What makes Veriff’s IDV solutions stand out from the pack?

A bespoke solution tailored to your needs

What makes Veriff’s solutions so effective is the combination of a highly customizable platform backed by robust, extensive data, that is also rapidly scalable. This enables us to efficiently integrate the most effective identity verification capability for an individual business without the cost of building a bespoke solution from the ground up, providing the best possible return on investment.

“We have a tremendously powerful platform with a very high degree of configurability,” says Mike. “I think the way that the industry is moving – and I agree with it – is towards ‘no code’, ‘what you see is what you get’ widgets, in terms of being able to design a workflow that our customers think makes sense to them, their products, what they're trying to achieve.”

Making the magic happen

Once parameters have been defined and agreed in principle, our job, as Mike puts it, is to ‘make the magic happen’. Whether the activity involved is taking on a new user, vetting a prospective employee or simply verifying a sensitive transaction, Veriff’s role is to maximize approvals while minimizing the risk for our customers.

“We have to find the right way for them to achieve conversions from their traffic – reduce the friction but keep out the bad guys while letting through the good users,” says Mike.

To do this, we strongly encourage a proof of concept or trial phase, which provides the opportunity to integrate the proposed solution, analyze responses and iron out any initial problems. This is followed by an incubation period, where we can not only give and receive feedback from our customers, but also rapidly tweak and improve a solution.

“We're able to tune our decision engine through our decision profiles, the algorithms, the sensitivity settings within certain outcomes,” says Mike. The aim is to get the best possible balance between conversion rate, speed, accuracy and the information provided to the customer.

“We all want speed of response, but we also have to balance that with the accuracy required to do the right level of checks,” says Mike. “Clearly, protecting data, that's fundamental to trust.”

Delivering the right combination of low friction and appropriate risk management often involves more than one activity.

“Increasingly, it's about coordinating or orchestrating multiple things,” explains Mike. “Sometimes it's about the way in which the ID is being uploaded or captured. Sometimes it's around matching the face, the photo on the ID, to a real-life person. And then maybe there's corroboration to a database that the government's made available, and then we have our own fraud patterns, our own fraud databases.”

All these potential elements are considered as we develop a solution (or solutions) that delivers the right outcome for an individual customer.

Bespoke doesn’t have to mean expensive

A common misconception among new customers is that this sort of bespoke solution comes with a significant cost attached. In fact, because we already have a lot of experience in customizing the platform for a wide range of customers, we can adapt it very quickly for almost any use case.

“We’ve played with all the variables before, so we know how to fit them together and create something new,” comments Mike.

Working with Veriff gives you access to a database covering over 12,000 different ID types from more than 230 countries, along with a huge volume of data on a wide range of online fraud attacks. 

“We have, I think, more capability that should be easier for you to plug in and consume at a lower cost per transaction than if you were to do it yourself,” says Mike.

Letting you do your thing

As a business to business-to-consumer service offering, our aim is to take on the responsibility for identity verification for your business, so you can focus on what you do best. However, we understand that handing over verification to a third party can be daunting.

“Customers quite rightly say, but hold on, we have a banking license, we have the regulator, we would like to have more control,” comments Mike.

Others may be worried about data compliance and information security, including GDPR and similar regulations.

“All of these things, I think, are very reasonable concerns,” says Mike, “but all can be easily dealt with through correct agreements.”

To help ensure our standards align with the expectations of our customers, Veriff has its own accreditations in these areas – including the latest (2022) iteration of ISO/IEC 27001, the international standard to manage information security. In conjunction with our wealth of expertise, acquired through supporting millions of customer transactions across a wide range of sectors, Mike believes Veriff’s offering is second to none in the identity verification space.

“We’ve built a platform that scales and has the depth and the width, which is hard to get if it's just done within a single business, even if you're a global business,” he says. “I would argue, if this isn't your core competency, then we should be partnering with you.”