IDScan.net launches mobile ID validation solution for financial institutions

digital identity verification using a mobile device

IDScan.net’s instant mobile ID validation solution captures data from government-issued IDs, preventing fraud, accelerating customer onboarding, and meeting KYC requirements.

Financial institutions now have a high tech, easy-to-use tool for preventing fraud while improving customer experience. The new mobile ID validation solution, launched today by IDScan.net, allows banks and other financial institutions to onboard and validate the IDs of new customers within seconds and with 100 percent accuracy. The solution seamlessly integrates into a financial institution’s native app or mobile website to facilitate and enhance any type of customer onboarding process.

Using a smart device, users simply scan the front and back of any government issued ID, then IDScan.net’s proprietary algorithm compares the data on the two sides and runs multiple checks. Within seconds, the solution validates the ID and auto-populates the financial institution’s database with information from the ID.

IDScan.net’s optional facial recognition technology provides an added layer of identity verification. The add-on feature allows prospective clients to ‘take a selfie,’ and the app compares the selfie to the image on the ID.

“Now, for example, a bank employee or a prospective customer can use their smartphone to scan an ID and automatically complete a credit card application. The possibilities are endless,” said Denis Petrov, the CEO of IDScan.net, which was the first to market with mobile ID scanning capabilities nearly a decade ago. “The process for onboarding new customers has been inefficient and riddled with opportunities for fraud and error. Our solution accelerates the process, eliminates problems associated with manual data entry, and prevents fraud.”

This new solution, offered by IDScan.net, has the most robust parsing engine on the market and is completely customizable to meet a financial institution’s needs. Off-the-shelf, the solution provides a high level of ID validation that meets compliance regulations, such as KYC requirements. Custom features and checks, such as identity validation and watchlist screening, can be added.

A demo of the new solution will be featured during Money 20/20 in Las Vegas on Oct. 22-25 at IDScan.net’s booth K1.

About IDScan.net

IDScan.net provides businesses with the highest quality ID scanning solutions to quickly and easily capture and verify an individual’s information. Within a second and with 100% accuracy, our technology can tell your front line staff everything they need to know about the person standing in front of them. Trusted by top brands like IBM and Shell our suite of customizable solutions is being deployed by leaders across industries from gaming and hospitality to retail and finance. As the first company to market with mobile ID scanning capabilities, IDScan.net is still pioneering cutting-edge technologies that anticipate the rapidly evolving needs of tomorrow.