Regula Helps Vaiie Launch a Fully Compliant Universal Identity Verification Solution
With the help of Regula Document Reader SDK, Vaiie, a KYC solutions provider, managed to create a fast and compliant identity verification workflow suitable for any organization from any country or industry.
According to Regula’s survey,* for more than a quarter (28%) of organizations around the world, compliance and legal requirements are the major reason for implementing an identity verification solution. The challenge is to find the right one, which is trustworthy and efficient, whatever country or industry a company operates in.
For Vaiie, a Jersey-based and global-oriented KYC solutions provider, this challenge turned out to be the starting point in creating a new, fully compliant online identity verification product, Identify. To ensure that it was a powerful and secure solution, Vaiie chose Regula Document Reader SDK, making it a core part of the product.
Regula is a highly regarded name in the identity verification space and is trusted by a number of blue chip and government organizations 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.
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, which contains over 12,500 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.
We are proud that our partnership with Vaiie helps organizations throughout the world meet even the strictest regulations, regardless of their geography or industry. We know how many nuances the process of identity verification includes and how sophisticated identity fraud can be. That is why we make every effort to not only facilitate the workflow but also secure it so that every check an organization performs is as trustworthy as possible.
*The research was initiated by Regula and conducted by Sapio Research in December 2022 and January 2023 using an online survey of 1,069 Fraud Detection/Prevention decision makers across the Financial Services (including Banking and FinTech), Technology, Telecoms, and Aviation sectors. The respondent geography included Australia, France, Germany, Mexico, Turkey, the UAE, the UK, and the USA.