IDnow has introduced the latest version of its identity verification-as-a-service platform powered by artificial intelligence (AI) technology.
The service, according to the company, will allow companies to verify the identities of more than seven billion potential customers online across Europe and beyond.
The new service will verify identities in compliance with regulatory Know Your Customer (KYC) requirements.
The upgraded IDnow platform features biometric, computer vision and security fraud detection technologies to carry out verification services in compliance with Know Your Customer (KYC) requirements.
The IDnow platform, which is used by several companies including UBS, Commerzbank and solarisBank, is said to fulfil high security and fraud detection requirements of financial services.
It complies with the AML regulation, eIDAS, GDPR and PSD2 directives. Additionally, it facilitates customer onboarding process for companies effective in lightly regulated sectors.
IDnow CEO Rupert Spiegelberg said: “Companies need an easy, trusted and compliant way of finding out who their customers really are and we believe our platform can offer just that.
“In addition, with full automation and compliance, organisations can rely on one platform for international requests, helping to bridge the gap in the market.
“As an end user, this means no more posting of copies of passport/proof of address, no more having to be present yourself at a physical branch and, for corporate customers, lower costs and higher success in customer acquisition.”
The IDnow platform can be integrated with the company’s service application to enable their clients complete the verification process from the smartphone.
It supports two types of ID verification processes. The first process is fully automated ID verification process which involves facial recognition, optical character recognition and hologram requirements.
The second is video-based agent-assisted ID verification that can be utilised by the company to fulfil regulatory requirements as well as onboard those customers unable to complete automated process.