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Video ID

VideoID, the European standard for online video identification

Efficient and secure identity verification is critical, especially in finance and banking. This article sheds light on Video ID verification, how remote automatic video identification works and its transformative impact on customer onboarding processes.

# What is Video ID verification?

Video ID verification is required for most institutions’ KYC (Know Your Customer) processes, especially those in the financial and banking sectors. It becomes primarily relevant in customer onboarding, which is a necessary first step to verify user’s identity, register them in the company’s database and grant them (or not) access to the company’s products or services.

Customer onboarding is one of the most demanding processes in terms of effort, cost and difficulty for any organisation or institution. The need to optimise and digitalise this process has led many technology companies to develop solutions that can respond to these demands. However, this is a challenging development, as it requires compliance with increasing regulatory requirements at the European and local levels and meeting the increasingly choosy consumer demands.

# How does remote automatic video identification work?

In asynchronous remote video identification, a streamed video is recorded that guarantees the control and integrity of the identification process by the obliged subject. In addition, a qualified agent carries out a subsequent verification in real-time.

To identify themselves, the user shows their ID card on both sides, which is analysed by the artificial intelligence algorithm to certify its validity and authenticity. Subsequently, they show their face, compared with the previously displayed ID, and smiles, thus corroborating the proof of life.

This process, unlike traditional customer acquisition processes, allows users or potential customers to be converted into actual customers in seconds in a fully digitalised and remote manner, in addition to complying legally and technically with all the requirements demanded in processes of this type by European and local regulators such as eIDAS or ETSI.

# VideoID, remote video identification standard that says goodbye to video conferencing

VideoID is the first patented technology that combines streaming video with artificial intelligence to identify people in seconds, from any device and through any channel. It uses machine learning techniques to learn to recognise faces and validate the identity of the person and the documents required in onboarding processes and provides the same technical and legal security as face-to-face identification.

Remote video identification with VideoID requires only an electronic device with a camera and internet access. This simplicity represents a disruptive change in digital identification. In addition, it aims to end compulsory in-person acts currently required by some companies and institutions that still need to digitise this process.

Thus, VideoID technology achieves the highest level of regulatory compliance, enabling everything from opening bank accounts entirely online to taking out insurance policies. With VideoID, it is possible to bring online all the use cases that previously required face-to-face contact, complying with the most stringent identification regulations, such as the European eIDAS electronic signature regulation or money laundering regulations, such as AML5.

# Main advantages of VideoID

The development of the VideoID technology has an international patent and multiple awards: ISO 25000 certification (ISO /IEC 25000) constitutes a series of standards (ISO/IEC 9126, iISO/IEC 14598) whose main objective is to ensure that the development of software products complies with the highest specifications of requirements and evaluative characteristics that confirm their quality and reliability.

Gartner also named EID (a company of Signicat) a Cool Vendor 2017, highlighting the creation of a new category of internet services for Video IDentification. This year, it was also named a RegTech100 company for the sixth consecutive year as one of the 100 most innovative RegTech companies in the world.

# How has VideoID transformed customer onboarding?

VideoID is the standard for remote video identification in the European market. Dozens of financial institutions, large companies in the banking sector, and public institutions use this technology and endorse it for its reliability and strict compliance with national and international legislation.

The digitalisation of processes is necessary for today’s environment. Customers increasingly demand seamless, simple solutions that do not require in-person identification in a shop or commercial office. In addition, the new user needs the solution to be omnichannel, to access the systems from any device and in any place and circumstance. That is why remote customer registration via VideoID drives sales and conversions for companies in all sectors and fields and facilitates access to public services.

# Main advantages of remote video identification with VideoID

One of the main advantages of VideoID is its ease of use. All that is needed is a device with a camera connected to the internet. Then, in a matter of seconds, the user can complete their identification process online and agilely.

This is not only convenient for the user, as there is no need for travel, queuing or paperwork, but also for companies, as it avoids unnecessary costs, helps prevent fraud and minimises procurement times. In addition, VideoID technology eliminates physical barriers to business expansion and outreach.