A business owner is in charge of protecting their company from all types of internal as well as external risk factors. Decisions are made repeatedly and on daily basis to advance towards perfection. Many find it difficult to stay ahead of competitors, which may be the reason why, despite advancements in Fintech and other technology, businesses in the corporate sectors continue to fall behind with regard to comprehensive KYC standards. To ensure they are entering a high-profit connection, everyone needs the address verification service to authenticate the locations of their clients.
How Does an Address Verification Service Work?
A digital address verification system allows businesses and financial firms to check the needed information in a matter of seconds by adhering to this process, which consists of basic steps, for validating an address of a client in order to perform risk-free commerce and operations.
- An ordinary person or UBO of the firm uploads a few identity documents, including a national government-issued ID card, a driver’s license, utility bills, a tax or tax rental agreement, credit card or bank statement, etc at the time of client onboarding in order to verify the address.
- Verifying an address demands a specific set of business documents having a location on them in the context of a company’s address verification in addition to basic personally identifiable information.
- The address verification process then uses cutting-edge OCR technology to extract the Identity and residential data from the provided information. The AI-based solution retrieves the address as well as other required elements from papers. Thus, it allows companies to compare the information with data that is hardcoded in the warehouses of the government data to confirm the authenticity of the findings.
- Following the compilation of the official outcome by the address verification process, the system gives the validating company or bank the documentary evidence. The firm has access to an unbroken recording of the procedure, which is housed in their data center together with images of the documents proving the address.
Features of the Automated Address Verification System
- The automated systems validate address on the basis of established standards using a configurable detection model in order to ensure the process’s legitimacy.
- To guarantee that identification is as effective as possible, the digital address verification service only accepts identification that is photo-based and has not been older than 3 months.
- The software’s cutting-edge OCR technology immediately detects fake and fraudulent documents.
- Records that are damaged or changed in any way are immediately identified.
- With the same accuracy, the address verification process can check residence information from a large number of documents in different jurisdictions and in a range of languages as well as formats.
- Online address verification solutions’ API is easier to use no matter which browser it is.
- The mechanized system is simple to use, the validation model could be customized for the type of company, and information can be transformed from it with ease. So no need to hold a presentation or training session for staff in order to cover all of that.
- Additionally, no extra plug-in is required for deploying an address verification solution.
Address Verification in Different Sectors
Crowdfunding and Digital Banking
Verification of address assists money lenders and banks in identifying qualified and legitimate consumers. When determining each individual’s risk rating during onboarding, it also determines whether or not the investment or relationship will generate a return.
Private Sector
Address verification services make a significant contribution to the long-term planning of enterprises, helping not only to avoid fraud but also to improve business strategies in terms of marketing. It allows for the identification of the targetted market and aids in the specialization of direct and indirect marketing efforts.
Traveling
A person can travel without having to do a lot of paperwork or wait around for a long time because of the option of online verifying address, which enables them to have their airline-confirmed e-tickets in a timely manner.
Final Thoughts
The risk associated with partnering with other firms and getting destroyed by fraudulent activities is greatly diminished by the electronic address verification solution. The computerized solution simplifies the onboarding procedure and offers excellent user experiences to the end-users of the corresponding businesses in the medical field, E-commerce, cryptocurrency, digital banking, and payments. By quickly cross-checking the information with another in local/global data warehouses, the address verification systems verify address authenticity. Without the need for additional program installations, they could operate in any browser. Nobody is aware of the evil crimes that can be done by a bank or any firm’s neglect; poor address verification requirements cause financial damage to commercial enterprises.
