ID Verification is a necessary process to legitimize users so that they can carry out actions with guarantees, security and regulatory support.
Although identity verification has been effective for decades through in-situ verification of identity documents, the process has been digitized for use both on-site and remotely through online channels of the organizations.
What is ID Verification
ID verification consists of carrying out a series of controls and verifications that will result in the corroboration that the person who is trying to carry out an issue or action is really who he claims to be.
The actions that need be done will be carried out in an environment of trust and security for both the user and the organization. Thus, identity fraud is completely omitted, users will confirm that the specific actions are being correctly conferred to them and the company certifies that they are working with the appropriate user.
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Why it is necessary
ID verification process is necessary for any circumstance in which two parties must establish some type of formal relationship, from any type of purchase and sale to the contracting of services or the registration of users on a platform or company.
On the online sphere, ID verification plays an even more important role, since the verification of the user’s identity must be carried out with guarantees and it cannot be falsified or hacked.
Similarly, in sensitive sectors such as those related to finance, investment or wealth, the ID verification process becomes mandatory.
Given the nature of the operations carried out in these areas and their sensitivity, it is essential to have a process that provides a security framework and guarantees both at a technical and regulatory level.
This obligation is given by a series of AML (Anti-Money Laundering) standards, risk prevention, compliance and the operation of certain activities that have been regulated by the states and are strictly enforced.
ID verification service is not only necessary in terms of regulations and security but, currently, incorporating this digitized process into user onboarding provides a series of additional benefits to both organizations and users that will drive and optimize processes and productivity.
Key points and requirements for a proper ID verification
The process is simple and agile for the user, never exceeding three minutes to complete.
Integrated within the registration process, ID verification service must be composed of a series of characteristics that allow it to comply with the regulatory relevant frameworks and provide itself with the necessary technical security while offering an optimal user experience:
- It must conform to the needs of the organization and establish its security based on the actions to be carried out by the user.
- An ID verification service with the greatest guarantees, allowing any type of subsequent procedure or action by users (including, for example, contracting and carrying out sensitive procedures totally online), is through streaming video identification.
- It must comply with all regulatory standards for the industry and the state and region.
- It must include controls and measures against fraud, anti-spoofing checks and be performed real-time. This is usually carried out by artificial intelligence and machine learning techniques that reduce any problems to zero.
- Within the measures framework, it is important that it is supported by facial recognition controls and the checks.
- It must be able to verify the integrity and validity of the ID documents and faces displayed during the process.
- The user interface must be clean, comfortable and explanatory, leaving no room for friction and with a fast and agile flow. Similarly, introducing a narrator to guide the user through the process will enhance the experience.
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ID Verification standardization
ID verification service for the incorporation of users to companies and organizations is commonly known as KYC (Know Your Customer).
This procedure has been standardized within the framework of customer onboarding and allows companies around the world to boost their customer and user acquisition and expand in a secure, automated and digitized way both on-site and 100% remotely.
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Comprehensive ID verification solutions for any need
It is important to have the support of a technological partner appropriate to establish an ID verification process that fits the technical and regulatory needs of the organization, the sector and its users.
ID verification services must be accompanied by additional solutions such as electronic signature and authentication to be able to offer services and products in a safely and with guarantees in such a way that the experience is complete and the transposition to the digital plane of the products and services is total.
It is important to understand that the solutions for both ID verification and the rest of the associates procedures must be easily integrated into all the organization’s channels, in a transversal and adapted way.
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