GBG has launched an identity verification solution for small businesses, RapID.
The digital identity vendor notes that many small businesses are still undertaking their identity verification checks manually, with documents sent via email and checked by a member of staff. However, this manual process is costly, time consuming and prone to human error.
RapID is a web-based solution that enables businesses to automate this process. GBG says it is a plug and play solution that businesses can begin using “in minutes”, with no coding necessary.
It allows people to submit their documents for verification by following an URL. Once documents are submitted, RapID automatically verifies the document in the background and sends real-time alerts to the business showing where the customer is on the onboarding journey and whether any red flags are raised.
This enables small businesses to reduce AML compliance and fraud risk, without the need for specialised internal resources, says the firm. It also enables businesses to create an audit trail for compliance purposes.
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Tobin Broadfoot, senior product manager, new proposition development at GBG, said the company has been talking to small businesses, “and we understand that they’re under increasing pressure to be able to verify who their customers are quickly and compliantly – particularly in sectors that have seen a huge boom in demand, such as fintech and online trading.
“However, the reality is that many businesses are struggling. They’re either stuck using a costly solution not designed with them in mind, or they undertake manual verification processes that run the risk of opening the door to bad actors. We want that to change. RapID is specifically designed to help small businesses stay compliant, reduce risk and cut costs. It is also designed to help improve the user experience and deliver an onboarding process that is quick, easy and seamless. In an increasingly competitive market, we understand it’s these small things that make a big difference.”
The RapID solution integrates passive facial liveness technology from ID R&D. GBG says the liveness detection technology prevents face biometric spoofing without adding friction to the customer journey.
“At a time when customers place extreme value on simplicity and convenience, the ability to remotely onboard customers in a manner that is automated, fast and frictionless is a competitive advantage,” said Alexey Khitro, CEO and co-founder of ID R&D.
“An innovation that makes robust identity verification accessible to businesses of all sizes is a much welcome addition to the market.”