Checkout.com launches AI-led ID verification solution
Global payment solutions provider Checkout.com has launched Identity Verification, its first product to improve customer onboarding and ID verification process.
Checkout.com launches new ID verification solution
The new solution leverages artificial intelligence (AI) and is trained on “billions” of identity and facial recognition documents across 195 countries, Checkout.com says, adding that it is ideal for fintechs, rental and hiring companies, gaming and government organisations.
The company claims its new solution can identify “nearly every citizen in the world”, spotting over one million fraudulent identities and verifying over 10 million in beta alone.
Users can verify their identity from any part of the world anytime, with just an internet connection. Businesses can onboard customers without human interaction and within two minutes, claiming 70% of identities are verified in “less than 20 seconds”. Identities that cannot be verified go through a human review, with experts trained by customs officers on ID document security features and ways to assess a face match.
“The digital economy enables instantaneous access to products, services and outcomes, and it should be no different for identity verification,” says Meron Colbeci, chief product officer, Checkout.com.
Colbeci says legacy systems, which require appointments with a human or is limited to certain days a week, are not conducive to the long-term growth of the digital economy.
“By utilising AI and algorithms trained on billions of data points, alongside a video stream that simply requires an internet connection, we can now verify identity documents to facilitate customer onboarding and comply with KYC requirements quickly and accurately.”
