Vaiie Sets New Digital Standards in Regulatory Technology With Regula

Vaiie is part of the Jersey Post Group, a global and independent business that has been fully owned by the Government of Jersey since 1969. The company facilitates compliance processes for the biggest names in the financial, insurance, telecommunications, and energy sectors. Vaiie sets new digital standards in regulatory technology so that customers can make smarter decisions.

Challenge

To help companies throughout the world reach high regulatory standards, Vaiie has launched Vaiie Identify, an online identity verification service that covers both document and biometric checks. It allows firms to drastically reduce onboarding time, cost, and abandonment rate, while enhancing document analysis capabilities as part of KYC (Know Your Customer) checks.

Vaiie’s customers are primarily financial institutions that set elevated standards for risk and compliance management. And while they are eager to explore and adopt new regulatory solutions to stay ahead of the curve and effectively safeguard their institution against identity fraud, they also require these solutions to be secure and trustworthy. So, when preparing to launch Identify, Vaiie was in search of reliable identity and document verification technology providers.

Solution

After performing market research, Vaiie made their choice in favor of Regula’s solutions, namely Regula Document Reader SDK, It was implemented into Vaiie Identify to become a powerful and secure tool for the identity document verification stage.

Regula is a highly regarded name in the identity verification space and is trusted by a number of blue chip and government organisations globally. For Vaiie, building partnerships with trusted solutions providers such as Regula is essential, particularly in an ever changing regulatory landscape where we need to continually adapt as the market matures.

—Luke Hopton, Solutions Architect, at Vaiie

With the help of Regula Document Reader SDK, Vaiie managed to create a fast and compliant identity verification workflow suitable for any organization from any country or industry. Identity document checks can be done in real time via mobile or web applications. The process is fully automated and requires minimum action from the users––they just need to capture their IDs with a mobile or desktop camera, and the rest is technology.

Regula’s solution instantly reads and validates personal data in accordance with the relevant template. It automatically determines if a document is real with document liveness detection, and verifies its authenticity by analyzing the security features. Also, Regula’s solution cross-checks data in the visual zone, MRZ (machine readable zone), electronic RFID chip, barcode, etc., to spot any possible inconsistencies that may indicate fraud. Since Regula Document Reader SDK relies on Regula’s own extensive document template database that contains over 12,000 ID templates from 247 countries and territories, it’s fast and effective, whatever ID is provided.

With such a robust yet fast identity document verification solution at the core of their Identify product, Vaiie supports organizations that strive to stay fully compliant while creating a better customer experience and increasing efficiency.

Result

Being a part of the complex set of tools that lie at the core of Vaiie Identify, Regula Document Reader SDK contributes significantly to the high performance and trustworthiness of the Vaiie product. Thanks to advanced solutions including those from Regula, Vaiie’s customers can:

• streamline identity verification workflows while reducing costs;
• verify more customers in less time;
• mitigate fraud with comprehensive ID authentication;
• deliver an exceptional customer experience;
• comply even with the strictest regulations.