An increasing number of online businesses are making identity verification a priority. It is essential to know who you are dealing with, whether it be in cybersecurity or fraud prevention or compliance.
Let’s take a look at identity verification, its importance, and the best free software to verify it.
What’s an Identity Verification Tool?
Software that verifies identity is designed to help businesses identify their customers. It is crucial to verify an individual’s identity as it is easy to create fake identities online. The platform may also require compliance with privacy and anti-fraud regulations. All these requirements can be met by identity verification software.
These are the top identity verification software on the market.
Authenticate
Authenticate offers developers tools to integrate multiple verification tools and provide ID verification API. Customers can create trust scores for their customers on peer-to-peer marketplaces, two-sided marketplaces and online communities around the globe.
Organizations can now check for compliance with FHA, KYC and FCRA at a low cost by partnering with top CRAs and data suppliers through channel partnerships. Customers can save time and money by using the unified platform to streamline their research, development and marketing efforts.
Trulioo
Trulioo helps you build trust online to protect your customers and company from digital fraud. GlobalGateway is a marketplace for global identity networks that assists organizations with meeting AML/CDD requirements. It automates Know Your Business (KYB), and Know Your Customer(KYC) workflows.
Trulioo allows global clients to verify 5 billion customers and 330,000,000 business entities in 195 countries with a single API integration. Their identity network also offers electronic identity verification, ID verification, business verification and AML watchlist screening.
GlobalGateway is used worldwide by many industries for compliance, risk mitigation and age verification. This includes fintech institutions, cryptocurrencies and online marketplaces. Trulioo’s online electronic identity verification services were designed with international markets in mind.
Veriff
Veriff is an online identity verification platform, KYC and trust infrastructure. Veriff’s identity verification platform and KYC platform makes it easy to onboard users or customers in seconds, while protecting against identity fraud. Veriff is the industry’s leader in identity fraud prevention and identity validation. This allows your company to meet regulations while also gaining new customers or employees.
Veriff’s identity verification platform has a 98% check automation rate, an average decision time in 6 seconds, and covers more than 9,500 identity documents. 95% of users are verified the first time.
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Reach
Reach is your one-stop solution for remote customer engagement. Reach is a platform that allows businesses to improve customer service and efficiency. It provides a simple-to-use, instant engagement platform for customers and the company. This allows for immediate, real-time communication without the client needing to “download anything.”
These features are part of the Reach SaaS platform:
- Verification of identification
- Collaboration on forms and documents
- Electronic signatures
- Web conferencing (A/V screen sharing)
Reach Platform integrates with all business applications in a way that is extremely safe and easy to use. Reach Platform is used by over 85 top organizations around the world, including leading insurance, banking, automotive, and technology companies.
HyperVerge Identity Check
HyperVerge Inc, a B2B SaaS firm, provides AI-based identity verification/KYC services to companies in the Telecom, Telecom, Gaming and E-commerce industries. This identity verification platform allows companies to seamlessly onboard customers, verify for fraud, perform face authentication and age verification, as well as document verification.
HyperVerge helps clients onboard over 30 million customers each month. HyperVerge’s technology has significant advantages. It is scale-able with a 99.5% accuracy (the highest among competitors), and 600+ million KYCs performed across 200+ countries over the past year.
HyperVerge prides itself on its consultative approach. This means that instead of selling API/SDKs, HyperVerge works closely alongside its clients to find solutions for their most pressing business problems.
Cidaas
Cidaas is a European cloud identity management and access management system. It provides ready-to use solutions for federated identities and single sign-on as well as multi-factor authentication. Cidaas is used by companies to create unique user IDs and ensure maximum security across all channels.
Cidaas is able to be integrated into any software environment, scaling up to millions of users, thanks to its “Everything is an API” architecture, and foundation in OAuth2.0 and OpenID standards.
Persona
Persona’s trusted infrastructure for identity can be used by businesses to automate any identity use case. This includes securely gathering and verifying user data, making decisions and performing manual reviews. They can also manage KYC/AML programs that are fully compliant, fight fraud, and automate all processes from one place.
Persona can be integrated with or without engineering and with a maximum of ten lines code. Persona offers a complete solution for business owners and operators to meet KYC/AML compliance for a limited period of time.
Persona’s team includes former Square, Uber and Coursera engineers and designers. This ensures skilled expertise and efficient management.
Bottomline
It can be difficult and overwhelming to verify identity, especially when you have to comply with regulatory requirements. There are many great SaaS fintech companies that can help you quickly and seamlessly integrate ID verification. Not all ID verification software vendors are created equal. It’s important to know what tools you need. This guide is a great introduction to the topic.
