Fourthline selected by Qonto for its customer onboarding processes
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.
By The Fourthline Team
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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. A winning strategy, which explains
why the fintech has become the preferred partner of fast-growing financial players.
This international capability convinced Qonto to use Fourthline as its partner for
onboarding its customers in France, Italy and Spain. 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: " 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’’
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