News
Volkswagen Financial Services debuts digital financing solution powered by Scrive and Onfido
Stockholm, London, 1 March 2021
Volkswagen Financial Services UK (VWFS), part of Volkswagen AG, has partnered with Scrive and Onfido to launch their next-generation digital financing solution for UK dealerships. Scrive’s electronic signature service and Onfido’s digital identity verification services are seamlessly integrated into the new process, for quickly verifying customer identity and signing financing agreements either remotely or in person.
Volkswagen Financial Services is innovating their customer online experience with a frictionless e-signature user flow. Upon signing a credit application, customers are able to prove their real identity by taking a photo of their ID and a selfie. Onfido first checks that the ID is genuine and not fraudulent, and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present. Scrive’s service then seamlessly allows signing parties to formalise documents on any device, in person or remotely, resulting in a legally-binding agreement supported by a world-class evidence log and protected against tampering using blockchain technology.
Volkswagen Financial Services, provider of financing, leasing, insurance and mobility, operates in 48 markets across the globe. The UK is the first market where the new financing solution is being rolled out.
“Scrive and Onfido enable a fast, compliant and error-free financing process while providing a first-class customer experience for car buyers”, says Scrive CEO Viktor Wrede. “This joint solution with Volkswagen Financial Services UK leverages Scrive’s substantial penetration in the automotive sector. This rollout constitutes Scrive’s biggest expansion to date into the UK market and further strengthens our leadership position as a provider of agreements automation solutions.”
“Scrive and Onfido bring the experience and expertise we were looking for to provide a thoroughly modern, secure financing experience for our dealerships and their customers”, says Titus Ackah-Sanzah, Product Owner at Volkswagen Financial Services UK. “The response from our dealers is very positive: a clear, easy to follow process that streamlines the purchase experience and expedites the payout time.”
“As contactless transactions become more critical than ever, the ability for Volkswagen Financial Services to empower its dealerships to remotely and securely identify new customers is critical”, said Oliver Krebs, VP of Central EMEA at Onfido. “The modern workflow means that there is no requirement for customers to provide additional documentation to prove their real identity, and can formalise financial agreements on any device. We’re delighted to partner with Scrive to meet these demands, providing a world-class digital service that helps them onboard customers quickly and securely.”
About Volkswagen Financial Services
Volkswagen Financial Services is a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of
16,571 employees worldwide, Volkswagen Financial Services report total assets of around EUR 223.5 billion, an operating result of EUR 2.96 billion euros and a portfolio of around 21.5 million current contracts (as at: 31.12.2019).
www.linkedin.com/company/volkswagen-financial-services-uk-
About Scrive
A leader in digitalisation since 2010, Scrive’s cloud-based platform provides agreement lifecycle automation powered by electronic signature and identification solutions. More than 4000 customers worldwide rely on Scrive to sign agreements with and identify their own customers and partners, driving security, compliance, data quality and customer experience. Headquartered in Stockholm, Scrive is backed by Vitruvian Partners and has over 100 employees.
www.linkedin.com/company/scrive
About Onfido
Onfido is setting the new standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can see their customers for who they are, without compromising on experience, conversion, privacy or security. That’s how Onfido gives companies the assurance they need to onboard customers remotely and securely.
Recognised as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 – Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with over 400 team members across seven countries, is enabling digital access for some of the largest companies around the world.
www.linkedin.com/company/onfido/
Contacts:
Volkswagen Financial Services UK: press@vwfs.co.uk
Scrive: viktor.wrede@scrive.com
Onfido: press@onfido.com
Related articles
Compliance as a competitive strategy
Learn how compliance can be a strategic advantage for your business. Discover the benefits of building trust, driving efficiency, and improving decision-making through effective compliance practices.
Read article