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/New Product Release: connection with PEPs & AML, improved conversion funnels and extended document coverage

Miguel Zarraluqui

Miguel Zarraluqui

Head of Product Marketing

Table of contents

The end of the first quarter of 2022 brings a new product release from Veridas, as has been the company’s tradition since its origins. Through this new product update, Veridas reinforces its commitment to continuously improving its solutions and pursuing technological excellence. This commitment is part of our DNA: Talent, Work and Technology, the 3T that define us.

This release will be effective this Friday, April 1st, in the sandbox environment that all our customers have enabled for testing. After a few weeks, and providing enough time for Veridas customers to test the solutions before incorporating them into their ongoing processes, these product enhancements will be uploaded to the production environment, specifically on April 24 in our AWS environment in the United States and on May 1 in Europe.

A more global and accurate Digital Onboarding

This new product release has added more identity documents to our extensive catalogue of document coverage serving 190 countries. Specifically, this release allows performing a document verification on the Mexican residence permit (FM3), the Mexican professional card, the Andorran residence permit (NRT) and the Peruvian residence permit. 

This extensive coverage allows our customers to operate globally with a single biometrics provider: Veridas. In addition, the fact that our solutions are 100% proprietary enables us to add new documents in a matter of days if a customer and use case requires it. 

We have also improved the ability to extract and analyze the data contained in the documents: we have increased by 1% the reading capacity of 2D barcodes globally and improved the Character Error Rate (CER) by 1% in Spain, the Netherlands and Hungary.

A more secure and robust Digital Onboarding

As a society, we are increasingly aware of the risks we face regarding digital fraud and cybersecurity. Such risks become more evident when discussing biometric technologies in the digital identity verification ecosystem. Being able to completely close the doors to those fraudsters who try to operate under someone else’s identity will be the key to achieving a complete and reliable digital transformation; no digitalization is possible without a real identity. 

To this end, Veridas pays special attention to continuously improving the quality of its fraud detection processes in the field of both document fraud and biometric fraud. 

Regarding the first type of fraud mentioned, which comes from false or manipulated identity documents, we have deployed new algorithms capable of detecting colour photocopies (replay attacks) and photo-to-screen attacks (print attacks) with an accuracy of over 90% for all standardized documents, worldwide. 

Another essential step toward fraud prevention has been implementing connections between our modular Digital Onboarding processes and PEPs (Politically Exposed Person) and AML (Anti-Money Laundering) identity databases. These connections will allow companies that wish to do so to contrast the personal data extracted by Veridas from the identity document presented against these databases, which may be public (government) or private so that our clients can act accordingly.

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A Digital Onboarding that converts more and better

Another critical aspect of implementing Digital Onboarding processes is their ability to convert potential customers into actual customers. This ability is usually measured under the concept of funnel conversion and is critical for any company, regardless of industry or geography. 

In this sense, at Veridas, we are very aware of this need, and therefore we can guarantee our clients exceptional conversion rates. The improvement of these rates is always the main objective to achieve at every release, and in this Q, it could not be less: we have reached an improvement of the document conversion funnel of 5% in Mexico, 9% in France, and Hungary or 4% in Bulgaria. That places our global average conversion rates above 80%. 

In addition, we have also improved the funnel corresponding to the biometric verification stage by 2% in all native processes, especially notable in Colombia. 

A present project that anticipates the future

At Veridas, we continue to focus on certification as one of the fundamental pillars to continue building our project. We are paying particular attention to the continuous evaluations of the National Institute of Standards and Technology, NIST, where we want to continue to be a global benchmark in 2022. 

We are also looking to achieve a higher level of compliance with ISO 30.107 in terms of liveness detection performance. iBeta already validated Veridas compliance with this regulation, granting us level 1 in December 2021 (iBeta Quality Assurance Level 1 PAD -Presentation Attack Detection-), and we hope to increase it. 

We also want to continue strengthening our commitment to the fight against digital fraud. We are already working on preventing critical issues such as deepfakes, for which we are developing algorithms dedicated exclusively to their detection. 

To keep abreast of these product developments and much more, we encourage you to follow our activity on social networks (Linkedin, Twitter and Instagram) and subscribe to our newsletter, where we regularly report on current issues closely related to biometrics and digital identity verification.

Stay tuned…

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