Veriff upgrades its IDV solution

Following this announcement, customers and clients of the company will be given the possibility to access a fast method for validating user identities, while also providing more in-depth insights related to the session, in order to enable organisations to make better-informed onboarding decisions. The IDV solution was upgraded for decision speed, aiming to provide an output in seconds, alongside a high conversion rate for onboarding new users. 

In addition, each verification session will have a decision, decision score, and overall more insights, which will show in detail what took place during the verification process, offering information points that will enable customers to build their onboarding decision-making.

Veriff offers two approaches to the Identity and Document Verification tool: a fully automated service, as well as a hybrid solution. The automation advancements that were made to the core IDV technology are set to optimise both the fully automatic and the hybrid capabilities, in order to further benefit the customers according to their needs and preferences. 

The hybrid option is highly automated and it is supported by the presence of trained verification specialists, who focus on providing optimised flexibility and overall improved fraud prevention and accuracy tools, as well as more risk insights. 

Veriff’s recent partnerships and developments

Global identity verification (IDV) provider Veriff announced multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world. 

At the beginning of October 2023, the company launched its new Fraud Protect and Fraud Intelligence packages. The new set of products was developed in order to offer organisations and firms the needed tools and expertise to mitigate fraud attempts and verify customers in a more secure and efficient manner. Each one of the packages was designed to meet a specific list of demands and needs that clients have, depending on the nature of their business, in-house fraud detection capabilities, as well as risk requirements. 

Both the Fraud Protect and the Fraud Intelligence packages used machine learning models, as well as behavioural insight and the company’s in-house fraud detection expertise. Veriff aimed to improve organizations’ ability to mitigate continuously evolving fraud attempts. Through the process of IDV, Veriff analysed the client’s document, face biometrics, network, and devices, alongside the previous fraud patterns that took place. 

Earlier in September 2023, Veriff announced that its identity verification capability was made available on the AWS Marketplace. Clients and users were enabled to access the digital catalog to find, buy, and deploy a wide range of software services and solutions that were designed to run on the AWS platform. Veriff focused on optimising the manner in which companies achieved an improved level of trust with their users and partners. 

The integration with AWS Marketplace was set to allow the company to provide its suite of services to more firms included in the network while delivering them safe digital tools, as well as trust with their users.