Following this announcement, IDVerse’s POA product was developed in order to provide a fully automated computer vision extraction from utility-bill-style documents, including bills, invoices, and bank statements. The services initially launched in 9 languages, including English, Spanish, Portuguese, French, Arabic, Dutch, German, Italian, and Japanese, with more to be added in the future.
In addition, IDVerse will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
IDVerse’s Proof of Address (POA) represents a proprietary product that was designed to capture document-based evidence, and it is set to verify the validity of a client’s current residential address. The product is 100% automated with optimised error handling that aims to lower the burden on manual teams and ensure customers the possibility to benefit from higher conversion rates.
The automation is expected to not only improve efficiency but also significantly optimise customer satisfaction and experience, as well as reduce input errors and streamline the procedure through the autofill of form data. The POA was launched initially in beta, and it is set to improve text extension and fraud prevention on utility-bill-style documents for businesses and enterprises around the world. At the same time, it also focuses on enhanced fraud prevention processes, using built-in document integrity algorithms to ensure that documents have not been tampered with or created using GenAI.
The product will provide several benefits for businesses, including customer trust and data accuracy (optimising data accuracy, ensuring efficient communication, reducing the time and effort required for clients to complete online forms, as well as optimising user satisfaction), driving automation (reducing the burden on manual teams and the cost to operate with increased speed of decisions), regulatory compliance (ensuring adherence to KYC and AML requirements, as well as mitigating financial and reputational risks), and improved fraud prevention (offered through the process of verifying addresses and adding a layer of identity validation, which is expected to reduce identity fraud and theft).
In addition, the product will also save operational costs on manual staff keying of data and information from a document to CRM, through the full automation of the process via API response. This will not only improve efficiency but also reduce the likelihood of human errors, optimising the overall data integrity and client satisfaction.
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