Gone are the days of laboriously scanning a passport or driver license, saving it to your computer, emailing it off to a Bitcoin exchange, and waiting (as long as it takes) for your identity to be confirmed to go ahead with your trade. Swedish Bitcoin exchange Safello is now making good use of computer vision technology to streamline identity verification for its customers in Sweden and across the rest of Europe, making the purchase of Bitcoin as easy as possible for users.
Safello recently integrated the services of American payments company Jumio into its payment processing system. Jumio, according to its website, is “a next-generation payments and ID software-as-a-service” company that utilizes proprietary computer vision technology to reduce mobile payment friction and ID fraud.”
Sound complicated? Simply put, Jumio has a groovy mobile phone app. When you want to scan an ID (a passport, identity document, or drivers license), you hold it up to your phone camera. The app scans the ID, extracts the information on it, and feeds the data into your new account form. Presto!
Jumio also operates the Bitcoin Identity Security Integration Network (BISON), which shares information about fraud and identity theft trends among its users.
How are the Swedes at Safello so visionary? “In Sweden we introduced Mobile Bank ID earlier this year as a verification method. It significantly improved the conversion rate and our customers loved it,” Safello compliance officer Sara Lindqvist told Arcticstartup.com. “We set out to find an equally reliable and compliant solution for the rest of Europe and found Jumio fit all of our requirements.”
Mobile Bank ID is Sweden’s biggest electronic ID system, which Swedes use for everything from e-banking to tax declarations.
The streamlined ID process isn’t the only way Safello is making life easier for Bitcoin users. The company also started using the instant SOFORT payment system earlier this year, which does immediate payments and means that international clients don’t need to wait for bank transfers to be cleared before completing a transaction.
With super-fast identity verification, instant payments, and a website in seven languages, Safello is riding the cutting edge of the Bitcoin trading market.
As their website puts it, “We understand that time is money.”