Identity verification APIs can be of different types based on the entity to be verified. Individuals and businesses can validate their identities via an API platform to establish credibility. Based on the individual and business verification documents, the same can be established.
Broadly, there are two ways to classify Identify Verification API:
ID verification APIs are a fast and accurate way for the verification of the identity of an individual based on their NID documents such as Aadhar card, PAN card, and Voter ID card.
Business verification API helps with establishing the identity of a business such as distributors, vendors, third parties, LLP, and private limited companies. Commonly used business verification documents are GST number, CIN/DIN, and Udyam Aadhaar Verification.
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From remote onboarding to online KYC verification, the API services have smoothened the entire process. Banks have been at the forefront when it comes to adopting digital KYC (eKYC). This, combined with the OCR recognition technology, the banks are now able to provide online banking services and improve the overall customer experience.
Whether it is customer verification, seller verification or delivery partner verification, integrating API verification goes a long way in the shopping experience. With proper ID verification eCommerce and retail players can avoid shipping errors, ensure AML compliance, improve digital identity management and overall better management of both online and offline stores.
Real money online gaming and betting platforms have often been the target of identity theft and financial fraud. Keeping this in mind, regulatory and compliance requirements have been imposed on the online gaming industry too. One of them is the digital KYC of players – verification of player’s PAN card, Aadhaar card and digital address verification to authenticate the identity and age of the players and onboard them faster.
Adhering to anti-money laundering compliance, online gaming platforms need to account for every financial transaction. This is made possible using bank account verification, and PAN card verification to ensure the money is being transferred to a valid account.
The travel and hospitality industry relies heavily on person-to-person interaction, trust and safety. Verifying the identity of guests is paramount to the safety of the hotel guests and staff. Similarly, the airlines need to check for imposters, terrorists, or people in the no-fly database to ensure the safety of fellow travellers.
From booking your flight, train tickets online or at offline kiosks to hotel reservations, verification is part of the onboarding process. Having a good background verification and screening solution enables hotel chains, casinos, boutique hotels, food service groups, and the hospitality industry to have the fastest turnaround times while maintaining exceptional customer experience
The IT sector often partners with various vendors and third-party entities to procure software and other operational requirements. Integrating API-based verification helps in streamlining the vendor onboarding and monitoring process. From document collection to getting information of all the vendors on a single platform, a vendor onboarding solution helps with end-to-end digitization of the process.
Another important piece of the process is the recruitment agencies that help the IT firms in the hiring process. Implementing API help with faster background verification of employees and thus, improving the candidate onboarding TAT.
Like the banking sector, insurance is also a highly regulated industry with the need for a sophisticated and secure solution to manage its processes. Insurers can leverage the API network for policyholder verification. Digital transformation can benefit insurance companies in the paperless environment by enhancing customer onboarding security & transparency using the API platforms.
Insurance agent verification and policyholder verification enable the insurers with risk assessment by extracting, verifying and validating any document and photo at any stage of the policy purchase or underwriting process. Thus, allowing the insurers to be vigilant about insurance frauds for both life insurance and general insurance claims.
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