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Jul 26, 2023 398

Checkout.com launches AI customer verification solution

#Insurance

Global payments provider Checkout.com has launched Identity Verification, a video-based AI solution that verifies customers in under 120 seconds

Leveraging AI for cross-industry insurance

The company says its new video-based product, trained on billions of data points, will revolutionise onboarding and KYC for the insurance sector by significantly reducing identity fraud. Leveraging the power of AI, Checkout.com says its latest innovation, which has access to ID documents from over 195 countries, can verify nearly every citizen in the world. In its beta phase, Identity Verification has verified over 10m identities, 1m of which were fraudulent identities. Uber Eats is an early adopter of Identity Verification, which it uses to streamline delivery driver onboarding. But the reach of Checkout.com’s latest insurtech solution can be deployed across multiple industries, from fintechs, rental and hire companies, and gaming and government organisations. Uber Eats Senior Operations Manager Baptiste Foulon says: “We're delighted to be working with the Checkout.com Identity Verification teams to take full advantage of their expertise so that we can guarantee the authenticity of every document provided and the best delivery experience for all independent delivery drivers using the Uber Eats app.”

Improving the KYC experience as well as security

Not only will Checkout.com’s latest product mitigate against fraud – being able to identify deep fakes through 25 fps, 1000 images/flow video streaming – but it will also speed up the KYC process for customers. Presenting just an identity document and their face to a screen, customers can see if the document they are scanning is invalid in rapid time. Checkout.com Chief Product Officer Meron Colbeci adds: “We deeply believe in the intersection between digital payments and online identity verification. Legacy systems requiring an appointment with a human being or limited to certain days a week are not conducive to the long-term growth of the digital economy. “By utilising AI and algorithms trained on billions of data points alongside a video stream that simply requires an internet connection, we can now verify identity documents to facilitate customer onboarding and comply with KYC requirements quickly and accurately.” StaffMe General Manager Camille Six concludes: “The fact that Checkout.com Identity Verification uses live video to verify users’ face and identity document means that the process is simple, efficient, and very reliable for users. The user guidance provided by AI means that the KYC process is smooth and easy for our candidates as well.”