Story image

Australia gets first taste of virtual alternative to face-to-face identity verification

14 Mar 2017

South African company e4 claims it has launched Australia’s very first real-time, virtual alternative to face-to-face identity verification, which will offer organisations better regulatory compliance and better ID verification techniques.

The company’s new Virtual VOI (Verification of Identity) platform allows Australian businesses to comply with anti-money laundering and counter-terrorism financing standards, better customer and workforce convenience and better cost savings.

The biometric facial recognition software runs through secure video and audio calls, matching the live image to ID documentation such as a driver’s licence or passport that was uploaded as part of the call.

All Australian-issued identity documents can also be authenticated to the Australian Attorney General’s Department Documentation Verification Service (DVS), cutting down on verification times. 

The platform compresses all video and audio, produces a report and then stores the information for future use. It can also check against local and international Watch Lists, use other Australian industry data sources and provide interfaces for all users, such as lenders, brokers and consumers.

E4’s Australian managing director Stuart Hosford says that the new identity verification service will save time and streamline regulatory programmes.  

“We know that today’s customer is time poor at best, so the opportunity to cut out the need to visit a branch or post office in person to verify their identity will be welcome one. From an organisation's perspective, a Virtual VOI call not only cuts down on costly hours spent on customer scheduling and follow up, but also provides a reliable, consistent and scalable mechanism to manage their Know Your Customer (KYC) regulatory programmes,” he says.

Consumer mortgage website HashChing has already adopted e4’s VOI for their broker panel when submitting new mortgage applications to lenders. 

“We offer a very pragmatic opportunity for businesses to improve their customer onboarding experience at reduced risk and cost. This is a unique proposition given that customer convenience and regulatory compliance are most often not complimentary in their objectives. What is currently a convoluted and lengthy process will become a seamless digital experience that can be competed in five minutes or less from anywhere with an internet connection,” adds Hosford.

Cloud application attacks in Q1 up by 65% - Proofpoint
Proofpoint found that the education sector was the most targeted of both brute-force and sophisticated phishing attempts.
Huawei picks up accolades for software-defined camera ecosystem
"The company's software defined capabilities enable it to future-proof its camera ecosystem and greatly lower the total cost of ownership (TCO), as its single camera system is applicable to a variety of application use cases."
Gartner: Good talent put off by old tech
Technology now ranks in the top ten reasons Australian employees will leave their current role, according to Gartner’s 4Q18 Global Talent Monitor.
App downtime costs businesses over $700k per event
One hour of business-critical application downtime can cost larger companies $144,062.52 per hour, with an average repair time of over five hours.
Why application downtime costs Aussie businesses more than $762,000 on average
“These findings highlight the critical need for all Australian businesses to ensure ongoing monitoring of applications."
How AI is changing the medical industry
With NVIDIA Clara, developers can speed up their medical imaging applications and implement AI.
The Data Literacy Project expands its library of free courses
Upskilling the workforce in data literacy is fundamental to unlocking business growth.
Digital experience managers, get excited for Adobe Summit 2019
“Digital transformation may be a buzzword, but companies are trying to adapt and compete in this changing environment.”