This is the first instalment of the Solution Series, where we share an overview of our key KYC & AML solutions. We begin with our flagship product Profile iD, which offers smart social authentication, from anywhere in the world, in seconds.
This is everything you need to know in a nutshell, along with a product sheet available at the end of the blog…
What is Profile iD?
Profile iD allows customers to authenticate themselves using their social media profile. It’s a quick and easy step that takes seconds, and is simply included into the online customer sign-up process for any type of website or app, where identity verification is required (or preferable for security reasons).
Users simply consent to using the method in one click, and enter their username and password, and that’s it. It’s an exceptionally user-friendly and almost instantaneous way to verify oneself, from anywhere in the world.
It’s the fastest verification on the market and was built by our data architects, who through years of development created an engine that can process all historical data in milliseconds, through algorithms created from machine learning, natural language processing, data modelling and analytics expertise. It returns verified name, Date of Birth, ID Scores, Fraud Scores, Employment Scores, geo-tags and a traffic light confidence indicator, which can be used for ID checks, location verification, KYC and fraud prevention.
How does it work?
For customers, it couldn’t be easier than 1, 2, 3:
1) A customer clicks to give consent for their social media account to be analysed.
2) Profile iD checks hundreds of data points to determine if the account is genuine and belongs to the customer.
3) If the various scores meet required thresholds then their identity is verified.
Data from the customer’s digital footprint is aggregated, and analysed to produce actionable insights, including the scores listed above and an Over 18 Check if required.
Profile iD is completely consent-based, GDPR complaint, and can be used on any desktop, tablet, or smartphone, and is mobile-optimised.
Profile iD can be embedded into the sign-up process at any point, and can also be combined with our automated document solution, iDocufy. Our instant document verification solution enables a user to upload a photo of their driving licence or passport or ID card in seconds, if this extra check is also required or useful.
What are the benefits?
Profile iD lets you verify anyone in the world in seconds, using a method that reaches and authenticates more customers, which in turn increases revenues.
Using this innovative quick method means companies increase customer acquisition with real-time onboarding, and create a better customer experience.
GLOBAL SOLUTION. We verify customers in over 177 countries.
INCREASED ONBOARDING. Increase customer uplift by over 60%.
AUTOMATED PROCESS. Reduce costs with a fully automated ID verification solution.
POSITIVE USER EXPERIENCE. Reduce drop-offs by minimising friction.
Profile iD offers a seamless user journey. Traditional methods of ID verification take hours or days, which leads to customer frustration and drop-offs, and therefore lost revenues.
Furthermore, traditional checks, such as using credit history mean that many good customers are turned away. A vast number of millenials do not have CRA data, and so if this source is used they are turned away. Equally in countries with thin files, where traditional data does not exist or is scarce, Profile iD can be used to qualify and verify new customers.
Finally, Profile iD stops fraud. We’ve reduced fraud by 21% globally. Our analytics software enables companies to let in more good customers, worldwide, while blocking bad or fake ones.
This is the new benchmark for identity verification.
Higher pass rates
Profile iD is a global solution. There are well over 2 billion active social users around the world. By using social authentication we increase pass rates in countries around the world, such as Bermuda, that otherwise have no or low pass rates for many clients.
In the UK, and around the world, there are many legitimate customers who aren’t on the electoral roll or don’t have credit or mortgage data to verify against. Profile iD is the solution.
An innovative consent-based approach to KYC & AML, that’s easily integrated, and can be combined with other solutions through a single Sodium API, and provides the customer with real-time onboarding and access, and provides companies with increased revenues as a result.