The practices to e-verify documents initially were restricted to only huge corporations, banking, different financial enterprises such as insurance companies, brokerage houses, and others. With the passage of time, automated authentication of soft copies of documents with digital screening is now a whole separate industry. An industry whose services are applicable in every business doesn’t matter if it’s global at the moment or not.
Document verification has become an essential part of the organization to verify the identity of individuals entering into business platforms. Government-based ID documents are required to verify the authenticity of customers.
The solutions to e-verify documents are AI-driven: can spot falsely placed data, capable of confirming their genuineness, despite the different format or language of them with the same convenience and speed. Digital technology can authenticate the validity of identity documents of future clients and businesses, which itself is a different industry enabling financial, gaming and gambling, legal sectors, fintech, and so many more.
The authenticating procedure is completely automated and swift, taking hardly a few seconds in the concise check. Talking from the perspective of confirming the identity of a future client before.
- To e-verify documents, the customer only has to submit images of the identity records. The solution can calculate accurate results even if the data on the document is a partial match to the provided information earlier, the one usually entered in a checkbox. The system won’t accept records that are either folded or cropped from any corner.
- The screening service OCR (Optical Character Recognition) will compose the information in a data table for the solution to e-verify documents from global record registers.
- The end results of the validation screening are shown to the inspecting business or financial enterprise in a short period. Every relatable record of the client will be displayed along. The process to e-verify documents is mostly applied for AML screening and to validate whereabouts and other information of the client.
- The volume of global Saas IDV providers is yet to grow, there are few potential organizations rendering impressive facilities for different sorts of businesses so the beneficiary of the digital solutions can streamline customer onboarding and also can increase the level of customer satisfaction with swift services.
Attributes of Document Verification Solution
To e-verify documents, there are plenty of features that rule out traditional confirmation.
Nowadays, IDV providers are supplementing businesses with NFC technology to e-verify documents, confirm customers’ identities and AML status in a go. Due to NFC authentication, a business can confirm details with a simple smartphone as well with the same pace and precision. Now the government is also issuing NFC-enabled passports and ID cards. The IDV providers are already benefiting from this technological shift.
The process to e-verify documents of IDV solutions can be practiced in any working system or digital device of the business without making any installations of the operating system or another download.
The technology has innovated in such a way that the system is easy to use and accessible to businesses. It is not just the financial institute that is using it but other business sectors are taking its help.
The algorithms of automated validation technologies are not linear. The system with an advanced AI matrix of several models understands the way a human analyzes and identifies certain factors in a record. The solution does e-verify documents with greater accuracy and identifies minor complex planted properties due to the interlinked AI models network.
It is easy to fool the human eye which is why there is a need for advanced machines to detect fake documents. AI-based document verification is a sophisticated technology that verifies each component of a document. The system recognizes and learns the properties of documents to provide better results.
E-Verify Documents in Offsite Mode
Online document verification services can also be practiced on behalf of business clients. The system can gather information from screening customers and validate it itself. The final output is immediately transferred to the concerned business or financial institute. The document verification system also presents the data with solid evidence of accurate validation checks. The video clips and images of the process are also submitted to the concerned party.
Importance of Digital Document Verification
The automated solutions e-verify documents of clients with substantial global databases and add an increased level of authenticity with cost-effectiveness. The list of features attained post the deployment of AI-powered screening systems is like water on the ground, it keeps flowing. The global coverage a business gets with it.
The digitalization and expansion of internet availability have allowed customers to buy online. The COVID era has made many tasks to be performed at home. Digitization of document verification is required by the modern world for efficient work. The artificial intelligence algorithm is an advanced technology that can help us achieve it. The system can verify a document within the time span of thirty to sixty seconds.
Preventing Financial Crimes
The systematic process to e-verify documents reduces the volume of money laundering and terrorist financing to a great extent. The news of money laundering is not associated only with banks and insurance companies anymore. There are several other attractive areas for scammers. The IDV solution firm provides organizations with digital systems to e-verify documents in real-time so the business maintains compliance with the 6th AML directive and Patriot Act.
Document verification of individuals entering into a business platform can help the business understand the authenticity of customers. This practice can save the business from the involvement of fraud.
AI-powered technology to e-verify documents of future customers comes with a remarkable set of features providing an upper hand to every business and financial entity, giving a defensive cover from imposters. The prevention of financial offenses and a greater customer onboarding rate can not be achieved or retained without automated systems. With its NFC authentication and deep learning, a firm can e-verify documents anywhere anytime.