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Document Verification Process

Document Verification Process – Enhancing Client Verification Experience

Document verification can be done using a variety of methods. It totally depends on the situation. When determining the provenance of papers, businesses should use the highest level of verification possible. The COVID-19 epidemic transformed the manual world into a digital one, particularly in banks and other financial industries. Corporations validate customers’ or firms’ identities electronically and by using government-issued formal identification documents. Some identification factors, such as full name, date of birth, location of residence, and image placed on the documents, are matched during the document verification process.

What Does The Document Verification Process Mean?

The document verification process aims to confirm the documents’ authenticity while taking note of distinctive markings like watermarks. The government-issued identity documents can be uploaded for document verification using facial authenticity technology. 

What is Document verification?

Obtaining long-distance transmission of digital and digital identities using standards of identity verification. Using authentic and official documents as part of the document verification process has a number of benefits, even though doing so is not necessarily a bad idea.

With the adoption of both physical and digital platforms, the document verification process is evolving into a crucial step in the identification process. 

Document Verification Process – Verifying ID Documents Physically and Parameters Digitally

Documents usually verified for the procedure include licenses, financial records, state educational qualifications, utility bills, and others issued by the government. The process checks document parameters, including typefaces and styles, stamps, and official watermarks. Furthermore, the data collected from the back of the machine-readable is matched with personally identifiable information from the front of the identity document.

The process of digital consumer onboarding is more efficient. Consumers may simply use their mobile phones’ camera applications to upload photographs of their identification documents and a selfie.

How Does Document Verification Process work?

The document verification process – works through several essential validating steps, scanning the ID to determine its legitimacy and comparing it to data in the database. The following are checks for the verify documents process:

  • Face Recognition: When performing ID verification, the identity documents with images contain important information. Verification systems are usually capable of extracting images from identity documents and verifying them with photos in the databases. 
  • Association of Data: The majority of identity documents that the government issues have information on both the front and back of the document. Regarding identification issues, it is necessary to confirm the data’s association to ensure both the accuracy of the data and its relevance to the user.
  • Fraud Detection by Scanning Documents: Identification documents must be scannable for crucial data, such as barcodes, ID numbers, and other details, and then link to the database. Additionally, by using various recognition patterns, these scanners will confirm documents that have been altered or altered in a photograph. 
  • Database-Checks: The information from the scanned documents is compared, according to the provider, to thousands of IDs that are stored in the national database. The documents are being compared to the data found in the various national databases in order to verify their authenticity. 

There is a reason why many document verification services claim to be able to validate thousands of different types of documents; typically, more documents equate to more excellent coverage for clients from around the world.

  • Identity document checks and Selfie Liveness. As a component of advanced biometrics, mobile selfies are occasionally used in biometrics and verification solutions.  The system will also enable instant image comparison with IDs and liveness testing to make sure the correct user is present.

Role of Document Verification Process in Compliance

Most compliance regulations, even in industries subject to law, do not always require the verification of digital documents. However, due to the continuous development of digital platforms, online onboarding and digital proof have become more popular among customers. There are numerous regulations in place to prevent funding terrorism and money laundering.

  • Know Your Customer (KYC)

The term Know Your Customer refers to the process of identifying customers before they participate in or onboard with any business. In order to determine whether a customer is a good fit for a company or not, KYC verification is used to find out if they have ever been or are currently involved in any illegal activity.

  • Anti-Money Laundering (AML)

It consists of several laws that organizations use in conjunction with KYC checks, which are means to thwart nefarious financial activity.

Concluding Remarks

In today’s world, almost every industry makes its work processes online, and companies must verify the authenticity of their customers’ identities. That includes document verification when it comes to digital onboarding. The document verification process is comprehensive and easy to use, allowing customers to onboard quickly. For more interesting articles like this, visit wire media!