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Get compliant and grow with digital identity verification

Published on
March 28, 2024
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Businesses are moving to digital models in just about every industry, offering products and services online. Digital identity verification and automation are prerequisites for an organisation to streamline the customer journey and improve KYC compliance. ZignSec provide cross-border capacity, enabling businesses to operate across geographical boundaries and master the regulatory divergence between different jurisdictions.

Digital commerce calls for digital identity verification

Identity verification is a process that validates a person’s identifying traits and verifies them against an actual, physical human. Businesses have always needed to verify the identity of their customers.

Before the digital transformation, most procedures for customer interactions, money transactions, and identity verification were carried out face to face. But how can any business be sure that customers are who they claim to be when said customer isn’t in the same room, country, or region?

The need for digital identity verification has become evident as the world has gone increasingly digital. Not least since many companies are obligated to comply with AML (Anti-money Laundering) and KYC (Know Your Customer) requirements that put a legal emphasis on verifying the identity of clients accurately.

Today, most of the world is digitally connected. Businesses within every sector and industry are moving to digital models. But some companies that utilise digital infrastructure to connect people with their products and services still rely on manual or even physical identity checks.

The traditional and manual method of identity verification is prone to human error, time-consuming, costly, and simply not good enough from a competitive and customer care point of view in today's online world as it limits access. Nowadays, online customers and users of online services are connected 24/7 and demand simple digital user experiences.

Digital identity verification enables frictionless user experiences

As businesses have increasingly become internet-based and moved to the online offering of products and services, the problem of how to best verify someone's identity online emerges. The wisest approach would be to employ a digital identity verification solution that is advanced enough to confirm that a person is who they say they are swiftly and accurately. But beyond reducing the risk of fraud and helping businesses comply with KYC requirements, that identity verification solution must also enable a frictionless and stellar customer experience. ZignSec provides KYC automation and a digital identity verification solution that delivers against all these requirements and satisfies these needs with flying colours.

Using their smartphone, customers submit a photo of their ID document and a selfie video. Our automatic ID document detection recognises documents by type and country—ZignSec support over 10 000 document types from more than 170 countries. The process takes place in real-time. In the background the ID document is validated by comparing the photo ID with the selfie video, forgery checks with advanced OCR reading are made, information from the document is matched against the customer input data and a Liveness Check to verify that the features and attributes being presented are those of a living person. This is the ideal digital identity verification for businesses with operations and customers in several countries as it enables cross-border regulatory compliance worldwide. 

International customer onboarding and KYC compliance

Digital identity verification plays a vital role in the customer onboarding process. This is the first crucial touchpoint to enable mutual trust, welcome honest customers and shut out fraudsters.

The onboarding journey must be frictionless: studies have shown that 40% of customers who start client onboarding do not complete the procedure due to complex manual hurdles. A customer is more likely to complete an online registration process if it is as simple, fast, and smooth as possible, and the linchpin of excellent customer onboarding is automation.

Automating tasks fortifies security, increases productivity, and lowers processing costs by reducing time and manual errors. According to a study by the European Commission, 46% of companies investing in digital technologies have seen an increase in their annual turnover, increased profits (47%) and reduced costs (40%).

Regarding digital identity verification solutions, customer onboarding, and KYC automation, ZignSec is the one-stop-shop your company needs. We empower you to operate an end-to-end KYC process through cutting-edge automation. Our aggregation model unites a comprehensive range of global and local KYC compliance solutions in one platform. This enables your organisation to acquire complete KYC processes or pick and choose solutions according to need and combine them into a bespoke workflow.

Our aggregate supply is continuously updated with new innovative and enhancing compliance solutions, enabling you to future-proof systems and processes for regulatory change. The ZignSec platform is an orchestration layer for a global set of compliance solutions and corresponding workflows that your organisation can acquire, employ, and manage via a single API connection.

Contact us at sales@zignsec.com today to learn more or book a demo. We provide organisations in just about every industry worldwide with digital identity verification, excellent customer onboarding, improved KYC compliance, and much more.

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