For making a business surpass its rival firms, a company requires capital, human talent, competitive advantages, and the list goes on. The most important thing that entities have now realized over a few years is the necessity of an ID verification software with global coverage of customers belonging from various countries and territories.
It doesn’t matter that a firm is doing well without automated services of ID authentication because sooner or later, just like every other business, proprietors would like to collaborate with foreign clients. An ID verification software streamlines the procedure called the KYC (Know Your Customer) to confirm the genuineness of clients with maximum authenticity to avoid financial violations, data hacks, and non-compliance with regulatory obligations.
Online Services of Identity Validation
ID authentication is performed in different stages with various technologies for maximum precision and time-saving. The services portfolio of ID verification software consists of:
- Document Authentication
- AML Screening
- Address Confirmation
- Age Checks
- OCR Technology
- Video KYC
Document Authentication
The ID verification software initially performs document validation with automated global authentication solutions which comprise data of clients of plenty of jurisdictions.
- The system requires the identity documents of clients to verify the credentials with maximum accuracy. The solution can accept thousands of records, that can be either regional driving license, bank account documentation, ID card, passport, and other relevant proofs
- The concerned party also asks the client to submit a selfie so the ID verification software can conduct error-free checks
- The OCR service in the global IDV solution extracts the credential data from the document so it can be verified from updated regulatory data banks
- The derived output of ID verification software is displayed to the concerned party in a brief period
AML Screening
Anti Money Laundering screening displays records of clients if there are any in sanctions or warning lists of any regulatory authority or financial watchdogs. The service is used constantly. Whenever there is a minor chance of money laundering, the solution flags the customer’s profile instantly.
The services included in the document validation: confirmation of age and address of client are conducted in a go.
Address Verification
The ID verification software not only avoids financial violations but prevents additional capital and time from being spent due to inefficiency. Sometimes, due to improper address verification, online shoppers don’t get their packages on time. The solution can authenticate the location seamlessly so the additional delivery or shipping charges can be easily avoided.
Age Confirmation
In document scanning, the global solution examines the client’s image that showcases differences in facial dynamics of the live selfie and the image on the documents. The specific service of ID verification software is primarily used in businesses that are age-restricted. This includes companies manufacturing products like alcohol and cigarettes, healthcare providers, and e-games and gambling platforms.
The protection of minors from adult-oriented services and material is a never diminishing concern of regulators. The ID verification software learns spoof techniques adopted by minors with automated screening technology with enhanced mechanisms and deep learning.
Fraudsters also manipulate immature youngsters and collect considerable data for creating a false ID. Online solutions recognize the tactics in the same way.
This service is called Facial Biometric Authentication. The technology is not only used for verifying the eligibility of clients but for the ongoing protection of their assets as well.
Facial Biometric Authentication
The ID verification software post analyzing the customer performs ongoing monitoring of the account and offers protection from domestic takeovers or hacks. In the banking sector, when a transaction beyond the threshold is requested, the firm confirms the identity by making the client submit a consent note with a selfie. The ID verification software compares the selfie and document image just like it does earlier in customer identification.
This particular service protects the client and bank both. Later, any sort of refund or chargeback won’t be an issue for the authority of a particular firm
OCR Technology
The state-of-the-art screening engine withdraws the client’s credentials from the documents and accumulates them into a standard structure. The image-to-text conversion service speeds up the process of ID verification software. The solution supporting documents of multiple languages can conveniently translate the information frictionlessly.
Video KYC
In ID verification software, the confirmation through online solutions is universally practiced yet the involvement of a human analyst reduces the vulnerability of businesses. In video KYC, the business representative or a recruited KYC agent interviews the client for thorough satisfaction. The ID verification software conducts an AI-powered scan once more during the virtual meeting. The expert finishes the chat meanwhile. On the basis of the results screened and assessment of the agent, the decision gets confirmed.
Conclusion
The ID verification software supported by global registers of data brings forth reliability and swiftness in customer identity verification. The sheer range of services achieved by automated screening solutions can be justified at any price. Before making any client part of a business that is established by immense sacrifices, ID verification software is a prime need.
