London-based Checkout.com, a global payments solution provider, announced on Tuesday the launch of Identity Verification. This is the company’s first product focused on improving customer onboarding and identity verification.
Checkout.com says its latest product utilises proprietary artificial intelligence and is trained on billions of identity and facial recognition documents.
Identity Verification is tailored for Fintechs, Rental and Hiring companies, Gaming, and Government organisations for quick customer verification.
Verifies customers in under 120 seconds
Leveraging vast ID documents across 195 countries, Checkout.com Identity Verification can verify nearly every citizen. In beta alone, it has verified over 10M identities and identified over 1 million fraudulent identities.
Additionally, it removes the complexity of requiring specific app or software compatibility. It now allows users to verify their identity anytime and anywhere, requiring only an internet connection.
Through video technology, the AI analyses various elements, including hologram and colour changes, transparency, and opacity, while the identity document is moved.
Additionally, the AI utilises short and simple facial movements performed by the user to swiftly identify potential deep fakes or fraudulent identity documents.
The platform’s verification time from start to completion is 120 seconds for 90 per cent of users.
70 per cent of identities are verified in less than 20 seconds. Any identities that cannot be verified in that time are passed to a dedicated team for a systematic human review.
These experts have been trained by customs police officers on ID document security features and face match methodology.
“We deeply believe in the intersection between digital payments and online identity verification. Legacy systems requiring an appointment with a human being or limited to certain days a week are not conducive to the long-term growth of the digital economy,” says Meron Colbeci, Chief Product Officer at Checkout.com.
“By utilising AI and algorithms trained on billions of data points alongside a video stream that simply requires an internet connection, we can now verify identity documents to facilitate customer onboarding and comply with KYC requirements quickly and accurately”, adds Colbeci.
Checkout.com: Helping businesses process and take payments online
Founded in 2012 by Guillaume Pousaz, Checkout.com sells a software platform that makes it easier for businesses to process and take payments online.
The company claims its flexible solutions, granular data, and instant insights help enterprises launch new products in new markets and create great customer experiences.
Checkout.com also provides fintech companies with a cross-border payment solution for digital commerce. The business offers direct access to domestic acquiring across payment methods and geographies. This includes all major credit and debit cards, online banking, PayPal, Apple Pay, and other eWallets. It provides payments in more than 150 currencies.
The UK company works with global clients, including Sony, Wise, GE Healthcare, and Shein.
Read the orginal article: https://siliconcanals.com/news/startups/checkout-com-ai-powered-verification-system/
