In the era of the digital economy, businesses in the financial services sector look forward to being on top in the market by expanding their client portfolio. Due to technological innovations, frequent changes in buying behavior and habits of consumers are observed and these advancements give birth to fresh market segments so, in order to cater to a large group of customers, organizations prefer the integration of automation with human talent.
In the current business climate, where the population is getting services online, to cope up with the rapidly changing landscape, Address Verification Service (AVS) enables business owners to join hands with risk-free alliances, increase its interoperability, and avoid any sort of complication in the future.
With the integration of AI checks and human verification, corporations, banks, and financial institutions can trace a user’s geographic location in no time to make sure that the person or entity does not belong to a blacklisted region or comes from a country/territory with substantial cases of corruption, and validates that they are who they claim to be.
How do Address Verification Systems Work?
For verifying address, the AI-powered solutions require a set of mandatory documents such as:
- Government-issued photo Id, driving license, tax/rental agreement, utility bills, passport, bank statements, and others varying platform-to-platform. The user uploads the address documentation after filling preliminary checkboxes.
- The machine learning algorithms of intelligence model extracts the residential or corporate location information from the presented records and the state of the art OCR (Optical Character Recognition) technology integrated in the solution enables the scanner to verify authenticity of the information by matching it against the data incorporated in national data registration authorities in no time.
- The address verification displays end results in a second with accuracy
Types of Verification Evidence
The address verification system provides imagery and video proof of the address verification to concerned organizations or platforms for their databases for KYC and AML compliance. Along with uploaded images, the organization can also demand video evidence where the document is recorded by the user to obtain a better glimpse of the proof.
Key Features of Online Address Verification
There are a set of standard protocols followed by the solution to validate the address of an individual or beneficial owner of a firm:
- An ideal address verification solution does not accept documents older than three months other than passport, license, and photo-based ID to ensure that authentication reaches its end potential
- The documents folded, photoshopped, and cropped are recognized instantly and get discarded.
- Forgery and overwriting on any document is detected in a second
- It can verify information from thousands of address documents in multiple languages with great accuracy
- Due to the seamless API integration of address verification solutions, they can function in any browser with a secure connection. There is no need for additional plug-in or fancy Kiosks for the installation
Impact of Online Address Verification on Industrial Sector
There are several industries benefiting from the authentication service and ensuring risk-free customer onboarding and strategic alliance. To name a few,
The enormous increase in cases of financial crimes and frauds all over the world have made reputable organizations lose big numbers. This is the age of connected commerce, every organization is bound to verify geographic location of all levels of customers. At the time of onboarding, the address verification solution makes sure that the individual or representative of an organization is not from a region or a firm under FATF observation to prevent the institution/platform from financial scams.
Online Banking and Funding Platforms
For expanding and conducting business globally, multiple transactions take place on a frequent basis. The entire game of payments industry has been reconstructed through the aid of the internet and cellular technology where the transaction gets processed and validated in a second. The address verification solutions enable banks and financial institutions to ensure onboarding of genuine clients, who can be accessed/traced conveniently to avoid KYC/AML compliance in the future.
Same goes for money lending platforms; they can’t approve a loan request unless the geographic location is confirmed through a reliable and swift AI-powered address verification system.
Credit Card Address Verification
In the digital payments industry, the verification of addresses reduces the possibilities of illegitimate transactions to zero and aids corporations and financial institutions to detect synthetic ID’s in real time.
Marketing and Research
In the transforming digital landscape, despite technological prowess, marketers still use tools of online communications with their target market as it has not lost its potential. The address verification solutions enable the firm to identify the right eligible market segment and save the cost of offline marketing campaigns and classify the business plan a bit more.
The AI-powered address verification solution brings easement for corporations and financial entities, enables them to validate one’s geographic location in real time to conduct risk-free business, and provides customers with a better user-experience. It has a global impact on commerce, banking, digital payments, marketing experts, and much more. The address verification produces end results with great accuracy. It helps the firms and institutions to comply with KYC and AML policies. They can function in any browser with a secure connection without additional plug-in or fancy Kiosks. There’s no substitute for it and must be deployed to conduct risk-free business and facilitate a large group of customers.