Checkout.com, a leading payment solutions provider, is expanding its product offerings with the launch of its new ‘Identity Verification’ system. This advanced solution utilizes artificial intelligence (AI) and video-based technology to verify customers in under two minutes.
The Power of AI
The identity verification process is powered by AI, which has been trained on vast amounts of data labeled by ID fraud experts. This ensures a high level of accuracy and reliability in the verification process.
Faster and Friction-Free Onboarding
Checkout.com’s primary goal with the Identity Verification system is to enhance customer onboarding for businesses. By providing a friction-free and quick process, it enables businesses to scale efficiently. Unlike traditional methods that rely on manual appointments, Checkout.com’s system is available 24/7 worldwide.
The response to the Identity Verification system has been overwhelmingly positive. According to Checkout.com, 70% of users are verified within 20 seconds, and for 90% of users, the verification process takes under 120 seconds. Any unverified cases are passed to a human review team for further examination.
Utilizing AI for Compliance and Growth
Meron Colbeci, the Chief Product Officer of Checkout.com, emphasizes the importance of digital payments and online identity verification. By leveraging AI and algorithms trained on extensive data, the system ensures quick and accurate verification while complying with Know Your Customer (KYC) requirements.
Successful Beta Testing
The Identity Verification system has already undergone successful beta testing, verifying over 10 million identities and identifying more than one million cases of fraudulent identities. Major companies such as Uber Eats, Crédit Agricole Consumer Finance, and StaffMe have already utilized the system to streamline their customer onboarding processes.
Improved Conversion Rates
Ophélie Robin, the Director of Digital Innovation at Crédit Agricole Consumer Finance, praises the Checkout.com Identity Verification experience for its effectiveness in converting prospects into customers. The new system has outperformed their previous processes, providing a seamless onboarding experience.