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Unified, digital solution for your wallets

Ensuring risk-free wallet solutions

Why do Wallet Service Providers need Identity Verification?

KYC / AML guidelines are included in the mandated customer onboarding process to ensure compliance to Know Your Customer (KYC) / Anti-Money Laundering (AML) guidelines.

While digital wallets offer multi-fold benefits to both customers as well as businesses, they also pose certain challenges, particularly around cyber crimes and thefts. Therefore, organizations that want to scale up using digital wallets need to comply with KYC process. Only once a customer clears the KYC, he is eligible for onboarding. Also, customer due diligence is important for user verification.

Finbraine helps wallet providers meet these compliances and standards through intelligent identity verification, which can be done seamlessly with the help of a portal.

Our next-gen solution for wallet providers offers seamless customer experience with its digitized KYC

  • Handling Identity Verification requirements for AML and KYC compliance

    Our digital KYC solution – IDBraine will not let you compromise on user experience to meet identity verification requirements for AML and KYC regulations.

    • Easy-to-use portal: With the help of a super simple portal that offers perfect balance between user-centric design and seamless functionality, we enable your customers to verify their identity
    • Real-time document verification: IDBraine gives real-time feedback to users ensuring they submit only high-quality pictures for document verification
    • Auto-filing of data: IDBraine leverages OCR technology to automatically extract data from identity documents and prefill the required forms
  • Ensuring a risk-based approach for KYC verification

    To meet the identity verification requirements for KYC and AML compliance, insurance companies need a risk-based solution that can address these regulations

    • Tailored configurations of verification platform: Customized configurations ensure right balance of security and convenience to match the level of risk businesses can take
    • Usage traditional data sources: One can either supplement traditional data or replace them with biometric data
  • Scaling up faster than ever

    Staying compliant can greatly reduce operational costs

    • Smart streamlining of processes: FinBraine’s solution can help businesses to scale cost-effectively by perfectly combining AI with human expertise
    • Detailed report generation: We perform checks for businesses to provide detailed report that flags anything that needs to be attended urgently

How we do it?

Step 1

Intelligent extraction of data

The app provides the customer an option to take a picture of an identity document by leveraging AI-powered OCR technology that works even with low-quality images. It enhances the captured photo, normalizes the ID, detects the ID image for Know Your Customer (KYC) compliance and automatically pre-fills the extracted personal data into the predefined fields.

Step 2

Confirmation of extracted data

Once the data is pre-filled using the OCR technology, the app prompts the customer to verify all the filled in details to avoid any issue at a later point in time.

Step 3

Instant verification

The user takes a selfie and goes through the liveness verification check to verify their identity using facial recognition technology.

Step 4

Deep Neural Liveness Check

Next, the app performs the liveness check through:

Passive Liveness Check – Built upon deep neural networks, it can distinguish a real face from an image even without user interaction.

Active Liveness Check – Prompting a user to follow a randomly moving dot on screen, the algorithm monitors pupil movement to check if it has been done correctly.

Step 5

Digital, Reliable and trustworthy onboarding

AI-based identity verification using data collected during onboarding. Once the onboarding is complete, the account is opened for the customer, which he can access using login.
Step 1
Intelligent extraction of data

The app provides the customer an option to take a picture of an identity document by leveraging AI-powered OCR technology that works even with low-quality images. It enhances the captured photo, normalizes the ID, detects the ID image for Know Your Customer (KYC) compliance and automatically pre-fills the extracted personal data into the predefined fields.

Step 2
Confirmation of extracted data

Once the data is pre-filled using the OCR technology, the app prompts the customer to verify all the filled in details to avoid any issue at a later point in time.

Step 3
Instant verification

The user takes a selfie and goes through the liveness verification check to verify their identity using facial recognition technology.

Step 4
Deep Neural Liveness Check
    • Next, the app performs the liveness check through:

 

    • Passive Liveness Check – Built upon deep neural networks, it can distinguish a real face from an image even without user interaction.

 

  • Active Liveness Check – Prompting a user to follow a randomly moving dot on screen, the algorithm monitors pupil movement to check if it has been done correctly.
Step 5
Digital, Reliable and trustworthy onboarding

AI-based identity verification using data collected during onboarding. Once the onboarding is complete, the account is opened for the customer, which he can access using login.

Our key differentiators

Prevention of fraud and thefts

Seamless user experience

Regulatory compliance

Risk-based approach to KYC

Easy scaling up