ users. Applicants simply take a photo of their government-issued identity document - whether a passport or an identity card - using their smartphone and Passbase’s NIST certified technology assesses its authenticity.
“Digital identity is an integral part of trust in financial services and we’re glad to have Passbase by our side to help us with this” said Matthew Hamilton, COO and co-founder of Linus. “Passbase has significantly reduced the time and cost of our manual review process as we grow our user base, and it’s invaluable to us to have a partner that so strongly believes in individual privacy and data security”.
Mathias Klenk, CEO and co-founder of Passbase, said “Linus is connecting its users to the future of finance and we’re excited to be working with such a forward thinking company”. “Balancing security with an intuitive user experience is a challenge for many businesses and our seamless tool will help Linus achieve both”.