Over the past three years, there has been a slight increase in the number of digital identity checks done in India. Identity verification market growth is due to the terrible plague that led to record-high identity theft, ATOs, and other frauds all started with fake identities. This caused identity verification API to develop quickly.
Since identity verification as a service came out, API-based ID and face checks have become standard in India. This lets digital finance, insurance, crypto exchanges, and many other industries grow and keep their user platforms safe. This blog will delve into the details of identity verification and its importance.
Identity Verification is the process of identifying and confirming a person’s identity by using document checks, online databases, and biometrics to prevent fraud.
In India, Identity Verification involves confirming an individual’s identity through PAN, Aadhar, Voter ID, or other government-issued IDs and using digital methods and biometrics to prevent fraud.
Financial institutions must improve in a virtual age where new clients expect to create accounts with a few clicks. Remote onboarding enhances customer experience and reduces application fraud with digital identity verification.
Facial comparison is used when new customers apply remotely for accounts. The ID’s authenticity is examined first. The consumer takes a selfie and compares it to the validated ID. If both match, we know the client is present and not a fraudster. This strategy builds confidence and prevents fraud.
Identity verification is essential for trust and security. It combats identity theft, a rising issue with online purchases. It also helps firms comply with KYC and AML rules.
An easy procedure for confirming the identification of a person of international importance is using the Passport Verification API. OCR technology extracts data from the submitted photos using the front and rear images and passport file numbers. The information is taken from the public database, matched, and confirmed.
The passport verification API is helpful for nationality checks, international travel, studying abroad, working with clients from other countries, and dealing with representatives from global corporations.
An alternative expeditious approach to verify an individual’s identity using fundamental personal data such as name, date of birth, age, gender, address, and ID number is using the Voter ID Verification API. Information is extracted from scanned or uploaded photographs using OCR technology and cross-referenced with voter data that has undergone pre-validation in the historical government database.
When no further restrictions apply, voter ID verification is commonly utilized to validate an individual’s identity.
The KYC procedure can be accelerated by rapidly authenticating user information with the driver’s license API. Similar to what was described previously, OCR is utilized for data extraction, and pre-verified data is used for validation, which is information extracted from the driver’s license by the Driving Licence Verification API. The pre-validated information regarding the individual is subsequently retrieved to compare and validate the correspondence between the two sources.
The insurance industry requires these APIs to identify authenticated users to sell policies and insurance online.
Aadhaar XML Verification is a Know Your Customer (KYC) verification mechanism that extracts and verifies personal information from a downloaded Aadhaar XML file using the relevant Aadhaar number and OTP. A practical method of eKYC verification, the Aadhaar verification API can be used to verify any other information about an individual due to its integration with other government-issued ID proofs.
The Aadhaar XML Verification API is widely regarded as the most reliable and popular API due to its comprehensive data validation and provision of biometric confirmation. The OTP function verifies the individual’s identity and functions as a form of double authentication.
To streamline the process and reduce the likelihood of errors, businesses may utilize APIs to include bank account verification in their software programs.
Forecasts indicate that the global bank account verification industry will grow from $4.8 billion in 2020 to $10.4 billion in 2025, a compound annual growth rate (CAGR) of 16.7 percent. The two key factors propelling this increase are the increasing need for safe and dependable payment systems and the necessity to adhere to regulatory norms.
Bank account verification APIs may be integrated into various software applications, including e-commerce platforms, accounting software, payment gateways, etc. By incorporating these APIs into software applications, businesses may easily verify bank accounts without switching between apps or manually checking the information.
Finance is a dynamic and complicated ecosystem that shapes India’s economy. Various financial authorities regulate this network to promote stability, transparency, and fairness. Several agencies oversee India’s financial system.
India’s leading financial regulators are:
KYC Hub delivers an extensive range of identity verification products, which allows businesses to minimize risks and optimize the customer identification process according to Indian legislation.
Here is what sets it apart:
KYC Hub is one of the leading global platforms that provides anti-money laundering (AML) onboarding services, transaction monitoring, and financial crime compliance.
He avails himself of AI and intelligent automation to provide global KYC and KYB solutions, intelligent document processing, and e-KYC solutions targeted to Indian markets.
All of our services are tailored to manage and reduce financial crime risk with particular consideration for emerging regulations.
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