Vouched: Seamless KYC for Modern Banking and Financial Services
John Baird, CEO
From paper documents to biometrics, the nature of personal identification has changed dramaticaly in the last 100 years. But what isn’t apparent to the eye is what goes on behind the scenes. An entire repository and network of interconnected data resources have to be correctly linked and retrieved to ensure that you, are in fact, really you. Whether you call it identity proofing, identity verification, or KYC, the lack of consistent knowledge of different types of physical identification can lead to bureaucratic issues between departments, which deal with 100s of 1000s of IDs each day, which is another problem that Vouched helps overcome. To John Baird, CEO of Vouched, the vision of the future of personal identification is a decentralized one. His company develops cutting edge AI-based computer vision solutions to visually verify identity and onboard users in seconds, a capacity that is sought-after in the current COVID-19 pandemic, where it is risky to meet a customer to verify their identity in person. “The future is digital, remote and decentralized,” says Baird.
Vouched’s proprietary and patent-pending technology can “see, examine, and understand” from a person’s identity document and provide a completely seamless and digital identity verification experience, eliminating the need to collect and manually review paperwork. Vouched subjects each ID to thorough examination, reducing the margin of fraud inherent with physical IDs. Vouched works by using the camera on the user’s device to verify a person’s identity by cross-referencing a physical ID of that person that they have with them and the live view of their actual face.
Vouched’s cutting-edge AI “sees, examines, and understands” a person’s identity document and provides a completely seamless, rigorous, and realtime identity verification experience
It unburdens the human effort in ID verification since they are not actively taking the photos. Vouched will look at an ID, flip around to the front-facing camera on the user’s device, and focus on the face. It will then ask that user to perform some simple movements, such as opening and closing the mouth, to make sure that it is a real person and not a picture. This adds as a security step that measures facial movements to ensure they are performed accurately, as a test to ensure that it is a real live user. Being fully real-time, Vouched will ensure that it is in control of an ID, with the whole process takes just a few seconds.
After several live implementations with banks and other functional areas that require robust identification, Vouched has set it its eyes on the future and a goal to become more prominent, faster, and even stronger than before. The company has already started working on providing a sharp service with its strong AI-powered identity proofing solutions to its customers. They want users to forget about verification altogether as an experience, instead deliver a seamless solution that they hardly notice because of how Vouched performs that task. The company will offer faster systems and a more detailed examination of the individual. Vouched will also provide new ways to verify and understand customers to return greater benefits to the banks and how they serve their customers. As Baird puts it, “You’re fundamentally making their life better through this process. And that produces the excitement and loyalty of new customers. If I’m the CEO of a bank looking around for a way to wow and win customers, then Vouched is the answer.”