Streamline Business Operations With an Online Identity Verification Solution

Identity Verification

Streamline Business Operations With an Online Identity Verification Solution

It is a time of digitalization; verification processes are remote now, and the world depends on virtual and transportable electronic identities. An online identity verification solution is required to secure remote business processing. The digital economy requires an entirely secure and protected solution to have real customers onboard. 

Online ID verification solution deters paper identification, which is time-consuming and hectic. Digital means have enlightened this world in terms of both cost and time. They are highly effective, sharp, and accurate. Companies are required to implement online ID verification methods to cope with this digital era.  

What is an Online Identity Verification Solution?

Online identity verification is an automated process of a customer’s identity before having them on board. Online ID verification solution involves collecting and analyzing government-issued ID documents and business papers for KYC and KYB compliance. Additionally, it allows verification of further details and risk signals such as browser fingerprint, IP address, and behavioral or passive signals.  Such information cannot be evaluated in the manual verification process. Moreover, it empowers more predefined decisions as the client risk profile is known.  Online verification is an essential part of ‘Anti Money Laundering’ and Know Your Customer compliance as it gives access to a customer’s Identity as it is. It provides automatic verification processes that are working under advanced AI and ML models and processes a successful onboarding business. 

Methods of Online ID Verification Solution?

The ID authentication solution varies by business and company. Every organization has different information requirements; for example, only one company uses an ID card, while others require documents like licenses, utility bills, and educational certificates. Companies may use the following processes to comply with online ID verification solutions, depending on the business.

  • Government ID verification

A customer must upload or take a picture of a passport, identity card, license, and state ID. Also, digital systems use these images to extract information, identifying whether or not the information provided is authentic. Automatic heuristic checks are applied to verify the legitimacy of IDs. 

  • Document Verification 

Various documents, such as bank statements, birth certificates, utility bills, and social security cards, are used for identity verification. These documents are scanned to detect any tampering or falsified information. If there is a critical issue, the client is verified as unauthentic, and the company does not have to deal with it.

  • Database Verification

The client’s information matches the database containing the person’s data. For example, an ID card provided to an organization can be matched with a government database that contains individual authentic data; thus, verification is complete. 

  • Selfie Verification

It involves verifying an individual’s face using face prints. Facial biological features such as skin color, the shape of the chin, and the nose size are used as face prints, and a person is identified. It is a biometric ID verification solution that companies often use in the remote onboarding process. 

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Benefits of Online ID Verification Solution for Businesses

The online ID  verification process helps businesses in the following ways;

Reduction of Human Error

The online ID verification complies with advanced AI and ML-based software and eliminates human errors. Also, these technological methods are sharp enough to detect minor variations that cannot be viewed with the human eye.  

Fast Processing time

An automatic verification process can perform several actions in a single moment. Algorithms work within nanoseconds to verify any document. Electronic identification verification tools are high-speed for extracting data from documents.  

Fraud Prevention

The online ID verification process mitigates the risk of fraudsters and financial terrorism, allowing clients to have only original documents. Also, online ID verification service providers are contracted to have a successful business with real clients. The document verification process helps identify fake clients in the beginning. Digital methods help identify clients while onboarding.  

More Convenient

Manual verification involves physical paper forms from customers, while scanned documents are used in EIDV. Customers don’t need to come onsite and stand in a queue to be verified, which is more convenient for both organizations and clients. Organizations don’t need to hire multiple employees for the verification process; a company doesn’t need to monitor employees hired for verification.  

More Reliable in Accuracy

AI models are trained to recognize genuine and fake documents, and algorithms can extract data from various papers in seconds and ensure their authenticity. Humans are prone to tiredness and destruction during long-term verification processes. 

Conclusion

Online identity verification eliminates the risks of fraud, identity theft, and financial terrorism. So, it is beneficial for both clients and organisations and is both time- and cost-effective. Customers do not need to go on-site and submit their documents for verification. Electronic identity verification processes have helped them get verified by submitting scanned copies of their identity documents. Organisations don’t need to hire multiple employees to verify; it can be done electronically quickly. 

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