Verifying a person's or an entity's identity is highly critical and beneficial for customers and businesses to create a safe space for business transactions in the business landscape or the world of financial transactions. Identity verification makes customer onboarding safer, faster, and much more yielding; it also promotes good business as there is an elimination of constant doubt and trust between two outfits in a business relationship. Identity verification services must be available to all kinds of legitimate businesses in various territories and regions. This article highlights how to verify identity in business relationships in the United Kingdom.
What is Identity Verification?
Identity Verification refers to confirming the identity of individuals or entities involved in financial transactions. The procedures contained in identity verification seek to confirm that the identity claimed by an individual is truly valid and belongs to them. As earlier stated, identity verification makes customer onboarding and financial transactions easier. Identity Verification is usually facilitated by a government-issued ID or the collection of biometric information. Although Identity verification can be done manually, the era of big data and the digital age issues the necessity of digital automatic means or digital verification.
How To Verify Identity In the United Kingdom With Youverify
Youverify's products and solutions can aid the verification of identity in a way that is fast, safe, and secure; utilising Youverify's KYC and KYB products is a great choice because they are easy to navigate and automate compliance.
Here are some products to utilise for identity and business verification and how:
ID Document Verification
The Youverify ID Document Verification is a KYC service that provides a fast and secure way for businesses to verify the identity of customers. With this product, a customer’s government-issued ID document can be quickly and easily verified by scanning and authenticating across our global document verification network. With this product or tool, customers can be onboarded with confidence. It works in four simple steps:
The potential customer presents a qualified government-issued ID.
The system prompts the customer to take a clear picture of the ID and extracts all the important information needed via their mobile device or high-quality webcam.
The government-issued ID is authenticated against 300 million+ global databases and a network of document verification services. This is made possible by leveraging artificial intelligence and machine learning.
If the result comes out positive, there is a match, and if it comes out negative if there is no match, the response time is immediate.
Youverify Business Verification Solution
With the Youverify business verification solution, businesses or personnel can customise KYB verification processes to suit their business complaint needs. The Youverify Business Verification Solution can handle critical screening processes, including AML, company address verification and, importantly, Ultimate Beneficial Owner (UBO).
Youverify Customer Verification Solution
All KYC can be handled for the seamless onboarding of customers with the Youverify customer verification solution. It is an all-in-one KYC compliance solution. With this solution, customers can be verified and identified in real-time. Poor customer onboarding rates can be done in real-time. The platform also scans through adverse media, sanction lists and watch lists.
ID Data Matching
This Youverify product, ID Data matching, is the most reliable and efficient way for businesses to verify the identity of customers in real-time. With this product, new customers can be quickly verified and onboarded to get fast and reliable results, even while maintaining a high level of security and maintenance. It can verify government-issued ID documents like passports and driver's licences with ease.
The Youverify biometric verification product is another product that can help Youverify an identity in the United Kingdom; with an average time of a second and a 99 % completion rate, entities can verify and onboard customers through Youverify's AI-powered facial recognition and liveness detection technology that can seamlessly match the customer's face and ID. This product allows for the prevention of spoofing and identity fraud.
Youverify's identity verification solutions offer a robust and totally integrated strategy for entities in the United Kingdom, aiding the essential need for safe, effective, and compliance-driven identity verification processes. Employers and personnel that use these technologies may confidently navigate the intricacies of compliance in the digital space, therefore improving confidence in the onboarding of customers. Identities can be verified seamlessly in the United Kingdom using Youverify's KYC and KYB solutions and products. This includes;
- Business Verification Solution
- Customer Verification Solution
- ID Data Matching
- Biometrics Verification
Cater to the diverse needs of businesses. Whether it's ensuring the authenticity of government-issued ID documents, customising KYB processes, conducting real-time and comprehensive KYC compliance checks, or utilising advanced technologies for identity verification, Youverify offers a versatile toolkit for businesses of all sizes.