eIDV

What is eIDV?

Electronic identity verification (eIDV) verifies the identity of individuals by matching entries of name, date of birth, address and other specific criteria from public and private data sets. This is considered the first step of the Know Your Customer (KYC) process.

Who uses eIDV?

As an integral part of the due diligence process, eIDV is carried out by various financial institutions to safeguard against fraud, and to follow laws regarding anti-money laundering, combatting the financing of terrorism, and KYC privacy.
 

What is the eIDV process?

Although eIDV processes differ slightly, depending on specific region’s regulations, a typical process tends to involve two stages:

Data verification – Public and private databases are checked alongside the submitted customer data to verify identities, and for pre-screening purposes, to ensure the applicant is not featured on any watch lists, such as a Politically Exposed Person (PEP), or adverse media.
 
Document verification – National identity cards, or government-issued forms of identity featuring photographs, are used to verify the identity of the applicant by matching details like names, addresses, and date of birth on the document.

How electronic identity verification can benefit your business

Electronic identity verification can help businesses onboard customers securely without requiring them to visit a branch or complete lengthy manual checks. By verifying identity information against trusted data sources and identity documents, eIDV can support:

• Faster customer onboarding: Automated checks can reduce the time required to verify new customers.
• Improved fraud prevention: Cross-checking personal information, documents and other risk signals can help identify suspicious or inconsistent applications.
• Regulatory compliance: eIDV can support digital Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, subject to applicable local requirements.
• Greater operational efficiency: Automated verification can reduce manual workload and help teams manage higher application volumes.
• A better customer experience: Customers can complete identity checks remotely, at a time and place that suits them.
• Scalability: Digital verification workflows can support business growth across markets, channels and customer segments.

The appropriate verification methods and level of assurance depend on the business, jurisdiction, customer risk profile and applicable regulatory requirements.

IDnow’s eIDV solutions

IDnow’s Trust Platform allows businesses to verify customers throughout the digital identity lifecycle. Depending on the use case and regulatory requirements, businesses can combine several verification methods:

• Data Verification: Checks personal information such as names, addresses and dates of birth against authoritative data sources. This can provide a low-friction verification layer, either independently or alongside document and biometric checks.
• Document Verification: Uses automated analysis to check the authenticity, integrity and ownership of passports, identity cards, residence permits and other official documents.
• Biometric Verification: Uses technologies such as selfie and liveness checks to help confirm that the person undergoing verification is physically present and matches the identity document.
• eID Schemes: Enables verification through supported national electronic identity schemes, including chip-based identity documents.
• EUDI Wallets: Supports emerging European digital identity wallet use cases as the digital identity ecosystem develops.