MCLEAN, Va.--(BUSINESS WIRE)--ID.me, the next generation digital identity platform, today announced the launch of its KYC / AML identity verification solution and ID document verification solution, enabling financial institutions to instantly and confidently verify customer identity for online account opening and other financial transactions.
While mobile banking adoption is growing, proper digital identity verification remains the last hurdle keeping banks and credit unions from offering a seamless mobile banking experience. To meet Know Your Customer (KYC) and Anti Money Laundering (AML) requirements, many financial institutions force consumers to conduct identity verification at a physical branch. Or they require customers to complete time-consuming digital processes that lead to abandonment and stifle conversions.
ID.me enables financial institutions to streamline the online onboarding process. ID.me’s KYC / AML identity verification solution offers customers two user-friendly options to verify their identity with their mobile device or with a picture of an ID document and selfie. In the background, ID.me’s platform leverages authoritative data sources, fraud algorithms and artificial intelligence to verify the identity of the customer and perform all necessary KYC, AML and OFAC compliance checks.
ID.me streamlines the process for end-users. Manual form data entry is replaced with intelligent data extraction, and decisions are derived in seconds, not minutes. As a result, customers are less likely to abandon their application and conversion rates improve.
“While customers have easier access online to hundreds of financial products and services, proving who they are and verifying their status has become increasingly difficult. Most KYC processes have not kept up with the expectations of digital-first customers,” said Blake Hall, CEO of ID.me. “ID.me improves the customer experience for banks and other financial institutions with processes for KYC and AML built for the digital age.”
ID.me’s document verification solution, which is central to their cutting-edge KYC / AML identity verification solution and other identity verification products, is also now available as a separate and standalone product. Financial organizations turn to solutions like ID.me to provide the technology to verify the authenticity of identity documents. ID.me’s document verification solution uses machine vision, proprietary rules, rich document library and AI to determine authenticity of ID documents. Concurrently, ID.me uses advanced facial recognition to compare the picture of the applicant on the ID document to the selfie provided. Bad photos are the biggest cause of document verification failures. ID.me effectively analyzes identity documents with bad angles/perspective, blurriness, or light reflection. ID.me’s document verification solution integrates directly into web and mobile web flows without the user needing to download an app, a major point of differentiation from other solutions on the market.
ID.me’s solution provides an industry-leading recognition rate, improving conversions for account opening. “Many document verification tools on the market take upwards of 12 seconds to complete a single verification,” said Mike Brown, Chief Technology Officer of ID.me. “In comparison, the median response time of ID.me’s verification tool is 0.9 seconds, allowing customers to quickly complete identity proofing so they can access the services they need right away.”
ID.me simplifies how individuals prove and share their identity online. ID.me's next-generation identity platform provides identity proofing, authentication, and group affiliation verification for organizations across sectors. ID.me’s technology meets the highest federal standards for online identity proofing, authentication, KYC and AML requirements. ID.me is used by more than 8 million individuals and 200 partners, including financial institutions, federal and state agencies, healthcare organizations, retailers, and nonprofits.
ID.me is participating in Money 20/20 in Las Vegas this week (Oct 21-24, 2018). Come visit us at booth 1874.