Identity Insights

Entrepreneur Middle East’s Best KYC Solution Series
Part 3: Unique Enterprise Capability and Deep Identity Expertise

Jul 06, 2023
5 min read

Chandrika Mahapatra

KYC Content Specialist uqudo

How do companies ensure that they are dealing with trustworthy individuals and businesses?

In today’s technologically evolving world where online transactions and interactions are the norm, establishing a trust-based digital ecosystem is very important. Verifying user identities is a key step in this process. Not only does identity verification create a secure environment for transactions, but also protects companies from financial crime. Along with this, it also enables underrepresented communities to access products and services.

uqudo’s digital identity platform, recently awarded by Entrepreneur ME as the best KYC Solution at the Leaders in Fintech Awards 2023, facilitates companies’ identity verification process in a seamless manner. In the final blog of our three-part series, we delve into our unique enterprise capability and what our identity experts bring to the table.

With a keen focus on innovative identity products that are regulatory-compliant and customer-centric, our digital platform verifies user identities across industries. From enabling businesses to scale across regions to managing identity risk effectively, uqudo’s identity platform addresses complex challenges faced by enterprises across the region.

Along with our unique enterprise capabilities, our team of identity experts is what makes our digital platform the most trusted in the region. Our identity experts have a long heritage of delivering large-scale, high-quality projects with success stories in digital federal national identity programs, national driving license systems, and national electronic passport programs. These successes have made them true pioneers in the digital identity ecosystem.

Why do companies today require identity verification?

With companies operating in digital environments today, building a strong identity verification system helps identify risk and take measures to prevent fraud. Some important reasons why companies need to invest in digital identity verification include:

  1. Prevent fraud and identity theft: digital identity verification adds an additional layer of security to confidential data, protecting it from fraudsters. This protects companies from financial crime and losses.
  2. Comply with regulations: KYC/AML regulations in different countries make it mandatory for companies to verify the identity of their customers prior to their onboarding. Non-compliance with these regulations often results in hefty fines and losses.
  3. Enhance customer experience: digital methods of verifying user identities make it easier for customers to access products and services. This, in turn, increases customer satisfaction, while keeping their personal information secure.
  4. Increase efficiency and decrease costs: Verifying user identities digitally reduces the chances of manual errors, thereby onboarding customers in an efficient manner. Along with this, it also minimises the cost associated with manual verification.

How does uqudo’s identity platform provide a unique enterprise capability?

uqudo’s identity verification platform has been built at the intersection of identity and technology, making our digital platform adaptable to a wide range of industries. Our unique enterprise capability is based on the following key strengths:

  1. Identity expertise: uqudo has been founded by a team of identity experts from different countries in the EMEA region, who have experience in addressing digital identity challenges across public and private sector organizations. They have been part of numerous large-scale identity implementations for millions of users across international and government bodies, and have immense experience in driving growth across the identity management industry.
  2. Core technology product: What makes our identity platform truly unique is our tech platform, built using a combination of AI and machine learning. We use advanced digital identity technology including biometrics, certified 3D liveness detection, NFC-based passport reading, cognitive document analysis, AI and blockchain to seamlessly verify user identities. These enable users to experience a fast, secure and frictionless onboarding experience while being protected from fraudulent activities.
  3. Coverage and capabilities: Another of our key strengths lie in our unparalleled geographical coverage across the MEA. Using a combination of biometrics and government-issued IDs, we can verify identities that no other competitor in the region can. In regions with available identity cards, we use AI to verify data from NFC chips and government databases. In regions without formal identity documentation, we use alternate biometrics to create online identities and connect people to a formal system.

The combination of these three strengths allows us to provide innovative and secure identity solutions to companies as they scale beyond territories.

What industries do uqudo’s IDV solutions cater to?

uqudo’s identity solutions that can be customised according to companies’ requirements are used by businesses across a wide range of industries, including

  1. Fintech: Our digital identity platform enables fintechs to provide a secure and seamless customer experience while remaining regulatory compliant and reducing fraud. Since our technology can be easily integrated into a fintech’s existing digital system, it helps improve operational efficiency.
  2. Banks: uqudo’s identity verification platform helps banks comply with strict regulatory requirements and protect sensitive user information. Our end-to-end digital platform also enables banks to speed up their user onboarding, letting customers open bank accounts faster. Along with this, using biometrics for verifying users provides their customers with a highly secure and seamless user experience.
  3. Crypto: Blockchain and virtual asset companies are subject to strict regulations across MEA. Our identity platform helps firms verify and scream potential customers prior to their onboarding, protecting them from fraud while staying regulatory compliant.
  4. Telcos: Our identity platform provides a secure and reliable digital environment to telco customers that use the same identity across different services. This helps telcos meet their customer requirements and build strong relationships for greater retention.
  5. Insurance: Insurance companies deal with massive amounts of sensitive information that is prone to theft and fraud. Our identity platform reduces the number of manual touchpoints required while onboarding customers, reducing errors and time required to onboard new users.
  6. Government entities: uqudo’s digital identity platform protects sensitive citizen data, letting them control their confidential information. Along with this, with a fully digital ecosystem, we enhance the overall efficiency of federal entities by enabling use cases they haven’t been able to in the past.

With our identity solutions designed to be scalable and customisable meeting the business need across different verticals, we enable secure user onboarding in the MEA region.

Get in touch with us to learn how our unique enterprise capability can help scale your firm!

Chandrika Mahapatra

KYC Content Specialist uqudo

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