Are you spending valuable staff hours manually processing Identity Verification checks?
The first of its kind in the UK – Credas is an online platform and mobile app that uses facial recognition technology to provide identity verification services across many markets and sectors.
Credas offers a simple, quick and secure way to confirm if the ID document is genuine and if the person verifying is real and present – taking a fresh new approach to large, mature and tired markets.
Credas identified one common issue within money laundering related markets, governed by HMRC. Seeing that many businesses are overwhelmed by the latest legislation requirements or don’t have the skill or resource to be compliant.
Since June 2017, it has become a legal requirement to verify the identity of all parties as part of the Anti-Money Laundering (AML) 4th Directive.
If a business fails to comply, they risk a fine of up to €5 million or up to 10% of their annual turnover.
These stringent regulations add an administrative burden to most business who must track down the client, ensure they get hold of their documents and then check that it is, in fact, authentic.
Additionally, the way in which businesses store documents relating to AML is under increasing scrutiny due to the new General Data Protection Regulations that come into force on the 25th May 2018.
Credas’ platform allows any business with an AML requirement, a quick and real-time way to comply with the 4th directive.
Our Platform – Next-Generation Technology
Through a combination of facial recognition technology and a liveness test, Credas can certify that the person registering is the actual document holder.
Clients or employees can verify themselves with an ID check wherever they are, at a time that suits them.
Businesses no longer have to meet every client in person to check documents, saving time and money, speeding up the ID verification process.
Credas can validate up to 4000 different types of identification, in seconds. Our NFC (Near-Field Communication) reader has a 100% VERIFICATION ACCURACY RATE.
Your client portal can be customised, with ultimate flexibility. This means that no matter what sector or type of business you are in – our software can integrate with your existing systems and processes.
Information sent via post or email can easily be lost or intercepted. However – with Credas –all ID verification data is kept safely in our highly secure cloud-based platform, helping you enhance your Information Commissioners Office (ICO) compliance and General Data Protection Regulation (GDPR) requirements.
Through our journey to date, we have identified a vast number of markets that share a common, painful problem that our solution can remedy.
We are confident we can offer diverse and if required, bespoke services to clients, providing them with a more complete and fit for purpose solution.