IDVerse, a leading provider of identity verification products, today announces the global launch of Proof of Address, initially in beta, a groundbreaking product designed to revolutionise text extraction and fraud prevention on utility-bill-style documents for businesses worldwide.
IDVerse’s Proof of Address (POA) is a proprietary product that captures document-based evidence and verifies the validity of a customer’s current residential address. The new product is 100% automated with enhanced error handling to lower the burden on manual teams and ensure users benefit from higher conversion rates. This automation not only enhances efficiency but also significantly improves customer satisfaction by reducing input errors and streamlining the process through the autofill of form data.
IDVerse’s CPO, Daniel Aiello commented:
“Our focus at IDVerse is to automate the essential building blocks for identity businesses, proof of address being a natural progression as it is cumbersome for teams. We’ve seen a rise in multi doc fraud attempts with not only synthetic photo identity documents but also supporting documents such as bills and bank statements now being synthetically generated.”
Aiello continues:
“Our POA technology performs as humans do, reading and understanding variants of documents that aren’t exactly the same to extract the correct information. This ability to automate the collection of information from documents that aren’t rigidly structured or templated whilst performing integrity checks empowers businesses to enhance both their customer and internal staff experiences, significantly reducing operational load. The automation of POA increases decision speed, guiding customers through the process to prevent the need for revisiting transactions due to poorly captured or mismatched documents”.
The launch of IDVerse’s POA products greatly enhances document capture, Proof of Address can help businesses in ways such as:
● Enhanced Fraud Prevention: Verifying addresses adds a layer of identity validation, reducing identity theft and fraud.
● Regulatory Compliance: Ensures adherence to KYC and AML requirements, mitigating financial and reputational risks.
● Customer Trust and Data Accuracy: Improves data accuracy, ensures efficient communication, enhances customer satisfaction, and reduces the time and effort required for customers to complete online forms.
● Drive Automation: Reduces burden on manual teams and can reduce cost to operate with increased speed of decisions.
IDVerse’s POA solves the problem of managing complex document collection and verification requirements, which can vary by industry and regulation. Highly accurate computer vision extraction ensures a smooth user experience whilst saving operational costs on manual staff keying of information from a document to CRM through full automation of the process via API response. This not only improves efficiency but also reduces the likelihood of human errors, enhancing overall data integrity and customer satisfaction.
