Veriff and IDnow both offer online identity verification to businesses who need to get to know their customers, and quickly. But what does each company offer, and how can you make the choice between them? We look into both, and offer our conclusions.
Ucha Vekua, September 2nd, 2021
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The need to move your services online and adapt to our new reality has increased dramatically over the last couple of years.
We’ve seen a massive increase in digitalisation, driven by the global pandemic, which brought a crucial challenge - companies need to be sure that the people using their products are who they claim to be. Building trust has become essential for businesses to grow in scale.
This growth in online services has brought a lot of new solutions to help verify users and gain trust in the digital world. In this article, we will introduce you to the services that IDnow and Veriff offer, we’ll dive deep into their products, and compare some of their components.
IDnow is an identity verification platform offering great flexibility and data security in the European Union and beyond. Using their solutions, you can provide your customers with a friendly and secure onboarding process, which can be suitable for mobile, tablet, or desktop.
There are several products that they offer for customers to improve conversion and ensure data protection. Let’s take a look at them:
Please note - all information included in this blog is based on publicly available descriptions of the products IDNow offers on their website, and is correct at the time of writing.
Veriff’s overall mission is to build the infrastructure for compliance and trust online. With a 98% check automation rate, 6 second average decision making time, and 9,000+ supported documents worldwide, Veriff simplifies compliance and KYC for businesses.
Let’s take a look at some of the products that Veriff offers to its customers:
Online Identity Verification Solution is an end-to-end verification service with a wide range of customizable choices. The verification flow gathers user data for analysis during a verification session. Veriff clients have a chance to configure their decision engine so it fits their needs. The platform allows users to enable the checks they need to customize for their specific case.
ID Document Verification offers a more simplified verification process, only verifying the validity of an identity document, instead of the identity of an individual user.
Face Match service offers you an easy way to reverify users. It is great when your customers make a large financial transaction, or sign in using an unknown device. The technology behind this product allows you to compare a user's selfie to their ID on file and give a reverification decision in only one second.
Assisted Image Capture is an active photo assistant, which helps you to assess verification in real-time and guides you when taking every picture during the verification process. It displays a message if there is a problem with your image, before taking the picture and helps guarantee well-lit, focused, and properly framed images, leading to a very high pass rate of 95%.
Finally, AML & KYC Compliance Solution offers full compliance with anti-money laundering and know your customer regulations, allowing you to screen new users against global sancitons and politically exposed person lists, along with offering ongoing monitoring of your users in case anything changes in future.
Let’s dive deeper into both of these companies and see what their products offer to clients to make their systems more secure and build trust across the digital world. We can go through different components such as timing, security, and pricing to understand which is more suitable for your business.
Veriff’s check automation rate is 98% (this is the amount of our document data checks which are done automatically), and on average, it takes up to 6 seconds to get a decision for each session. Veriff also sends webhook notifications immediately after each step. This guarantees a smooth flow and efficient approach during the verification process.
IDnow claims that they complete KYC identification in just a few minutes. Their verification procedure covers three main steps - ID document image, video selfie, and verification decision.
Both of these companies have gained trust from various companies worldwide across a variety of industries. Building trust in the digital world is in Veriff’s DNA. Considering the feedback they have from clients, they can say with confidence that their services are safe and secure.
Veriff is also compliant with CCPA, GDPR, SOC2 Type II, and WCAG Accessibility Guidelines.
IDnow claims that all communication takes place via encrypted channels, and they only use high-security data centres located in the EU. They also work in the framework of an Order Data Processing Agreement (ODPA).
Veriff offers two plans for identity verification services - Starter and Enterprise. The starter plan consists of three different categories - Essential, Plus, and Premium:
These plans include overall benefits and a free trial, covering 30 days or 100 verifications, 39 supported languages (and dialects), and sandbox integration.
With their Enterprise plan, Veriff acknowledges that every company has different KYC compliance requirements and fraud prevention needs. The pricing is tailored and not fixed. It all depends on the individual case. You can contact Veriff’s team to learn more about the Enterprise plan, which includes a dedicated account manager, who’ll work with you directly.
IDnow requires all potential customers to try their demo and get in touch with them to join the platform. There is no information regarding the pricing on their website. They give you an option to test the product and contact their team to get more information about terms, prices, and service specifics.
In summary, we can see that both companies provide an excellent verification service to their customers. IDnow products can be helpful for companies from various industries from finance to insurance, gaming, and telecommunication. Veriff, on the other hand, offers a wider variety of products on a larger scale. Understandably, WE believe that Veriff provides the best verification service worldwide. We always encourage our potential clients to test our products for free and make conclusions based on their experience.
Here at Veriff, we believe that we truly make the digital world safer with the tools we are building daily.