KYC, Product

Entrepreneur Middle East’s Best KYC Solution Series
Part 1: Proprietary AI-driven Technology

Jun 15, 2023
5 min read

Chandrika Mahapatra

KYC Content Specialist uqudo

uqudo was recently accoladed by Entrepreneur ME as the best KYC Solution at the Leaders in Fintech Awards 2023, recognising our efforts in developing innovative digital identity solutions in the MEA. Our KYC platform, powered by AI and machine learning helps fintechs verify the identities of their customers and comply with regulatory requirements. In this three-part series, we will cover what makes uqudo’s KYC the best in MENA.

Fintech companies today require comprehensive methods of proving their customer identities, especially with the fast-growing digital fraud. This not only protects end users from fraud but also keeps the company safeguarded against money laundering and financial crime. An extensive identity verification process ensures that the organisation is dealing only with trustworthy entities, to prevent unauthorised access to sensitive information and mitigate data breaches.

At uqudo, MEA’s leading digital identity platform, we do all this and more. With our mission to bring trust in digital interactions, we have been building power identity solutions to MEA’s digital ecosystem. With our rich heritage of working with governments and regulators in delivering large-scale, national identity programs, our identity experts have a deep understanding of the challenges and opportunities associated with identity verification.

Our digital platform not only provides a state-of-the-art method to verify identities but ensures that all our user onboarding processes are customer-centric and secure. This not only helps companies seamlessly onboard new users but also enhances their overall operational efficiency.

What makes uqudo’s technology the best of its kind in MEA?

Since our product launch, our digital identity platform has been the go-to solution for identity verification. We were also recently accoladed by Entrepreneur ME as the best KYC Solution and have formed numerous partnerships with market leaders such as VISA, SmartAfrica, PwC, Microsoft and more.

What truly sets us apart from other identity verification providers is our proprietary AI-driven technology developed in-house by our identity experts. Built at the intersection of identity and technology, our core products address challenges ranging from data security and lengthy verification processes to identity theft and complex regulatory requirements.

Let’s take a deeper look at the core technologies that make up our proprietary solution:

  1. AI document analysis: We use powerful AI and machine learning technologies to extract and verify data from identity documents. This includes checking the quality of the document and examining for any signs of tamper. This identity data is then used to verify users. Our identity platform can extract data from a variety of documents, including national IDs, passports, driver’s licenses and voter IDs, enabling us to verify individuals for a wide range of use cases.
  2. NFC-based document reading: With countries today moving towards NFC-enabled ID cards, we use these chips to verify user identities. This enables us to verify passports and national IDs without having users physically type out information. This highly secure method of verifying documents lets us verify passports and national IDs from across the globe.

A combination of these proprietary technologies enables a fast, secure and frictionless onboarding process for users while protecting companies from fraudulent activities and complying with KYC, AML and CDD regulations.

How does our AI Document Analysis work?

Our document scanning and analysis technology uses a combination of AI and machine learning to scan, read and analyse documents from individual and corporate documents in milliseconds.

  1. Document Detection:
    • In this step, the document is first detected by AI and then isolated from the background.
    • If the document is bent or rotated, our algorithm corrects and crops it.
    • Along with this, our software also reduces noise to enhance the quality and readability of the document.
  2. Document Quality Check
    • Next, our AI checks the quality of the document to see if the text is blurry or if the image has any glare spots.
    • If the text is unreadable, due to blur or glare spots, or the algorithm triggers a recan of the document.
    • Our AI also determines the quality of the document, by identifying any signs of tampering, to ensure the document’s authenticity and integrity.
  3. Document Field Identification
    • Once the document is isolated from the background and its quality has been evaluated, our AI then identifies the necessary identity fields, which are then sent for further processing.
    • For an individual’s identity documents, this includes information such as name, date of birth, ID number and expiry date.
    • For companies, this information includes the company name, date of incorporation and licence number.

What are the steps involved in our NFC-based verification?

Using NFC-based identity document verification, we verify customer identities, without them manually typing out information, making their onboarding process simple and efficient. This technology authenticates documents using any NFC-enabled device. This works only for short distances (approximately 10 cm), making user verification highly secure.

  1. Step 1: The first step requires the user to upload an NFC-enabled identity card image onto their smartphone.
  2. Step 2: The user then taps the same identity card against the smartphone.
  3. Step 3: Our platform verifies that the data extracted from the NFC chip matches that of the uploaded image.
  4. Step 4: This data is then verified against government databases to verify the identity of the individual.

Our identity platform can verify NFC data from passports of 85 countries and national IDs from 9 countries.

How can uqudo’s identity platform help scale your company?

Identity verification is a key aspect of companies’ user onboarding process, that plays an important role in protecting their sensitive data and financial information. At uqudo, our simple and efficient identity verification platform comprising of dynamic KYC, KYB, Screening and Authentication processes can seamlessly fit into your customer onboarding journey.

  1. Our fully customisable KYC procedure uses powerful AI document scanning and face detection to validate your customer details from across the globe with unparalleled accuracy.
  2. To verify business authenticity, we screen companies and UBOs from the world’s largest database. Our KYB check includes those across global sanctions, PEPs and adverse media lists.
  3. Our continuous AML monitoring ensures that companies are compliant with changing regulations and customer risk profiles.
  4. With different countries having different legal requirements for identity verification, our customisable digital identity platform can verify individuals in milliseconds. Our liveness check ensures that the individual is a real person and matches the provided document.
  5. Our powerful identity tech stack reduces data breaches and identity theft using advanced biometric technology to verify users with negligible error.
  6. With a fully digitised identity platform, our data verification is done at minimal costs, since we eliminate costs arising from manual data verification and other processing fees.
  7. Our rapid identification process ensures that companies onboard users in a customer-centric manner while remaining compliant with evolving KYC/AML regulations.

To learn how our identity platform can fit into your user onboarding journey, connect with our product specialists here.

Chandrika Mahapatra

KYC Content Specialist uqudo

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