How Verification Software Brings You a Complete Identity in Minutes
Verification is the process of validating identity and it’s a critical component of most digital experiences. Verification can be time-consuming and complex to build, often requiring specialized knowledge of regulations and custom software. In addition, many verification processes are onerous for end-users who are forced to provide additional forms of identification while they wait sometimes days to find out if they’ve been approved or not.
This is why a verification software that removes the complexity of building good user experiences for your platform is essential. Here are the tools to handle essential identity verification processes so that you can focus on what matters: building amazing products for your users.
Complete identity in minutes
A verification software makes it easy to gather the information you need while providing a complete picture of your applicants’ real-world identities, documents, and transactions. A single platform can handle the entire identity verification process—from onboarding new clients to performing ongoing due diligence checks on existing ones. All information is stored securely and is accessible whenever you need it.
Simple and efficient operational flow
The software is fully automated, which means there’s no need for manual data entry or manual data analysis. No need for any human intervention at all—the identity flow is created in minutes. This makes it easy to get started, with no need to hire expensive staff or spend hours learning how to use complicated software products.
The automated nature of the verification processes also means that you don’t have to worry about provisioning and maintaining your servers or infrastructure. And because it does all the heavy lifting behind the scenes, your team can focus on other initiatives that bring value to your business instead of pulling their hair out trying to figure out how the product works.
Adaptable KYC and AML compliance tools
Adaptable KYC and AML compliance tools that help you stay ahead of the regulatory curve are extremely important. This is because regulations are constantly evolving — adopting new technologies to keep up with these changes is a vital part of staying compliant. An identity verification software gives you the flexibility to adapt and stay updated on changing regulations so that you can be sure your business is always in line with the latest rules.
Time-to-market flexibility
By streamlining your onboarding process, you can save time, money, and resources. This means that you’re able to reduce the costs associated with a manual verification processes.
Another benefit of using verification software is that it eliminates risk and allows you to verify thousands of applications in a matter of minutes rather than hours or days, which reduces your compliance risk significantly. By automating repetitive tasks such as identity verification, it helps reduce the need for manual work—and all its associated costs—including payroll and human resources management fees; employee training fees; office space rental costs; and technological infrastructure maintenance fees.
With the right tools, teams can streamline their processes to make verification a priority without slowing down their product roadmap. This is especially true for businesses that want to build a new application or integrate an identity management solution into an existing one. The right tools enable enterprises to “move faster and deliver more” with fewer resources.
Keep in mind that enterprises will need more than just software. They need the right people and processes in place so they can get up and running quickly—and reliably stay in compliance with applicable regulations. Without the proper infrastructure, it will be difficult for enterprises to achieve this goal—no matter which verification software they use.
