Identity Verification (IDV)
As trade and financial transactions become more seamless across the world, businesses and financial institutions expose themselves to the high risks of fraud and financial crime. Increased regulations also place the responsibility upon business to verify the identity of the customers and entities dealt with. However, the process can be cumbersome and costly – a bottleneck in an era of instant onboarding and real-time transactions.
An Identity Verification service, however, executes the same work of validating identities at a fraction of the time and cost.
What is identity verification?
Identity Verification is a simple and secure service provided by a vendor, to verify the identity of an individual in a few easy steps. It verifies the identity documents of a customer for authenticity, and validates that they are indeed who they claim to be.
It is an instant, always available service, that processes information in real-time. The software’s API checks identity details against trustworthy data sources of identity information. Any images uploaded are not stored, and all information is encrypted; thus providing a highly secure platform. Such Identity Verification Services also meet the key compliance directives, including KYC, AML/CTF, GDPR, and PSD2 directives.
Both, the costs of manual verification, and security risks using intermediaries, are eliminated. False positive and negatives are minimal, thus ensuring business is not lost. As multiple touchpoints are averted, time and money are also saved.