Welcome to our series that is focused on helping financial regulated companies navigate the vendor landscape to facilitate Know-Your-Client (KYC), Know-Your-Business (KYB) & Anti Money Laundering (AML) verification! In this article, we will highlight the customer ID verification (IDV) software solutions available to financial organizations.
The need for IDV technology is growing and organizations are increasingly required to ascertain the identity of their customers to reduce fraud risk. While digital ID verification may be frustrating and cumbersome, newer technological offerings are improving this part of the experience.
With technology advancements in the fields of Artificial Intelligence, Machine Learning and specifically Deep Learning, IDV providers can verify customer identities using the initial documentation submitted 95% of the time. The process typically involves the customer scanning both sides of the ID document. With the aid of assisted image capture to guide users and ensure the image obtained is suitable, data is captured, text is extracted and any barcode is automatically matched against the relevant records. …