Identity verification API enables financial services (FS) firms to meet global compliance requirements while making convenience and speed a priority in the customer onboarding process. The FS industry is undergoing changes to meet new regulations, including the adoption of digital currencies, global expansion and increased use of online and mobile channels.
In addition, FS firms often experience high friction while completing KYC/AML processes. This is caused by a number of factors, including the time-consuming nature of complying with global KYC regulations.
Document Verification: Individual and Business ID verification solutions both use AI-powered OCR technology to extract data from documents like passports, identity cards, driver’s licenses, voter IDs or residency permits. They also utilize a global network of document verification providers to verify that the ID proof is authenticated and valid.
The Benefits of Implementing an Identity Verification API for Your Business
The document verification is performed in a single or multiple steps. The first step involves scanning the real ID documents or capturing a live photo of the user’s face. Then, the images are matched against biometrics, such as facial recognition and fingerprints, to confirm that they are authentic.
The second step involves storing the verified data in an ID Evidence database. This enables a customer to keep track of all of the ID verifications they have completed, as well as check against any other relevant information already stored in their system. This can be useful for regulated customers, internal audit commitments, or governance processes. Additionally, it can be used to support customer retention initiatives.