Veriff's Proof of Address offering now includes new data extraction capabilities which enable businesses to automate their Proof of Address systems, comply with regulations, and reduce time and friction for users.
The fully automated process is completed in under 10 seconds, which manually could take hours or even days. Operation is simple - users upload or use the camera on their device to take a picture of a document - credit card statements, driver licenses, and utility or phone bills - that includes their physical address. Veriff then scans the document and automatically reads and extracts key details like names, residential addresses, dates, and transaction information. In addition to speed, the data-driven fraud detection is consistent, auditable, and reliably detects fraudulent forms of identification.
“Proof of address has been one of the greatest friction points in clients’ onboarding flows, yet it’s a crucial step to meet regulatory requirements,” said Kaarel Kotkas, Veriff founder and CEO. “With Veriff’s enhanced automated data extraction capabilities, the new solution makes the process multiple times faster and efficiently blocks fraudulent attempts.”
To learn more about our new Proof of Address offering, please visit us here.