Acuant has added Video Know Your Customer (KYC) capabilities to its flagship Trusted Identity Platform. The Video KYC feature is designed for remote onboarding, and uses face and document recognition to confirm the authenticity of an identity document and make sure that it belongs to the person holding it.
The feature will also connect customers to a live agent to provide organizations with an extra layer of confidence. The use of live agents makes the Video KYC service slightly more involved than a fully automated solution. However, Acuant noted that many countries in Europe and South America are now passing stricter Anti-Money Laundering laws in an effort to curb high rates of remote transaction fraud.
The Video KYC service can help businesses comply with those new regulations. In the meantime, Acuant has taken several steps to make the user experience as painless as possible. The entire Video KYC onboarding process can be completed in as little as five minutes, and most customers will be connected to an agent in less than two. Those agents are available 24/7 to provide consistent coverage regardless of the time of day, while customers do not need to download a dedicated app in order to take advantage of the service.
Businesses can customize the Video KYC workflow to better meet the needs of their specific organization and regulatory environment. The platform’s interactions are encrypted, and Acuant can refer to external data sources to see whether or not a potential customer is facing any sanctions or is on a list of Exposed Persons.
Acuant believes that the demand for Video KYC technology will surge in the next few years, growing at a CAGR of 17 percent up until 2030. The company is therefore hoping that the new solution will help drive continued growth, especially now that it has posted record-breaking revenue figures for eight consecutive quarters.
In other news, Acuant recently added a new ProfileID feature through the acquisition of Hello Soda. The feature analyzes social media activity to help verify the identities of immigrants and other people with less extensive paper trails in a given country. The company itself has previously provided biometric onboarding technology for Airside, Screenlyy, and Merydyan.
August 13, 2021 – by Eric Weiss