Understanding Identity Verification

Today’s paper-based approach to identity verification is expensive, inefficient and wildly susceptible to fraud. As nearly 8 in 10 Canadians express concern over online privacy issues¹, and as financial institutions in North and Latin America rank KYC as their #1 onboarding challenge² , businesses everywhere are asking themselves: Where do we go from here?

Automated identity verification is the new currency of business

72% of online markets and 52% of financial services providers increased their use of ID verification technology in 2023³ as they recognized that automation is the key to safe, secure and customer-centric ID verification.

Here are just a few of the advantages that automated ID verification technology can offer:

• Enhanced security and accuracy: Leveraging advanced technology like liveness checks and automated document checks helps mitigate fraudulent activities more effectively than traditional verification methods. It’s also less prone to human errors.
• Improved customer experience: Automation streamlines the ID verification process, making it quicker and more convenient for customers. Digitization also makes it available 24/7, opening up accessibility anytime, from anywhere.
• Cost-efficiency: Reducing the need for manual processing and paperwork goes a long way to optimizing operational costs. It also helps companies scale up or down without incurring massive additional costs, and frees up employees to focus on more strategically valuable tasks.
• Regulatory compliance: Helps businesses comply with stringent regulatory requirements related to data protection, anti-money laundering (AML) and Know Your Customer (KYC) standards. 
• Trust and reliability: Builds trust by providing consistent and reliable results, while demonstrating a commitment to data privacy, security, and customer experience. 

Oliu offers a simple integrated solution

Digital trust platforms like Oliu orchestrate automated, layered ID verification with a single API integration. Our solution enhances KYC processes and supports FINTRAC compliance without heavy development costs or operational resources. 

Oliu enables a real-time, automated, layered ID verification process leveraging one or multiple independent data sources, including:

• Provincial credentials (such as an Alberta.ca Account or BC Person credential)
• Financial credentials 
• Government-issued document ID (like a passport or driver’s license) that includes biometrics and a liveness check (to help combat against deepfakes and AI interference).

Oliu is proud to be a leader in the ID verification space. We are the first digital trust service provider to be DIACC PCTF-certified⁴ and the only digital trust platform to offer fast and efficient layered ID verification using an Alberta.ca Account⁵ or BC Person ID credential. 

When you’re ready to embrace automated, layered ID verification, book a call with one of our Solutions Experts.