Checkout.com is taking on identity verification with video-based AI-powered solution
70 per cent of users can are verified in under 20 seconds.
Checkout.com is launching ‘Identity Verification’ to improve customer onboarding by using artificial intelligence to verify customers in under two minutes.
The new identity verification process is video-based and uses AI trained on billions of data points labelled by ID fraud experts.
This is Checkout.com’s first product outside of its core payments solutions and aims to help businesses in scaling by being “friction-free, compliant and quick”.
“We deeply believe in the intersection between digital payments and online identity verification,” Checkout.com chief product officer Meron Colbeci said.
“Legacy systems requiring an appointment with a human being or limited to certain days a week are not conducive to the long-term growth of the digital economy.”
Checkout.com’s new system is, by comparison, able to verify customers for businesses 24/7, anywhere in the world, in under 120 seconds (for 90 per cent of users).
According to the fintech, 70 per cent of users are verified in less than 20 seconds, and any that cannot be verified are passed to a team for human review.
“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,” Colbeci continued.
Already in beta, the system has verified more than 10 million identities and identified more than one million fraudulent identities.
Uber Eats, Crédit Agricole Consumer Finance and recruitment platform StaffMe have all already had access to the verification system.
“The Checkout.com Identity Verification experience performed better than our usual process for converting our prospects into customers,” Crédit Agricole Consumer Finance director of digital innovation Ophélie Robin said.