How Online Address Verification Contributes to a Business

Business

How Online Address Verification Contributes to a Business

 

Once Shakespeare did quote, “ Life’s a stage and all of us are actors” but in the world of business, it is considered to be a marathon and all organizations are athletes, competing to cross the never-ending line of perfection. The revolutionary inventions of smart technologies have not completely eliminated challenges for enterprises and financial services providers but have made them way convenient. The online address verification helps in dealing with a number of those trials seamlessly.

The reason people do utilize online facilities by banks and shop online is only to get quickly entertained with desired products and services. Due to either some complexity or long verification checks, businesses lose a share of customers. The online address verification here minimizes the damage by validating the geographic location of individuals in a moment.

Operation of Address Verification System

  1. The person uploads soft versions of his/her national identity documentation such as a photo-based identity card, driving permit, insurance articulations, passport, depending upon the nature and prerequisites of the concerned bank or enterprise, along with utility bills
  2. In the systematic online address verification, the AI-driven system runs scans on subsequent fields of data. The physical location mentioned on the provided utility bill is cross-checked with the one mentioned on the national ID card. The results of online address verification are always supported by updated e-storage information units of regulators and international watchdogs, where the submitted credentials are matched along for standard attestation
  3. Post the record checking of the person, results of online address verification are displayed in real-time

Significance of Online Address Verification

Verifying address is an imperative part of KYC (Know Your Customer) authentication for corporate organizations and banks. Every entity classifies and keeps updating its target market to enhance. Online address verification is essential to find out whether the particular collaboration or customer fits the conceived client profile or not.

There are law enforcement agencies, legislation, or financial/intelligence watchdogs, according to which developing any professional association with a prospect client or firm of specific territory or region might be boycotted.

The regulatory bodies maintain an updated electronic data warehouse that consists of information of globally registered souls, and modification of an address is always updated. If the particular person is blacklisted or under observation for any reason, the online address verification notifies the KYC identity solution about those leads, the organization gets fully aware of the status of the individual and can decide with absolute acknowledgment.

Key Elements of the Solution

  1. The highlighted feature of automated solutions for online address verification is that it does not consider archives other than passport, ID card, license, older than three months, the utility bills presented must be under the specific time period, to ensure that the prospect is still living at the same physical address. The prospect can not easily function without updating his residential or corporate location so the records do hold freshly altered data
  2. The OCR technology integrated into solutions for online address verification filters out the residential location checkbox and since the AI models of digital solutions are highly trained and configured with substantial data templates. They can easily identify any unnatural trait or addition/replacement of text in an eye blink
  3. The program for the online address verification consists of a deep learning algorithm so it automatically keeps improving, the same forged element won’t pass twice

Use Cases of Online Address Verification

Real-Estate

Property dealers and estate agencies can highly benefit from the industrial application of online address verification in a variety of circumstances. For instance, people often contact agencies for listing their residence or office for rent, also connect for sale purposes. The concerned organization can conduct ID check of the other party to ensure that the person is the rightful heir or owner of the particular property

Logistics/Transportation Services

Huge multinational enterprises always have a number of local or regional distributors who acquire services of a third party that provides logistics service to transfer the goods to marts and department stores. Online address verification eliminates the chance of delivering at the wrong place and disrupting the workflow.

Banking and Insurance

In the respective branches of the financial sector, the verification of address in the KYC process contributes to legitimate customer onboarding, it is of great weightage in risk management as well, as the location of a prospect/client can create a strong reason for consistent monitoring if the place is in flash for corruption, scams, and other similar reasons.

Conclusion

Online address verification is an integral part of the framework of banks and business corporations. The confirmation of location streamlines the business operations and expands the network with no possible chance of money laundering or other fraud. Online address verification identifies the potential customer group in moments, the service is proved and praised globally as many developed businesses are creating benchmarks via it.