There are a number of methods available for the verification of the documents, it totally depends on what will be the need. It makes sense that industries to identify the origin of the documents with the highest standard of verification. COVID-19 pandemic shifted the whole manual world into the digital world, mainly in banks and other financial sectors. Businesses verify the identities of the individuals or companies digitally and with government-issued official identity documents. During the document verification process, some identity parameters matched such as full name, date of birth, address of residence, and image placed on the documents.
What Does The Document Verification Process Mean?
What's in this article...
The document verification process – is to verify the legitimacy of the documents keeping in mind certain identifiers like watermarks. The document verification process can be done digitally through facial authenticity and uploads identity documents issued by the government.Â
What is Document verification?
Getting digital and online identities put through on a long distance with the typical identity verification. Although it is not a wrong decision, there are a number of advantages to using legitimate and official documents as a step of the document verification process.
Document verification is becoming an important part of the identification process with the adoption of both physical and digital platforms.Â
Document Verification Process – Verifying ID Documents Physically and Parameters Remotely
Government-issued documents such as licenses, bank statements, educational certificates by State, Utility bills, and others are the documents that are widely accepted or verifiable documents for the process. The process validates the features of the documents such as fonts and styles, stamps, and official watermarks. Moreover, personally identifiable information from the front of the identity document is being matched with the data extracted from the back from the machine-readable.Â
Digital customer onboarding makes the process efficient, applicants do not need to visit the office physically and present their documents to get verified. Customers can simply upload images of their identity documents and a selfie using a photo capture application on a smartphone.
How Does Document Verification Process work?
Document verification process – works through a number of steps of essential validating checks, that scans the ID and observe the legitimacy by comparing the information stored in the database. Here are checks of the verification process:
- Face Recognition: The identity documents with images are provided with serious information if the ID verification. These verification systems usually have the ability to extract image data from the provided identity document and verify it with the photos stored in the database.Â
- Data Association: most of the Identity documents issued by the government have information on the both front and back sides of the document. As per the identification concerns, must verify the association of the data just to verify the correctness of the data and the reference to the user.
- Scanning Document and Fraud Detection: There must be methods to scan identity documents and for critical information, which might include barcodes, ID numbers, and extra and link them with the database. Furthermore, these scanners will verify the tempered or photoshopped documents through different types of recognition patterns.Â
- Database-Checks: As per the provider, the information from the scanned documents is compared with thousands of IDs present in the national database. To authenticate the documents, they are being compared with the information present in the multiple national databases.Â
There is a reason why many verification solutions boast about being able to verify thousands of types of documents-and typically, more documents mean wider coverage for international customers.
- Identity checks and face liveness verification: Mobile selfies are sometimes used in biometrics and verification solutions as part of advanced biometrics. Additionally, the system will support liveness testing to ensure that the right user is present as well as instant image comparison with IDs.
Role of Document Verification in Compliance
Most compliance regulations do not require digital document verification necessarily even in regulated industries. Although, the continuous expansion in the digital platforms has improved the demand for online onboarding and digital verification for the customers.Â
There are a number of regulations that were regulated for the prevention of terror funding and money laundering.
-
Know Your Customer (KYC)
Know Your Customer (KYC) is a vast term used for customers’ identification before getting involved or onboarding with any business. KYC is used to know about customers whether they are suitable for the business or not means anyone was/is involved in any criminal activity.
-
Anti-Money Laundering (AML)
Is a bundle of regulations that are supposed to fight suspicious monetary activities with the help of KYC checks.
Final Remarks
Nowadays, almost every industry makes its working process online, when it comes to digital onboarding of customers’ organizations have to verify the number of checks to validate the identity, including document verification. The Document verification process is very comprehensive and smooth for customers’ onboarding in no time.
