Following this announcement, the patent was published in 158 countries by the World Intellectual Property Organisation (WIPO), aiming to introduce a new method for verifying a user’s address data.
In addition, it also aims to set an optimised alternative for reliability and security, as well as improve the way businesses combat fraud and prevent document forgery more efficiently. iDenfy will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The iDenfy’s Address Verification tools were developed in order to send a physical letter containing secure credentials to the user-provided residential address. Once the letter is received, the customer will be enabled to leverage the secured credentials to initiate the identity verification process and confirm identity and physical access to the address. At the same time, by combining physical and digital laters of the standard verification process, iDenfy’s approach is aimed at significantly increasing the accuracy and reliability of how companies verify their clients’ data, mostly key onboarding information (including their full name, date of birth, and residential address information).
According to the official press release, the Proof of Address verification is set to help firms eliminate the dangers of fraud by offering a secure verification alternative, as well as reducing the risk of approving forged address information. In addition, the method will enhance fraud prevention by optimising reliability and accuracy, streamlining the onboarding process, increasing user success rates, as well as ensure compliance with regulations. Furthermore, the solution allows the companies to benefit from the ability to scale globally, without limiting them to a certain region. For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.
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