VerifyMe Nigeria’s VeriFind surpasses 200K address verifications for KYC, AML in 2021
VerifyMe Nigeria says it has conducted over 200,000 Tier III digital address verifications this year using its real-time digital ID verification platform VeriFind.
According to a company announcement, this figure excludes the over 600,000 4D GIS checks which customers completed using their smartphones.
VeriFind, which was updated recently, automates real-time addressing using GPS technology to provide quality location information services to fintechs and payment customers, the firm said, adding that the platform’s unique infrastructure enables tiered addressing options from real-time 4D GIS calls to Tier III compliant last mile addressing within the same workflow, depending on the customer’s environment.
The address verification service is used in know your customer (KYC) and anti-money laundering (AML) checks.
The company added that since the introduction of VeriFind in the Nigerian market, customers’ digital ID verification transaction costs have been cut by over 300 percent thanks to their technology and on-the-ground network of verification agents.
Company CEO Esigie Aguele expressed delight that they were making strides by ensuring speedy and accurate verification of addresses for digital ID and onboarding purposes.
“VeriFind’s unique addressing platform and GIS technology improves address verification completion rates by running pre-screening for addresses using GPS positioning systems in real-time. Our Tier III capability is backed by a nationwide logistics network of over 25,000 verification agents, making it the most advanced and comprehensive digital address service in Nigeria presently,” said Aguele.
He added: “In addition, VeriFind can be integrated into a customer’s existing workflow using our Software Development Kit to pinpoint the exact location of customers even when the address is non-standardized. This gives our customers complete control to build their address verification model and makes our service configurable based on our customers risk threshold. As a proudly Nigerian company, we want to provide a credible, trust-based system backed by strong KYC infrastructure to help grow business and strengthen our economy.”
VerifyMe Nigeria says its digital ID verification APIs and authentication platform are currently being used by 35 deposit banks, 50 credit lenders, 12 of the top insurance companies and over 150 other businesses leveraging the company’s APIs and addressing platform to grow their businesses in Nigeria and beyond.