In the cutthroat business competition, a firm can fearlessly proceed and expand only when it has a group of ideal and potential clients or business partners, whom it can trust. Unfortunately, trust these days exists only as a thought. The service of digital identity proofing enables businesses to give that particular thought a life. The quantity of cases of financial violations and fake IDs has shaken many household names in the corporate and financial sector.
Identity checks online of customers and business associates encounter a plethora of scammers and combat financial frauds before they can even get initiated. Digital identity verification through AI-based screening systems render accurate services and benefit businesses of all types frictionlessly. The particular industry of IDV is the savior of every emerging business that is on the list of fraudsters.
Services of Online Verification System
The applications of automated technology are believed to be in a growing phase and can enable organizations much more in the coming years. As for now, the services include:
- Document Authentication
- AML Screening
- Address Confirmation
- Age Authentication
- OCR for Businesses
- Facial Biometric Validation
- Video KYC
Digital identity verification confirms the client in real-time in a brief procedure
- The ID Validation systems initially verify id records of the client or business partners with global information warehouses to confirm the validity of the customer
- In digital identity verification, the online solution also captures a live selfie of the customer and the OCR screening service converts the transferred images of documents into textual data so they can be authenticated from confidential databases
- The authenticating software processes the proofs and selfie in a brief period and generates results with maximum perfection
AML (Anti Money Laundering) Screening
This never-ending service of digital identity verification battles fraud clients and organizations for eternity. The screening process displays accurate output in a more rapid period than document authentication. A business firm or financial institute can receive AML reports of their clients by only submitting their names and DOBs.
In the document authentication, the company also confirms the residential or corporate address of the client to make sure that the customer is authentic and does not fall in any blacklisted country or territory by the government and financial watchdogs. The system for digital identity verification at the time of client onboarding displays the vital data in no time. The software can differentiate between authenticity and planting information on the ID document.
In digital identity verification, the concerned business demands a live selfie of the customer for confirming the genuineness and also the eligibility for the particular service or product. As children with excessive time on smart devices try to engage in activities or achieve something that is beyond their age bracket. Online gambling platforms, alcohol, lottery, and many more, are the businesses that perform digital identity verification to create a valid and eligible customer circle. The ID validation systems are not attributes of a successful business only but also of a bright future as it protects minors from age-restricted products and materials.
OCR for Businesses
The state-of-the-art OCR (Optical Character Recognition) technology has played a vital part in digital identity verification since the very beginning. The screening service of the recognition app analyzes the ID document with increased accuracy and transitions the soft copies of the proof into a standard textual data form. The multilingual engine in digital identity verification converts the language of submitted certificates into the local language of the business firm or financial institute in no time.
Facial Biometric Authentication
The facial recognition technology in digital identity verification is of wide use. Neither solution confirms the ID of a particular client or business partner but prevents other sorts of non-compliances with the regulatory authorities. The screening is practiced in document authentication. The online solution compares the live selfie with the face on ID records in real-time for maximum satisfaction of the concerned business. Post the digital identity verification and client onboarding, in the financial sector, companies use the IDV service to authenticate acting parties. Facial biometric authentication identifies the differences seamlessly before every important action. This helps entities deal with chargeback issues and compromised accounts.
The particular service is utilized for the end-level confirmation regarding the customer. Although if clients reached this stage of digital identity verification, it almost means they are authentic and risk-free. However, the assurance from a trained expert gives the picture a nice finish. In the video KYC, the examining agent validates the client with a routine Q&A session while the AI-powered system of digital identity verification authenticates the documents for the last time.
In digital ID verification, solutions with a self-learning capability and a large chain of AI models embedded into the system deliver output with maximum possible accuracy. Looking for errors in solutions for digital identity verification is like looking for a needle in a haystack. The global coverage of the online solutions and proven efficiency in different industries increase the credibility of IDV solutions and so their demand.