When you hear the term “ID verification”, you’ll likely envisage one of two things:
- A long-winded process that requires the back and forth of multiple documents, signing letters, waiting on the post and final verification
- Futuristic real-time facial recognition systems
If you’re all too familiar with point one, you’ll want to read on. Below, we’ll explain how ID verification software is helping to streamline tired processes and change the way many industries and businesses carry out ID checks.
In the past verifying clients, customers and employees have been done by manually validating ID documents. Submission of lengthy forms and getting confirmation from a third party on whether a person is who they claim there are, address checks, as well as PEP (politically exposed person) and Sanctions checks are costing businesses money and taxing in to both parties in terms of time.
What’s more, when it comes down to performing ID verification to ensure compliance with The Modern Slavery Act 2015, inefficiencies can lead to delays in the recruitment process, while information sent via post or email can easily be lost or intercepted, causing unnecessary risk to your business.
In order to perform efficient anti-money laundering checks and fight financial crime in a digital world, however, you need a powerful tool which can do away with the need for parties to meet face to face or have to deal with heaps of documents being mailed back and forth (and potentially misplaced in the process). This is where ID verification software comes in.
One of the key practices when it comes to anti-money laundering is the verification of client identity, also known as a Know Your Customer or KYC check. Institutions, especially in the financial sphere, can prevent money laundering by ensuring their customers are who they claim using real-time identity verification software.
Companies such as Credas who offer ID verification technology are increasingly becoming more and more crucial in helping conduct anti-money laundering checks and KYC checks. ID verification companies can help businesses prevent fraud by detecting it early on and strengthen security measures in the long term.
Credas ID verification software can help you streamline the process and reduce your exposure to risk by using facial recognition technology to verify a person and their identification document. Our software checks 4,000 types of ID documents in seconds.
Performing your AML checks and KYC checks, or ensuring your staff has the Right to Work in the UK using ID verification software, which employs two-way user facial recognition technology, allows you to invite people to verify in their own time, thus saving both parties time by doing away with the need for businesses to meet every client in person to check documents.
Significantly more secure than other types of electronic verification, real-time identity verification ensures the security of all parties involved is guaranteed, while at the same time completing the AML checks effectively, quickly and reliably.
Credas’ facial verification software also allows you to comply with regulatory checks by using the cloud to store the verification information and your documents. Although each verification process has its own set of parameters and guidelines, Credas will work with you to abide by GDPR, ensuring that both your clients’ and your employees’ data is secure.
By removing the labour-intensive task of manually checking various identity documents, your business can reduce the likelihood of human error as well as the risk of fraud. Compliant and affordable AML checks needn’t be complicated. Simplify it with Credas, the app to manage it all – open an account today.