Fintech as a Service (FaaS) is a business model that enables companies to outsource financial technology (fintech) services to a third-party provider. This model provides companies with a more flexible and cost-effective way to access fintech services and improve their financial operations. Let’s explore the concept of Fintech as a Service and the impact of API solutions on Fintechs.
Identity verification is a critical aspect of many businesses and organizations, ensuring that the individuals accessing resources or services are who they claim to be. With the advent of Artificial Intelligence (AI), this process has become more efficient, secure, and cost-effective. In this blog, we will explore how AI is being used in identity verification and its potential benefits.
Video KYC (Know Your Customer) is a process for customer Identity verification using remote video technology. It is a secure and efficient way for financial institutions, online businesses, and other organizations to verify the identity of their customers without requiring them to physically visit a branch or office.
Remote, Digital Onboarding is now deemed a “car in the garage” solution to onboarding new customers online. This typically contains a form of Government ID verification and Biometric Check before secure signup(Face Match). But the ” new car in the showroom” solution that you desire is IDcentral’s Face Trace product.
In the world of finance, digital onboarding is becoming increasingly important for neo banks. Neo banking refers to a new generation of digital-only banks that offer a wide range of financial services through mobile apps and online platforms. These banks are typically built on top of existing infrastructure, and they rely heavily on technology to provide a seamless and efficient customer experience. Digital onboarding is the process of registering for and opening a new account with a neo bank.
Banks have invested countless millions in Know Your Client and Know Your Customer verification, but they haven’t been able to use this knowledge beyond regulatory “check the box” procedures that can irritate clients and even cause some of them to switch banks. However, things don’t have to be this way.
Over the last 3 years, Identity Verification in India has seen a marginal boost in the number of verifications conducted digitally. The market growth in the identity verification sector comes as an effect of the disastrous pandemic that caused record-high identity theft, ATOs, and numerous other frauds all initiated through fake identities, resulting in rapid innovation in identity verification API.
It’s seldom easy to predict what a hacker will do exactly. Cybercriminals frequently act out of impulse and chance rather than following a rational course. The Identity Theft Resource Center (ITRC) believes it has a preview of what lies ahead in 2023 after studying patterns in the second half of 2022. Takeovers of social media using identity theft, either assuming fake profiles or claiming an original profile was popular in 2022.
Self-checkout kiosks are automated devices that enable consumers to scan and pay for their products without the help of a cashier. By this point, we’ve all encountered them. They are frequently seen at supermarkets, department shops, and other retail locations where it is possible to skip tedious manual check-out.
In Africa, there are a plethora of banking prospects. The area is a “sleeping giant” when it comes to having access to conventional bank accounts, online banking, and reasonably priced financial services. Identity Verification APIs are now providing resolutions to the finance sector with their old customer onboarding woes in Africa. The World Bank estimates that 57% of Africans still don’t have a bank account of any type, including a mobile money account.
