Client attestation is an extremely important process. But it is also a time-consuming requirement due to the accumulation of fraud cases in all businesses, especially FinTech regulations globally. It is assumed that fraud cases in financial firms have increased from 21% to 25% in 2021, significantly affecting the productivity and status of financial regulators and other businesses around the world. Financial scams include money laundering, black money transfer, terrorist financing, illegal trade, marketing manipulation, and corruption in politics. To combat all these crimes, SaaS video identification is developed for verifying the identity of customers in businesses around the world. So, it is an online video identification software that intelligently performs video remote verification against commonly used KYC.
What is video identity verification?
There are different ways of remote identification. But some of them can take a long time and accumulate unwanted errors, and many other issues. To put an end to all these problems, a modern improvised verification mechanism is launched for remote verification. It maintains the convenience of the customers and the process experts that make up a KYC video identification solution. Its use is widely used in all companies for valid and real-time authentication.
In addition, this mechanism is extremely secure and convenient for all businesses to enroll legal clients by digitally validating them using video calls. And verifying the document through the camera, which is carried by KYC expertise. KYC Video helps all fintech organizations get legal end users. This mechanism supports AML and KYC compliance for end-user verification in online businesses by calling clients live and their documents. In addition, customers are also required to answer some crucial questions asked by KYC experts.
How is the KYC video solution different from regular KYC regulation?
The practice of KYC for money transactions and other methods, there are several tactics. As stated earlier, Know Your Customer (KYC) involves authenticating customers according to recommendations from all administrative entities via video call. But on the other hand, the common KYC method requires end-users to submit the information that has been requested and a selfie photo that must be clicked on the spot.
Why is video chat ID verification important for FinTech organizations?
Online video identification solutions for FinTech industries manage the stability between the certainty of the digital world and the customer experience. This video-based KYC compliance has huge benefits for all financial industries;
Save time and money
Verifying identity by video call is an efficient, time-saving, and also economical process practiced by all monetary systems for the uniqueness of end-user authentication.
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Change digital security
The uncertainties of scams and complex entities are limited by online video call verification. The data of fraudulent individuals is used by crooks to enter digital currency systems through such false documentation. In addition, this verification procedure also validates an individual’s body language and analyzes credentials in real time to limit digital scams.
Improve the customer experience
To authenticate an entity by presenting its identity documents to the camera, KYC video identification is performed. Certain questions are also asked by the KYC authorities to the customers they defend to prove their authenticity. In addition, the credentials presented by customers are verified through a process of document authentication and facial verification.
Introducing Online Video Identification
Video chat identity verification vividly serves its extravagant remote services to all businesses. It is specifically performed in FinTech industries for the purpose of security against bogus entities entering a system for their desires.