Document validation is a critical step in know your customer (KYC) due diligence. Keeping pace with the many passports, documents, and visas around the world can be expensive and frustrating. When partnering with a vendor for ID verification, here are some things to consider.
- Accuracy. What safeguards does your partner provide to drive the highest reliability in results? Screening IDs requires a significant amount of experience. Ask your provider for years of experience and the volume of documents verified…accurately.
- Workflow. Can the partner provide information within your workflow, or does the ID verification require a separate process? Look for solutions that allow your operators to leverage data you already have collected and pass it along to partners through APIs or other automation.
- Information. How often is information updated, and what processes are in place to keep current with changing global documents? Ask the partner about relationships with issuing bodies or validated libraries to confirm compliance with document parameters.
- Efficiency. How quickly can your partner return results? Automation and artificial intelligence are the goal, but many document images lack the clarity necessary for a fully-automated solution. Make sure your partner has a fast process for IDs that require manual inspection.
Passports and national ID cards remain the most popular form of identification. Here’s an interesting story on the growth in popularity of the Singapore passport.
Not all passports are created equal…
Whether you seek to explore distant lands, or you just want to sit on a remote island beach with a margarita, your passport can be your biggest travel asset. The right document grants you visa-free access to over 150+ countries, and makes applying for entry to the other places a short and easy afterthought.
But, a passport can also be your biggest liability. Having a passport from the wrong place means travel is extremely restricted to just a few countries – and these are generally not the places travelers want to go, anyways.
Even worse, passports on the lower end of the spectrum are also heavily scrutinized at entry-points around the world. If you have a document from Afghanistan, Sri Lanka, Lebanon, or several other countries, there may be many hoops for you to jump through to get to your final destination.
For the first time, Singapore is tied with Germany as the country with the most powerful passport in an international ranking.
Read the full article at: www.straitstimes.com