An entrepreneur is responsible for safeguarding his or her organization from a number of internal and external challenges. Every day, several decisions are made in order to bring us closer to perfection. Keeping up with competitors while not falling behind is a challenging task for many, which may explain why, despite Fintech and other technology improvements, corporate and financial firms continue to lag behind when it comes to thorough KYC requirements.

The address verification solution might be a tool that everyone uses to show where their prospects live in order to establish a potentially profitable relationship.

The technology verifies the prospect’s address by determining if they are on a PEP list or are from a location with a high prevalence of misleading status of being active and adulteration. It establishes the location of residence or activity in seconds and provides you with a true in-the-moment approach to influencing a country with data in a visible form from supervisory mathematical data in visible form warehouses and ease.

How will the AI-powered associate Address Verification System work?

Machine-driven address verification solutions enable businesses and financial institutions to view the essential data in a matter of seconds by following this approach, which consists of a series of fundamental stages, for executing risk-free transactions and activities.

  • At the time of shopper onboarding for address verification, a typical individual or company’s UBO uploads one or two identity papers, such as a national photo-based ID card, driving licence, tax or rental agreement, utility bills, bank or MasterCard statements, and others.

In the case of a firm’s address verification, a collection of specialized corporate documents with location on them, as well as basic personal data, is required.

  • The address verification system then captures the ID and residential information from the submitted data using progressive OCR (Optical Character Recognition) technology. The AI-based technology extracts the address and other required components from documents, allowing businesses to verify the information’s legality by comparing it to data stored in government data warehouses.
  • After that, the address verification system provides the final results, as well as evidentiary proof to the corroborating firm or bank. 

Applications of Address Verification in Non-Public Sector Industries

Address verification is used in a variety of industries in the private sector.

Address verification solutions play a significant role in the strategic planning of businesses, not only in terms of combating fraud but also in terms of sales strategies. It assists in the specialization of direct/offline marketing activities by allowing audience identification.

Crowdfunding as well as online banking

Address verification will be used by cash lenders and banks to identify qualified and legitimate customers. It also contributes to the risk rating assigned to each profile at onboarding, which decides whether or not the investment or relationship is profitable.

Travelling

A person may fly without completing extensive work or waiting long periods of time; the internet solution allows an individual to possess his e-ticket certified by the airlines in a timely way, resulting in a better user experience.

Standout features of machine-driven Address Verification Solutions

The system checks the data using a pre-configured verification model based on a set of preset standards to assure the process’s integrity.

  1. Aside from passports, licences, and photo-based ID, the net address verification solution does not accept documents older than three months to create the most accurate authentication.
  2. The solution’s cutting-edge OCR engine detects counterfeit and false documents in real-time.
  3. Any damaged or changed records are discovered in a single step.
  4. The address verification system can evaluate residence data from a huge number of documents from many jurisdictions in diverse formats and languages with the same precision.
  5. Automated address verification systems use an application programming interface (API) that can be accessed through any browser.
  6. The computer-controlled machine is simple to operate; the verification version may be altered to suit the type of business, and records can be accurately transformed using it. For all of this, there may be no need to keep a staff training consultation or seminar.
  7. Furthermore, no additional plug-in is required to set up a contract with a verification machine.

To Wrap it Up

The digital address verification approach reduces the risk of association significantly. In E-commerce, the medical sector, online banking, cryptocurrency, and the payments industry, the machine-controlled solution streamlines the onboarding process and provides end customers with a beautiful user experience. The address verification solution checks the situation in a matter of seconds by comparing the information to one in national/international data warehouses. They may be used in any browser without the need for any additional software. Poor address verification standards don’t cause loss to organizations; yet, nobody is aware of what terrible acts a bank or firm’s irresponsibility will cause.

Author

Write A Comment