Document Verification Solution:  An Inclusive Guide to documentation step

Document Verification Solution

In many countries, Know your customer (KYC) and anti-money laundering (AML) require a document verification solution to accomplish the identity verification process. Experts forecasted that within the period of 2019 to 2027 the projection of growth of this market can be 14.6%.  There are three compulsory steps are there in document verification which are:

  • Document Validation
  • Document Collection
  • Data Extraction 

Document collection steps include a collection of images of the passport or driving license or any utility bill required; that photo is uploaded electronically to the system. It is then the system’s responsibility to check whether the documents are complete, the quality of the image is acceptable, or it’s blurry through the document checker. 

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Making these all present is the most important and necessary step to complete the verification process. If anything is missing in the document verification or any document is incomplete, then there is a step that is often performed called near field communication (NFC) to complete that document. 

Steps of Document Verification Solution System

Document Verification Solution

After approval of the image, the next step is extracting data from the provided documents. The information that was provided manually by the user at the start of the interview is then compared to the documents provided physically to the system. 

A personally identifiable information system is used to compare this information, as this one is considered the most authentic way to verify and compare the documents through a document verification solution. This document’s information is compared to identity fraud watchlists to ensure the user was not involved in any criminal activity in the past. 

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Document Verification Features

Some barcodes on the documents are also being checked through scanners to ensure that printed data matches the data and that the documents verified on which that information is printed are also real ones, not forged. 

Sometimes, it happens that the document’s information doesn’t match with the government system’s information, and in that case, the user’s application gets rejected, or they are asked to provide authentic documents and genuine information as a second chance to prove them legal. 

Documents Identification

While identifying the authenticity of the documents and validating them there needed some processing to do first. This is a lengthy but necessary step in completing the Document Verification Solution process. 

This includes checking special characters in passwords, all the needed information in the documents, and the validity of the records collected at the time of onboarding in the organization. CIAM stands for customer identity and access management security strategy, which has been an advanced way of authenticating documents for years through the Document Verification Solution process. 

Verify Documents Online

Nowadays, verification is now physically occupied. Experts have introduced Online verification methods that save time and increase the work quality by sharing human lives through machines. Many financial institutions use document verification solution process as a must, which is:

  • Credit unions
  • Banks
  • Lenders
  • Thrift Institutions
  • Brokerage firms
  • Insurers
  • Investment Firm
  • Fintech companies

These companies, entrusted with significant financial transactions, place a premium safety feature on the security of their confidential data. To ensure this, they require a robust Document Verification Solution process. 

Moreover, they also need to safeguard their employees’ working data, particularly those handling sensitive departmental information. Implementing an online Document Verification Solution process in their system offers numerous benefits, notably enhanced security and peace of mind. 

Benefits of Online Document Verification Solution

Several benefits are there of using an online document verification system, which is as follows:

  • Accomplishing the Requirements

New users’ identities must be verified, and the documents required depend on the industry in which the organization works. The Document Verification Solution process is a highly effective and widely accepted method for meeting regulatory requirements. 

  • Mitigate Fraud at Workplace

Whatever an organization’s working space, you need to be careful enough not to be caught in fraudulent activity, so you must take preventive measures to protect themselves from fraud. 

  • Establishing and Maintaining Customer Trust is Paramount 

When customers are confident that their data and personal information are in secure hands, they can relax and feel safer. Organizations must prioritize a robust Document Verification Solution system to avoid any potential information leaks that could jeopardize customer trust. After all, it is the customer who forms the backbone of an organization’s success.

  • Speedily Manage the Process of Customer Onboarding

 In many cases, the document verification solution process can be done very quickly; thus, when paired with automation, it can make onboarding processes more advanced and quicker. Manual reviews take time, and hence, they disturb the other workings due to a lack of speed, waste time, and other activities that need to be done by teams in other departments. 

Final Thoughts

Document Verification Solution

Document Verification Solution is something that organizations need to be taken care of very precisely. If there remains any issue during document verification, then it can cause a lot of trouble in order to complete the authentication process. 

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