Business regulations around the globe are going through a major shift due to technological evolution in technology which is equally exploited by businesses and criminals. The scope of KYC/KYB and AML regulations is becoming global. Almost every industry is required to comply with these regulations and the regulatory authorities from several countries are working on making their KYC regimes globally centralized. And for that businesses need a diverse solution that could serve their need to verify the identity documents of their stakeholders coming from different parts of the earth.
Digital documents verification solution is the savior of businesses that serves several needs of businesses.
Document verification an alternative to ID verification
Document verification is a solution that gives leverage to the business to verify their customers through numerous identity documents. Suh solutions give the option to verify the identity of customers through an ID card, passport, or a driving license.
So an ID card is no more the only option to verify the identity of a customer. It helps businesses in converting prospects to actual customers.
An integral part of KYC and KYB
Know Your Customer (KYC) regulations require businesses to verify the identity of their customers before onboarding them. While Know Your Business (KYB) requires businesses to verify their merchants and other businesses related to them in B2B and B2C relationships. It requires them to check if the business is blacklisted or something like that.
KYC and KYB regulations require businesses to verify their stakeholders through their identity documents and other legal documents. Document verification is an integral part of KYC and KYB solutions. The developers use such solutions in their KYC and KYB screening solutions.
Today everything is becoming digital then why not perform necessary verifications digitally. Digital document verification is a next-generation solution for the necessary verifications. Manual verification is no more feasible as it requires a lot of time, effort and resources. On the other hand, digital document verification delivers high accuracy results in real-time within seconds. Also, such solutions don’t require hefty technical resources, just a single API integration and you are good to go.
The users are verified in real-time through their identity documents and the swiftness helps the business to retain happy customers through frictionless identity verification process.
Helps in payment-fraud prevention
A digital document verification solution helps businesses eliminate payment fraud in online and physical payments. Most of the businesses these days accept online payments or use online payment solutions for B2B transactions.
Online payment solutions are a household term. So the risk is also high. Document verification solution allows businesses to verify the debit/credit cards of their customers in real-time. In case a criminal is using a stolen credit card he’ll not be identified as the legitimate owner. Also, the document verification solution identifies fake credit cards. So payment frauds will be eliminated at the very first stage.
Document verification to verify the employees
Document verification solutions can be used to verify the credibility of an individual before giving them a job. It helps businesses in developing a trustworthy team. For example, if a person tries to get a job with a fake/stolen or synthetic identity, he’ll be identified and the business will be able to eliminate a huge risk.
A criminal might perform a data breach or financial theft while being an employee and flee afterward. Verifying the identity of an employee through some identity document will eliminate the risk.
To wrap up, verification of stakeholders is inevitable for businesses and a digital document verification solution is a feasible tool to practice this due diligence.
Leave a Reply