Source: OCR Labs
OCR Labs Global, a world leader in digital ID verification, has partnered with Bloom Money, a new app designed for diaspora communities to manage their finances.
OCR Labs Global will support Bloom Money to onboard new customers using its fully-automated biometric verification, document verification and reauthentication technologies.
Bloom Money is a community-led approach to financial services, building upon tried and tested ways of community money management currently used worldwide. The app provides a convenient and ethical rotating savings club for every community, whether it is known as contributions, ajo, hagbad or pardna. Its technology emphasises trust, transparency, and tradition.
According to Eurostat and the ONS, it is estimated that over 100m people will enter the UK and Europe by 2040. Bloom Money sees a European market potential of £26bn over the next 20 years to serve diaspora communities. With millions of people moving to Europe, many different cultures and ethnicities have to be considered, and thousands of forms of ID.
Nina Mohanty, Co-Founder of Bloom Money, said, “OCR Labs Global is the only vendor who could accurately recognise people of different ethnicities and do liveness verification. I’ve had my own experiences of not being recognised by technology, and the ability to do this is critical to the business we are building. OCR Labs Global also validates documentation, verifying over 16,000 documents from more than 230 countries and principalities. They are the best fit for what we are building at Bloom, to make it easier for anyone who has moved to the UK not to have to leave tradition behind. Bloom is designed to help them build wealth for future generations.”
Russ Cohn, General Manager International for OCR Labs, added, “Bloom Money is building an app that is going to make the management of a rotating savings club far simpler and transparent for many communities. At OCR Labs Global, we are also making verification simple and transparent for the businesses we partner with. We believe that proving who your customers are shouldn’t be a barrier to scale. No matter who or where you are, you should be able to remotely verify your identity with just your ID and a smartphone. We’re excited for the launch of Bloom Money and the results we’ll accomplish together.”
Using its proprietary technology, OCR Labs Global solves significant challenges, including identity fraud and regulatory compliance. The end-to-end solution supports Anti Money Laundering (AML) and Know Your Customer (KYC) regulations and improves customer identity verification while reducing fraud.
OCR Labs Global already supports clients across many industries, including governments, fintech, crypto and a variety of platform-based businesses, such as SaaS providers. Customers include Cognito, Reed, Tru Narrative, ZIP, Coinmetro and many other customers and partners.