Checkout.com launches “Identity Verification” to improve customer onboarding by authenticating customers in less than two minutes using artificial intelligence.
The new identity verification process is video-based and uses AI trained on billions of data points labeled by identity fraud experts.
This is Checkout.com’s first product outside of its core payment solution, which aims to help businesses scale by being “frictionless, compliant and fast.”
“We deeply believe in the intersection of digital payments and online identity verification,” said Melon Korbesi, chief product officer at Checkout.com.
“Traditional systems that require human face-to-face meetings or are restricted to certain days of the week will not contribute to the long-term growth of the digital economy.”
In contrast, Checkout.com’s new system can authenticate business customers in less than 120 seconds (90% of users), 24/7, anywhere in the world.
According to this fintech, 70% of users are authenticated within 20 seconds and those who fail are handed over to the team for human review.
“By leveraging AI and algorithms trained on billions of data points alongside video streams that require only an internet connection, we can validate identity documents, facilitate customer onboarding, and KYC. We can now comply with requirements quickly and accurately,” continued Colbeci.
Already in beta, the system has validated over 10 million identities and identified over 1 million fraudulent identities.
Uber Eats, Crédit Agricole Consumer Finance, and recruitment platform StaffMe all already have access to verification systems.
“Checkout.com’s identity verification experience outperformed our usual process for converting prospects into customers,” said Ophélie Robin, Director of Consumer Finance Digital Innovation at Crédit Agricole. increase.
