Throughout every sector in financial services the need to verify identity is of paramount importance.
KYC and AML laws are stringent, with significant penalties facing those who do not follow them.
In the lending sector fraud is commonplace, often enabled by legacy systems. These are built upon outdated methods of verifying identity, such as document verification that requires human analysis, leaving room for partial or misleading representation of an individual.
The problems surrounding identity in financial services are irradicated when bank data is introduced.
The threat of third-party fraud is instantly removed by verifying identity through bank account connections. Verifying identity in this capacity gives any business confidence in who they are dealing with, whether that be with a new loan applicant, or verifying the identity of a new employee.
Using DirectID Bank Account Verification, any business can instantly verify the identity of an individual, and further, ensure the person they are talking to is the person receiving the payments.
We use direct bank data access to check if the name and account details provided to you match the bank’s records. This is proceeded by a simple 30 second process whereby the individual seamlessly connects their online bank account.
A global transport services company required a standardised process for verifying the identity of drivers in multiple countries. They embedded DirectID Connect into their onboarding journey in several of the European countries they operate in. Now, using the Bank Account Verification solution, the company can instantly verify the identity of both existing drivers and any new drivers that the company onboards.
Associated Products used:
- DirectID Bank Account Verification
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Open Banking is a secure technology, for a consumer or SME to safely share their information with an authorised third party. Open Banking also gives that authorised third party permission to execute a transaction.
Bank statements don’t lie. With DirectID, the credit decision and ID is immediate and obvious.
CEO, Just Us
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