A key component of Verify 365 is our innovative biometric identification UK-developed proprietary technology, DynamicID. Through DynamicID, you can validate your client’s ID documents and authenticate their identity through NFC technology, liveness scanning and facial recognition.
DynamicID is the core element of the Verify 365 platform as it helps you and your business meet necessary compliance requirements while also enabling you to streamline your processes and enhance due diligence protocols to tackle financial crime. In today’s world, online fraud and digital hacks are on the rise, making it more important than ever for regulated businesses to be confident about verifying the identities of their clients.
This is especially true for solicitors, conveyancers, estate agents and financial businesses, who are required to comply with anti-money laundering (AML) regulations set by industry authority figures. Compliance with these regulations is critical for taking a risk-based approach, preventing fraud and protecting your business from potential threats and fines.
In this article, we’ll give you a comprehensive breakdown of Verify 365’s biometric facial recognition technology, DynamicID, and the role it plays in firms and agencies across the UK to validate their clients.
The Innovative Technology Behind DynamicID
Verify 365’s biometric facial recognition technology uses artificial intelligence to analyse facial features and compare them to government-issued identification documents. Using facial recognition, liveness scanning, and NFC technology, you can authenticate your client’s details and ensure you are meeting your legal obligations. The technology ensures a secure and accurate identification process, reducing the risk of identity fraud and money laundering.
DynamicID recognises 10,000 legal identification documents from over 190 countries, meaning that whether your client is a local citizen or international, our technology can analyse the information and validate that your client’s information is accurate.
In addition to this, DynamicID enhances the security of the identification process by using machine learning algorithms to analyse multiple biometric factors such as facial features, voice, and behaviour. With biometric facial recognition and DynamicID, firms and agencies can verify the identity of their clients in a matter of seconds, making the KYC process quicker and more efficient.
The Benefits of DynamicID’s Biometric Facial Recognition Technology
Our facial recognition technology is evolving the legal, property and financial landscape, ensuring firms and agencies can verify their client’s details while also preventing financial fraud.
Compliance with AML Regulations – Verify 365’s technology ensures that firms and agencies comply with AML regulations by verifying the identities of their clients and analysing multiple biometric factors to assess risk.
Reduced Risk of Identity Fraud and Money Laundering – The technology reduces the risk of identity fraud and money laundering by ensuring that clients are who they claim to be and analysing multiple biometric factors to detect suspicious behaviour.
Efficient and Time Saving – The streamlined checking process creates faster workflows, meaning you can validate your client’s information at a quicker rate and save time, enabling you to focus on the core legal work and expand your services with more efficient processes in place.
Comprehensive Reporting – Once your client has completed their biometric ID check, you are sent a comprehensive report via the Verify 365 dashboard, which contains all the information submitted. The reports will highlight the information presented and note any concerns that could put your firm at risk, such as the client’s current status.
Improved Client Experience – Our user-friendly technology is simple and easy to use. Your clients will have instructions presented throughout the checking processes so they can quickly verify their identity.
Save Costs & Increase Revenue – Investing in biometric technology will save money because you can confirm information at a quicker rate, and this gives you scope to expand your services and onboard more clients to enhance your revenue prospects and meet growth targets.
Meet Compliance Obligations With DynamicID
Verify 365’s biometric facial recognition technology, and DynamicID are designed to comply with legal regulations such as GDPR and CCPA. These regulations govern how businesses collect, process, and store personal data.
Verify 365’s technology ensures that law firms comply with these regulations, giving clients peace of mind that their personal information is being handled appropriately. For lawyers and conveyancers, Verify 365 and DynamicID meet the requirements of the Solicitors Regulation Authority (SRA) and HM Land Registry’s Digital ID Standard, enabling firms and conveyancers to achieve the coveted ‘Safe Harbour’ status.
For estate agents and finance businesses, we meet the strict guidelines set by HMRC, ensuring that all the checks you complete are compliant with that framework.
Enhanced Security and Privacy
DynamicID uses the latest security measures to protect clients’ sensitive information as the technology encrypts data both in transit and at rest, ensuring that it cannot be intercepted or accessed by unauthorised users. Additionally, Verify 365 adheres to strict privacy standards and regulations, ensuring that clients’ personal information is kept secure and confidential. All data presented through DynamicID and Verify 365 is stored within the UK, adhering to the highest levels of security and protection.
Integrate with Case Management and Existing Systems
DynamicID can easily integrate with several industry-leading case management systems, such as Actionstep and Clio meaning you can access everything you need on one unified platform, saving you time and enhancing your overall efficiency. The technology is completely flexible and can be customised to meet the specific needs of each business depending on the types of checks that you need to complete.
The Ultimate Biometric Identification Technology
DynamicID is the ultimate biometric identification technology, ensuring you can validate your client’s identity documents in a fast, simple and seamless way. The technology meets the requirements of various sectors while also focusing on efficiency and effectiveness. Technology such as DynamicID is elevating the legal, property and finance sectors.
If you’re interested in discovering more about DynamicID, head to our website.
