Exploring Global Identity Verification in Diverse Industries

Stability is the most important factor of business yet it is hardly retained. Due to globalization, multiple businesses are seeking to expand their reach by pitching their product lines in overseas markets which leads to multiple accounts possession by UBOs. The global identity verification solution before any association reduces collaboration risk to zero by authenticating personal and corporate credentials with top-secret data warehouses.

In global identity verification, a wide array of aspects is covered by the integration of different AI-powered authenticating systems. The system offers verification of KYC, KYB, AML Checks, Biometric Authentication, Video KYC, and OCR services.

Global Identity Verification

KYC Verification

Know Your Customer (KYC) checks enable firms and banks to validate the personally identifiable information of individuals such as name, age, social security number, DOB, nationality, and such, in moments, to eliminate the possibility of synthetic ID by comparing the presented data with one in government and intelligence archives.

KYB Verification

The global identity verification solution performs a Know Your Business corporate check to authenticate the legal corporate structure of the concerned firm, originality of corporate documents like annual reports and licenses, and PII of the beneficiary of businesses to ensure that the corporation is genuine and GDPR compliant. 

Identity Check Online for KYC and KYB Compliance

The process for both sorts of verification is almost the same and takes an equal amount of time in presenting end results. To authenticate the ID credentials of an individual or company. Banks and other corporate firms follow this simple procedure:

1. For global identity verification, the person uploads images of his/her identity documents such as national ID card, driving license, passport, bank statements, rental agreement, and others

In KYB, additional documents of the firm are required as well such as the registration number of the company, trading license, annual performance reports, financial records/ledgers, and others

2. In global identity verification, digitized systems run OCR screening. The authentication solution scans the images of ID documents and verifies the credentials of the individual/ firm’s owner in no time

3. The prospect also takes a fresh selfie and uploads it on the interface of the solution, so it can be authenticated along with the other documents by matching the information against data stored in digital facilities and warehouses of regulatory authorities and intelligence agencies, to make sure that the client is authentic and risk-free

4. After the global identity verification, results are concluded in real-time to support the decision to be taken

AML Checks

The global identity verification solution, through the access of classified data directories, can find dirt on the person in seconds and estimates chances of the prospect committing any violation on the basis of information obtained. It takes adverse media into account as well. For instance, if the prospect is a PEP (Politically Exposed Person) or comes from a territory or country with a plethora of corruption cases, the global identity verification solution warns the verifying firm by flagging the profile. 

Biometric Authentication and Video Interview

The ML algorithms in global identity verification, recognize age, creed, and other similar appearance traits and verify them from classified records. In the biometric screening, a 3D depth analysis is performed to measure the facial depth of the user. It ensures that the uploaded picture is not photoshopped or artificially created. In Video KYC, the system derives significant information from the non-verbal behavior of a person as well. The slightest expressions by the prospect display confidence or nervousness in seconds, which leads to accurate global identity verification

OCR (Optical Character Recognition)

The OCR services are widely used in industries for global identity verification and processing large sets of data from documents that are frequently verified by businesses. The optical scanner selects the required areas of data from ID documents and restructures them in a proper format for the organization and validates the data from concerned databases in real-time. The OCR technology enables businesses to configure and train different data extraction and verification models with minimal time and effort. It’s accurate, reliable, and cost-effective in the long run.

Use-Cases of Global Identity Verification

Id verification as a service is in demand for industries like:

Crowdfunding 

Business Investors and money lenders on crowdfunding platforms supplement people with funds, in order for them to meet their financial needs. The global identity verification validates the credentials of the borrower with the integration of AI and human verification in no time. 

Digital Banking

Global identity verification in banking avoids synthetic ID frauds, addresses are verified to make sure that the prospect does not belong to a blacklisted region or a country with increasingly high rates of corruption, and so much more.

E-commerce

Before customer onboarding or forming a strategic alliance, the global identity verification solution validates the authenticity of prospects as their association would affect the firm’s position either way. 

Conclusion

The AI-powered global identity verification solution performs extensive documents and background checks on prospects to verify their originality and predict the positive/negative impact of the collaboration. The system verifies location, eligibility, AML status, and much more which contributes to strategic decision making.  For the satisfaction of verifying platforms and companies, the AI-driven global identity verification solution always displays video and imagery proof of the prospect authentication to support the derived output. 

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