What Is ID & Document Verification?

Following on from the recent narrative on Know Your Customer (KYC) and Anti-Money Laundering (AML). This edition of W2: Back to Basics focuses on a product that has become a focal point at W2 as we take our focus away from the check itself, and on to the technology that enables it. Being ID & Document Verification.

ID or Identity Document Verification services allow an alternative means of verifying who your customers are via documentation. As opposed to a Know Your Customer check that utilizes services such as address lookup. The Document Verification service can be used as a standalone alternative to eKYC or alongside it if only a partial match can be achieved; providing you with 100% confidence that your customer is exactly who they say they are.

Documents such as a Passport, Driver License or even utility bills can be uploaded via W2’s API or Web portal and used to confirm identity. Not only does it enable a business to verify the identity of their customers, but it is also able to reveal if a potential customer is using identification that is forged, stolen, or expired, aiding in the fight against fraudulent activity.

W2 offers an alternative to traditional ID verification methods using software development kits (SDK), or a web journey in the form of document and facial selfie capture. This innovative software brings you the speed of eKYC checks, negates geographical boundaries, and confirms in real-time that a prospect is the true holder of the document; many businesses now use this as their preferred verification method.

The software has global coverage and is suitable for those consumers who may not have an electronic presence and are typically hard to find with a traditional electronic Know your Customer check. This alternative verification method comes into its own when trying to onboard millennials, foreign nationals who have not had a UK address for over 6 months, or unbanked adults without an account at a traditional bank or other financial institution, all of which are considered outside the mainstream demographic.

Having the ability to offer products or services to those who are typically harder to confirm via a traditional eKYC check, enables businesses to increase their portfolio and client base efficiently and without friction.

Check out our partnership with neobank JINGLE PAY, a business focused on providing ‘banking for the unbanked’.

If you or your business would like to know more about ID and Document Verification or any W2 products, contact us on hello@w2globaldata.com

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