In some positive news this year, banking CIO outlook has named Vouched as one of the top KYC companies of 2020.
From paper documents to biometrics, the nature of personal identification has changed dramaticaly in the last 100 years. But what isn’t apparent to the eye is what goes on behind the scenes. An entire repository and network of interconnected data resources have to be correctly linked and retrieved to ensure that you, are in fact, really you. Whether you call it identity proofing, identity verification, or KYC, the lack of consistent knowledge of different types of physical identification can lead to bureaucratic issues between departments, which deal with 100s of 1000s of IDs each day, which is another problem that Vouched helps overcome. To John Baird, CEO of Vouched, the vision of the future of personal identification is a decentralized one. His company develops cutting edge AI-based computer vision solutions to visually verify identity and onboard users in seconds, a capacity that is sought-after in the current COVID-19 pandemic, where it is risky to meet a customer to verify their identity in person. “The future is digital, remote and decentralized,” says Baird.
Vouched’s proprietary and patent-pending technology can “see, examine, and understand” from a person’s identity document and provide a completely seamless and digital identity verification experience, eliminating the need to collect and manually review paperwork. Vouched subjects each ID to thorough examination, reducing the margin of fraud inherent with physical IDs. Vouched works by using the camera on the user’s device to verify a person’s identity by cross-referencing a physical ID of that person that they have with them and the live view of their actual face.