TransferWise can now do instant user verification with SingPass

Photo credit: TransferWise

Singaporeans can now open an account with remittances service TransferWise and move their money worldwide in an instant after the startup integrated the city-state’s MyInfo and SingPass digital ID platforms.

The UK-based company needs to verify the identity of newly signed-up customers before they can begin sending money to other countries. Previously, Singaporeans were required to submit a selfie with them holding their national ID card next to their face. This was already an improvement on the earlier system – it required customers to trek to TransferWise’s downtown office and get verified in person. However, it was still problematic because of poor-quality photos and slow turnaround times, which typically took two to three days.

Singaporean citizens and permanent residents can now use the government’s MyInfo e-service to get verified for TransferWise in a matter of seconds.

MyInfo uses SingPass – a digital password issued to residents of the city-state that allows them to access government services – to verify an individual’s personal details, such as name, date of birth, and home address. It then automatically fills out online forms for users with these details.

See: TransferWise sets up Singapore office to serve as Asia-Pacific HQ

On TransferWise’s Singapore site, new customers can now opt to be verified by MyInfo. They input their SingPass credentials, and are then asked by MyInfo if they authorize the third-party use of their personal details. They are then directed back to the TransferWise site with their all of their relevant personal details already entered, and verification is complete.

At a town hall meeting for customers yesterday, Timothee Ledure, TransferWise’s senior product engineer for Asia, said that average verification costs for Singaporean customers has decreased by almost 20 percent since the MyInfo integration was first rolled out in beta three weeks ago. Previously, the effective costs had been higher due to the manual processes involved, and these were passed on to the customer as part of the fees they paid to use TransferWise’s service.

Ledure added that the number of technical queries from customers has gone down by 30 percent since MyInfo verification had been introduced, while complaints specifically about the verification process also dropped.

Instant MyInfo verification is only available to customers seeking to transfer a maximum of S$1,600 (US$1,160) for the time being. However, Ledure said that TransferWise expected to up this limit next week, and would likely see further positive effects as a result.

Currency converted from Singapore dollars. Rate: US$1 = S$1.38