iCard’s mission is to make modern payment services accessible for everyone. Founded in 2007, the Bulgarian fintech has over a decade of experience delivering innovative payment services through the iCard app. One account lets customers send bank transfers, send free and instant transfers, pay with their phones, shop online with virtual cards and have access to their money anytime and anywhere. iCard accounts and cards are free of charge and don’t have monthly service fees.
While iCard customers have always been able to apply for an account online, earlier iterations of the onboarding process required a five-minute video chat. During the call, a trained iCard specialist would verify the customer’s identity by taking photos of their ID document and asking a series of questions.
iCard needed an automated solution that would enable them to verify customer identities in a matter of seconds while meeting KYC compliance mandates. They also wanted a vendor with international compatibility — more than 1.4 million customers in over 30 European countries use iCard’s services — and strong fraud prevention capabilities.