The pan-European Fintech Fourthline selected as Qonto’s technology solution in the verification of customer compliance during onboarding (KYC) in France, Spain and Italy.
Fourthline is a European fintech founded in 2017 that “has developed a technology suite enabling financial services providers to carry out KYC (Know Your Customer) and AML (Anti Money Laundering) procedures automatically and in compliance with local requirements.”
At a time when local requirements vary from one country to another, even within
the European Union, and qualified electronic signatures (QES) are becoming more
widespread, Fourthline has positioned itself “from the outset to adapt its solutions to
the demands of regulators throughout Europe.”
Through a single API, Qonto will have “access to all the technological building blocks: examination of identity documents, authentication of electronic signatures, analysis of biometric data, and use of Fourthline’s OCR (optical character recognition) model to detect any potential manipulation.”
Launched in 2017, Qonto is serving more than 400,000 customers, has “contributed to the creation of more than 120,000 businesses, and has been awarded the French Tech Next40 label. After raising a total of €622 million globally, it achieved unicorn status in 2022.”
Krik Gunning, Co-founder and CEO of Fourthline, said:
” Regulations continue to evolve on a country by country basis, leading to ever increasing complexity for (international) banks and fintechs. Fourthline’s single API slashes this complexity by offering all the building blocks required to comply with local regulations, providing peace of mind to our clients when local regulations change. The French market is a prime example of how updated regulations require a futureproof partner and we are proud to add Qonto to the growing list of French financial institutions that leverage Fourthline’s technology to comply’.
As covered, Fourthline has developed a technological suite that enables financial service providers to automatically and compliantly perform KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures in accordance with local requirements.
Fourthline offers a single API “to streamline the onboarding of new clients.”
The technological components “include identity document examination, address verification, electronic signature authentication, biometric data analysis, screening against international sanctions lists, and the use of its own OCR (Optical Character Recognition) model to detect manipulation.”
The result: 60% of frauds “are prevented, with an accuracy rate close to 100%.”
Its clientele consists “of banks, insurance companies, fintechs, and marketplaces, including European leaders such as N26, Trade Republic, Western Union, Solaris, flatex-DEGIRO, and Scalapay.”
In March 2023, Fourthline has reportedly “raised €50 million from a group of investors led by the European investment fund Finch Capital and employs 300 staff in the Netherlands, France, Spain, and the United Kingdom.”
