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/New Product Release: boosting funnel conversion rates through accuracy, speed, and fraud prevention improvements

Miguel Zarraluqui

Miguel Zarraluqui

Head of Product Marketing

Table of contents

With the new year’s arrival, Veridas continues to drive significant product enhancements, primarily in the form of increased processing speed, improved fraud detection, and greater accuracy. All with the sole purpose of continuing to deliver the best solutions to our customers.

But it is not only product releases that we bring to the table. We have also redrawn our release calendar for the year by replacing the quarterly releases (Q1, Q2, …) with eight releases per year (2023.1, 2023.2, …) to deliver improvements more often, generating more value for our customers.

Finally, another new feature is the unification of release dates in our production environments (LIVE) in America and Europe. Today, January 13, we are launching the new features in our test environment (SANDBOX), and next January 5, they will go into production in all territories simultaneously.

More secure and accurate Digital Onboarding

Fraud prevention has always been a commitment at Veridas, whose solutions generate tangible results. Therefore, with each product release, we always bring fraud detection improvements, in this case, improving photo replacement detection algorithms for our document verification solution. The new algorithm achieves an accuracy above 97% in all geographies.

We  also enhanced our funnel conversion rates between 2 and 6% by implementing document reading upgrades such as adding new OCR nodes for UK documents, reducing Character Error Rates for UK, Germany, and Italy, or enhancing MRZ decoding in all geographies.

At the same time, Veridas launched new SDKs for document and video capture, including more customization options while improving the overall user experience across all platforms.

Finally, we continued extending our document coverage globally, adding numerous identity cards, residence permits, and driving licenses. Check our document coverage here

Faster face authentication

In the world of authentication, not only is accuracy key but also the speed of execution is critical to ensure a customer experience that drives the adoption of these technologies. In this regard, Veridas has achieved significant improvements in our facial biometrics engines, which speed up authentication processes.

Specifically, we have considerably reduced processing times by 25% in facial biometrics while reducing false positive and negative rates. This means a win-win for both usability and security.

For more detailed information on the enhancements of each solution, remember to access the What’s New section in our product documentation portal

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Simplify entry, save time, and manage your stadium parking more efficiently.

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Enter the parking area in under 1 second with facial recognition technology.

Stress-Free Experience

Simplify the ticket purchase process and enable attendees to enjoy a hands-free experience throughout their stadium stay.

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Verify your attendees’ identity remotely in less than 1 minute.

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Simplify the ticket purchase process and enable attendees to enjoy a hands-free experience throughout their stadium stay.

Maximum Security

Enhance the security of the purchase process, eliminating the possibility of fraud, resale, and unauthorized access.

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