No business, especially those dealing with finances, should undermine the need and importance of an exhaustive identity verification. Especially with instances of identity thefts and security breaches becoming commonplace, it has now become a necessity for businesses to perform identity verification on all employees, clients and customers. A valid identity and address proof should be demanded, and a water bill verification can help here
How Water Bill Verification process is helping the cause of identity verification?
In India, financial and banking knowledge is still pretty low. In fact, just 10 percent of the population have valid credit scores. Moreover, a huge number of people in rural areas still lack access to financial institutions like banks and other tech-enabled platforms that can be found in cities. So, in instances where these people have to deal with financial institutions like applying for loans, submission of their water bill can help verify their identity. Besides, the central government has recently been pushing businesses in the country to perform identity authentication on every customer so that frauds can be prevented. This is where a water bill verification comes in to help businesses document customer information.
Such identity verification processes help in reducing risks which could cost businesses lakhs of rupees and strengthen the relationship that companies share with their customers. It also shows customers that the company values safety and security, thereby creating a trustworthy brand image. Water Bill information also gives businesses the assurance that their customers are who they claim to be and have no intention of committing fraud. Moreover, it is a necessary step for every business to determine their customers’ paying attitude. Patterns of water bill payments can also help businesses understand the likelihood of defaults on credit offered to that customer and the payment attitude of that customer.
So, it is safe to say that running a water bill verification, which is the one document that most people in India are likely to have, is one of the ways for conducting identity verification. It can prove a customer’s identity, address, financial responsibility and paying attitude. Now, let us look into how a water bill verification works.
Methodology of water bill verification
With our advanced and reliable application program interface or APIs, we can conduct an accurate water bill verification of any individual, for any company that requires this service. For the uninitiated, APIs are what keeps many of today’s apps running. They help to connect systems, resulting in quick delivery of accurate results. In simple words, APIs are a way of how applications communicate with each other.
For example, when you download a new app that needs signing up, it gives you the option of signing up with your information already saved in other apps, like Facebook. This is possible only through APIs. Now that the role of APIs is understood, let’s look into how it can help with water bill verification. Here are the various kinds of information about an individual that can be verified using a thorough water bill verification process.
• Identity
A water bill verification is proof of a person’s identity. The bill will always have that person’s legal name.
• Residential address
The residential address of the individual is also clearly stated in their water bill. Therefore, a water bill verification proves that any business’ customer or client provides the correct residential information.
• Various bill details
Another benefit of a water bill verification is that other bill details like the current bill amount and due date, outstanding bills, payment history and more can be seen.
These are testimonies of the payment-making trend of the individual and shows how reliable or financially responsible they are as individuals. Know more by scheduling an appointment with our expert today.
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