Adapting Compliance Tech for the Digital Era — Part 2
With the launch of Oobit Pass, we’ve been seeing an increasing number of platforms requesting to know more about how it works and what we’re doing to change the space. Part 2 of our compliance technology series explores how Oobit Pass takes on the challenge of creating a user-friendly, multi-use KYC solution that is available to all platforms out there.
You can find Part 1 here.
Oobit Pass applies a series of improvements and features to the compliance process that works in tandem to transform the way KYC checks are conducted. Let’s break down these features one-by-one!
- Optical Character Recognition
Oobit Pass uses Optical Character Recognition (OCR) technology powered by our proprietary passport template-sampling to read the data from the submitted passport or ID image. This results in a highly automatic and accurate comparison of the image data to the submitted form data. Depending on the platform’s preference or compliance requirements, we can even auto-fill these details and reduce the onboarding time for form-filling down to a fraction of other platforms.
2. Liveness Detection Technology
We use a combination of Facial Recognition and Liveness Detection technology to ensure that the users going through the KYC process are real users as per their passport photo and not a video recording or false identity. Many platforms are performing this check manually, by asking users to pose in 10 different photos and then having a human verify. This is not only expensive and time-consuming for both the platform and the user, but also subject to heavy judicial bias — face-matching accuracy is highly inconsistent when performed by humans.
3. Risk Scoring, not absolutes
Every platform has its own risk appetite and compliance requirements. A one-size-fits-all approach never works for regulatory authorities, and our system takes this into account by scoring every data point submitted instead of issuing an absolute answer. When it comes to the question of whether to trust a user, it’s never a 100% certainty, and the correct compliance approach is to implement tiering and adequate risk profiling — something a score-based system will enable.
For each data point we analyze, we issue a score on how accurate the data point is. For instance, there is always a percentage similarity between the facial profile submitted by video as compared to the passport photo. Exchanges can then adjust for risk by indicating at what score do they feel comfortable with onboarding a user, in accordance with the compliance requirements and regulations of their jurisdiction.
4. Submit once, reuse forever
When you first register for a platform that is integrated with Oobit Pass, you’re given the choice of saving your submission securely to be reused with other platforms that integrate with Oobit Pass. This is done through our secure encryption process and local storage — no raw personal data is ever collected or stored by Oobit. This means that you don’t need to trust us to keep your identity secure, as we do not hold any of your data even in the event of a compromise. Instead, we use asymmetric cryptography to share your data and results directly from your device to the exchanges integrating with us. This is the same technology powering cryptocurrencies, password management software, and military-grade security!
By storing the risk-scoring results of your submission, we also enable you to expedite the process with exchanges through as little as a single click — exchanges that have pre-approved certain scoring thresholds can automatically accept and allow you access to their platform while maintaining their compliance requirements.
5. Multi-platform support
Oobit’s interface is responsive for both mobile and desktop, allowing users to use our features anywhere, anytime with no hassle.
6. Fully functional SDK for developers
Platforms can easily integrate Oobit Pass into their systems using our software development kit, which enables them to integrate Oobit Pass as a module on their website quickly and securely without tedious development work.
The future of compliance technology and improvements to come
Oobit Pass is just the first step in our roadmap. Other than developing user-friendly features and working with platforms to integrate Oobit Pass as widely as possible, we’re also exploring future development on Oobit Pass functioning as a Single-Sign-On (SSO) solution, which would allow you to use Oobit Pass to instantly register and log in to your favorite cryptocurrency websites, platforms, and services with a single click. We hope that our users and partners will embrace compliance as a necessary step to bring legitimacy and adoption to the industry, and work with us to simplify and conduct its processes to the highest standards with no compromise.
