RADICAL NEW TECH DEVELOPMENT DELIVERS SEAMLESS ONE STOP ID VERIFICATION PROCESS -A BONA FIDE GAME CHANGER FOR FINANCIAL SERVICES

A PROFESSIONAL OFFICE NEWS RELEASE

RADICAL NEW TECH DEVELOPMENT DELIVERS SEAMLESS ONE STOP ID VERIFICATION PROCESS -A BONA FIDE GAME CHANGER FOR FINANCIAL SERVICES

A GAME changing new app launched by tech developer Professional Office is set to radically change the way financial services firms verify their client identity and improve their KYC process.

As part of the company’s SanctionsSearch.com© suite of tools, users can now VERIFY the identity of people from anywhere in the world holding a valid biometric passport simply by using the smart phone app, ValidateMe.

ValidateMe© takes customers through a comprehensive, sign posted journey of collecting documents, liveness facial recognition and the current ‘live’ status of the documents presented.

And it is all done via the applicant’s smart phone.

The technology - cleverly - unlocks the NFC chip in the passport to confirm the individual is actually who they say they are. Critically, all data is then cross verified to ensure that all the information is authentic.

‘Our new product is set to radically transform the way financial services and associated legal and professional services firms do business,’ said MD Chris Clare.

‘There’s a host of software products out there that claim to be market leaders in the verification process, by using ‘liveness’ and facial recognition to match people with images on documents.

‘But while none are inherently bad, most are not 100 per cent perfect,’ added Clare.

 ‘The problem is, they all rely on the validity of the document, such as the included data, and - amongst other things - the photo of the person on a passport.

‘If that photo or document is compromised, then any validation that comes from it is inherently flawed. And then you have a big problem,’ said Clare.

‘Here at Professional Office, we have focused our energies over the last four years and developed our NFC (Near Field Communication) PCV (Passport Chip Verification) tool

‘We believe it is the most state of the art ID verification tool available.’

So, how does it work?

‘The NFC chip in a passport contains an encrypted copy of all the data printed on it, including the photo of the client, which should match the one visible on the document.

‘All this data is digitally encrypted and signed with a verifiable Government - issued secure certificate.

“That government-issued encryption certificate held on the chip is verified to ensure that the data has not been tampered with, providing one of the most robust ID verifications on the market at the moment.

 ‘All data collected by ValidateMe© is fully encrypted on the phone ensuring it is not accessible to anyone. Once it has been used it is permanently removed from the device,’ explained Clare.

Published: 18 July 2024