How MiTrust is reusing consumers’ verified online data to optimise onboarding
MiTrust, a French startup launched in 2018, is rolling out a platform that makes it possible to share personal data online in a simple and secure way – with the user in the driver’s seat. By partnering with Tink, MiTrust is accelerating its mission of simplifying personal data sharing – and helping provide a seamless onboarding.
French startup MiTrust’s platform lets consumers share personal data online in a simple and secure way.
By partnering with Tink, MiTrust can let users easily share verified data from their banks to verify account ownership.
By streamlining the verification process, MiTrust is helping businesses improve user conversion and reduce back-office costs.
We’ve all been there: trying to sign up for a new service and needing to confirm our bank account details, address, or age – meaning filling in forms or sending in physical documents. It’s no fun, but businesses need to meet compliance requirements, which require verifying personal information. The problem is that, until now, verification has typically been slow, time-consuming and not all that reliable, leading to friction in the onboarding and causing drop-offs. Keeping these processes simple, fast and secure while also doing necessary due diligence to avoid fraud and meet legal data protection requirements has been a big challenge for businesses.
But that’s where MiTrust saw an opportunity. Instead of having customers upload documents with sensitive information, MiTrust lets the user directly transfer their already verified data from other trusted sources, resulting in a real-time and secure verification.
Transforming the way data is shared
MiTrust’s mission is to provide users a secure and easy way to filter and share their personal data from a wide variety of sources online. The digital solution lets users re-use their already verified personal data (always with the user’s full control and consent).
The French tech company lets users choose the source they want to use to share their personal data. So instead of having customers upload personal documents during a signup process, for example, MiTrust allows the customer to directly transfer their already verified data from other trusted data sources (like from a bank, telecom provider, energy provider, government service, and so forth). Then, the customer can filter and share their data directly from these sources to online services in a quick and secure way.
MiTrust reuses bank account info to verify an end-user registering on a gaming site.
MiTrust is providing real value by improving user conversion and reducing back-office costs in various ways. From sharing only relevant information to a financial institution for a Know Your Customer process (to get ID, address and monthly bank revenue lines), a Know Your Employee process for employee onboarding (to fetch SSN and bank details) or for a Know Your Supplier process when collecting information for supplier due diligence (to get company ID, as an example).
Towards a smoother onboarding
Through Tink, users can choose to connect and fetch their personal data directly from their banks, to verify account ownership for an online service in seconds. This delivers a seamless user experience and allows MiTrust to increase conversion, reduce risk and improve efficiencies for the digital service.
Without Tink, users would have to manually input their financial information or submit bank statements, all causing errors and drop-off rates during the onboarding process. Because the information is being gathered straight from the users’ bank, you can trust the data is accurate and valid, making it more valuable.
‘We chose Tink as they're the leading open banking provider in Europe, and have a fast-growing team dedicated to ensure high-quality coverage of European banking data in the rapidly changing PSD2 environment. As a holder of a PSD2 AISP Banking License, this has allowed us to integrate Tink in our offering in a flexible and seamless manner, providing consistent access to banking and non-banking sources,’ says Xavier Drilhon, Co-founder and President at MiTrust.
Using Tink Link to easily connect users to their banks
MiTrust leverages Tink Link, a tool that simplifies end-user authentication to easily and safely connect to over 3,400 European banks. Using Tink Link, MiTrust has access to a ready-made authentication flow with a single line of code – regardless of bank or market.
Tink Link takes care of the authentication process, guaranteeing a smooth user experience so MiTrust can save time and effort by not handling all of the connections themselves and lets them focus on their mission: combining security and simplicity in the online sharing of personal data.
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