Most consumers dread when they read that they are required to provide ID verification before they can use services online. This comes as no surprise, either, as many ways of verifying documents and letters are troublesome and require constant back and forth, not to mention the time and energy that you’ll have to set aside in order to get the entire process through. Up until very recently, verification of ID documents required businesses to go through these documents manually, meaning considerable time and resources must be dedicated even by businesses. Businesses need to not only wait for these documents to be handed over to them, but they also need to verify with third-party organisations to conduct identity verification, address checks, Politically exposed person checks as well as sanctions checks. This tedious way of verifying identities slows everything down, and businesses can’t afford to be weighed down as markets get increasingly competitive.
ID verification software, or identity verification api, aims to improve the lives of businesses that require the screening of identity and verifying of information. In this article, we will go through how ID verification software is able to remove much of the burden off of businesses and allow them to streamline this process to become more efficient.
What do businesses have to comply with?
Before we begin explaining how ID verification software can help businesses, it is important that we first understand why businesses need to conduct ID verification in the first place. Regulations set by the Know your Customer check (KYC) and Anti-money laundering check (AML) require institutions and businesses to verify that people are who say they are, which aids in the prevention of identity fraud, money laundering and data theft.
Failure to comply with the regulations and procedures set out by the KYC and AML will often result in heavy fines imposed on businesses and companies, and can even result in imprisonment.
How does ID verification software help companies comply with AML and KYC?
ID verification software aims to take a lot of the leg work of having to verify and scan through documents to ensure that they are all legitimate and valid.
Better security for consumer data and information
ID Verification Software helps to keep consumer information safe by putting up more security checks to be conducted before a consumer is able to continue using the service. This often comes in the form of two-factor authentication, but can also be done through facial recognition and liveness detection. Customers are reliant on a business’s ability to keep their information safe, and maintaining that trust is paramount for a business in order to garner further consumer support. Ensuring that data is kept securely and accessed safely means that your reputation remains clean, which will entice consumers to use your business.
Just as it’s important to screen your consumers and users to ensure that they are not attempting any fraud, it is just as important, if not more important, than to screen your employees. This means that you are able to completely verify the identity of your workers and ensure that they will not do anything that will undermine the business through illegal means and that you can trust them with sensitive information. With ID verification software, you’ll be able to conduct these checks quickly and efficiently, meaning that you’ll be saving a lot of money and resources that you can use for other goals and needs. ID verification software is great, especially for businesses that operate on a remote basis, as you would not require the employee to meet face-to-face to verify their identity.
Decrease operating costs and maximise earnings
No one will turn down the ability to cut down on costs in order to save more money, and ID verification software can help businesses achieve this. Instead of having to hire and dedicate teams of workers to verify documents and identification, you can instead outsource the process to a third company. Not only will this very likely cost you less money, but it will also mean that you get your documents verified quicker as they specialise in providing this service. You also gain greater peace of mind as professionals focusing on only this task will be carrying out this task, giving you greater confidence in the safety of your business.
Conversely, you can use ID verification software to increase your profits, as well! Having quick and efficient ID verification checks mean you can reduce the time it takes to accept clients, meaning that you can increase the number of clients you can take on. This means the customer experience is improved, and they are more likely to continue using your service if their experience is good. That means you’ll have higher repeat customers, as customers feel safe while also interacting with your business quickly.
Protection from online criminal activity
Hacking and other criminal activity are growing on the internet, and it is more important than ever that businesses ensure that they have countermeasures to protect themselves from such threats. Not only will your business be at risk should the stored data and information be leaked, but it will also jeopardise your clients and consumers who will have their identities possibly stolen. Employing the use of ID verification software will give you peace of mind that you’ve employed extra steps to protect yourself. Though no protection, short of being entirely disconnected from the internet, is foolproof, cybercriminals often look for easy, unsecured targets as they require less time and effort to hack. This means you’ll be less of a target if you employ these measures.
The march of time continues ever forward, and so does the technology that runs much of our lives. It’s vital that businesses and organisations ensure that they keep up with the latest technological developments, as they offer new ways to increase their revenue while also increasing their exposure to new threats. Being diligent with your data security through the use of ID verification software will not only keep your business safe, but it will also keep your customers safe, meaning that they will likely continue to use your services.