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eIDV and RiskScreen Verify FAQs

What does eIDV stand for?

  • eIDV (or eID&V) stands for electronic identification and verification: finding out who a customer is (i.e. establishing their name and key details) and verifying that information (e.g. by obtaining a valid proof of ID such as a passport).
  • ID&V is the offline process of identifying and verifying an individual for anti-money laundering purposes, often involving considerable amounts of paperwork.
  • Importantly, it is more than simple verification of some ID: rather, it is verification of the individual behind that ID.

What does RiskScreen Verify do?

  • RiskScreen Verify is a portal and mobile app that allows businesses – or their agents – to capture and verify their customers’ details online, with no need for paperwork or face-to-face contact. It helps businesses fulfil their regulatory obligation to Know Your Customer (KYC), thereby reducing their risk, and can cut onboarding time from weeks to minutes.
  • RiskScreen Verify is available as a standalone product now, typically available to existing RiskScreen customers within the terms of their existing contract. From summer 2020, it’ll be also be available as part of a fuller turnkey solution: RiskScreen OnBoard, and integrated with our screening tools. (Register here for product updates (as well as our KYC360 news).)

Will my regulator accept eIDV?

  • The coronavirus crisis has encouraged many regulators to clarify their position on eIDV as a compliant mechanism in the KYC process. This article outlines a recent update from the Jersey Financial Services Commission, highlighting that eIDV is one of four potential methods for verifying an individual’s identity. We have customers around the world and work with many regulators – please get in touch if you’d like to discuss this more.

About the RiskScreen Verify service

How does RiskScreen Verify work?

  • You’ll get access to a configurable web portal which can be kept standalone or integrated within your existing systems (and, optionally, rebranded into your look & feel). Through this portal you can onboard new customers (or review existing ones) and issue requests to individuals to download a mobile app for document scanning and liveness checks. All customer data is fed back into the portal, with verification notes, for onward processing. Reports are available at all stages of the workflow.
  • You can have RiskScreen Verify up and running within days, with no IT development required – or use its API access to integrate it into your systems if desired.

What checks does RiskScreen Verify perform?

  • Individuals are subject to ‘liveness checks’ by conducting, basically, a selfie for a few seconds. This uses biometric analysis, facial gesture recognition and motion detection to confirm that person providing the documentation is a) alive and b) the rightful owner of the scanned content.
  • Uploaded documents, such as passports and driving licences, are checked against a series of template checks as well as a library of official documentation from countries around the world to mark them both for veracity and visual relationship to the individual submitting them. This library of documents contains thousands of different document types, and is being continually updated.
  • You can also configure the app to ask for up to nine other documents to be uploaded, according to your own local or business requirements.
  • Non-Latin characters are covered.
  • For the latest information about which countries and documents are covered, or more information about the checks performed, please contact us.

How reliable is RiskScreen Verify? Is it auditable?

  • RiskScreen Verify uses some of the best technology available, and automatic approval ratings are over 93%, far higher than many competitors who rely heavily on a second tier of human checkers.
  • There is a full workflow throughout the checking process, with reporting at every stage if desired. Key customer identity information is securely saved into a Customer Due Diligence (CDD) PDF file and provides a robust audit trail.

How secure is RiskScreen Verify?

  • RiskScreen Verify is a cloud-based application, with all the security levels you would expect. Please contact us for information.
  • Once downloaded onto a phone, the app will work for your customer for a short period of time only, and does not capture any photos or ID into the camera roll.

How does RiskScreen Verify compare to alternatives?

  • RiskScreen Verify is a Software-as-a-Service (SaaS) product. This means it’s easy to implement, is instantly customisable, and delivers real-time results. We believe it’s far superior to alternatives from web vendors on a number of levels, including the user experience, the operational and technical aspects, and its fulfilment of compliance requirements.
  • Many competitors use considerable manual checking efforts in the background. Our 93%+ approval rating means decisions are turned around more quickly and cheaply, and are far less subject to error.
  • RiskScreen Verify is fully configurable, allowing you to create multiple KYC journeys to align with your business and jurisdiction requirement.

What support is available?

  • At RiskScreen we pride ourselves on the quality of our service. Our Customer Success team are here to support you throughout your own onboarding journey, and on an ongoing basis, should you need it.

ISO certification

  • The RiskScreen Verify technology has passed phase 1 of ISO 27001 certification and is in the process of completing its phase 2 certification. KYC Global Technologies (operators of RiskScreen) already holds full ISO 27001 certification.

How much does RiskScreen Verify cost?

  • Like the other modules in the RiskScreen solution, we charge by searches rather than seats. This open user licence allows you to include as many internal or external users (such as brokers) as you like. For specific pricing – and if you’ve any other questions – please contact us.

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