Wednesday, August 4, 2021, LONDON: GBG, the experts in digital identity, has launched RapID – an identity verification solution for small businesses. The solution has been specifically designed to help these businesses cope with the digital acceleration caused by COVID-19 and will help them improve the customer onboarding process and remain compliant.
Many small businesses are still undertaking their identity verification checks manually, with documents sent via email and checked by a member of staff. However, this manual process is costly, time consuming and prone to human error. RapID is a web-based solution that enables businesses to fully automate this process.
RapID, which was created following consultation with our customers, is a plug and play solution that businesses can begin using in minutes – with no coding necessary.
It has been designed with simplicity and ease of use in mind and allows people to easily submit their documents for verification by following a simple URL. Once documents are submitted, RapID automatically verifies the document in the background and sends real-time alerts to the business showing where the customer is on the onboarding journey and whether any red flags are raised.
The automated, always-on solution enables small businesses to reduce AML compliance and fraud risk, without the need for specialised internal resources. It also enables businesses to create an audit trail for compliance purposes.
Tobin Broadfoot, Senior Product Manager, New Proposition Development, at GBG, said: "RapID is made for small businesses and designed to help them overcome the challenges they face with customer onboarding. We’ve been talking to small businesses, and we understand that they’re under increasing pressure to be able to verify who their customers are quickly and compliantly – particularly in sectors that have seen a huge boom in demand, such as fintech and online trading."
“However, the reality is that many businesses are struggling. They’re either stuck using a costly solution not designed with them in mind, or they undertake manual verification processes that run the risk of opening the door to bad actors. We want that to change. RapID is specifically designed to help small businesses stay compliant, reduce risk and cut costs. It is also designed to help improve the user experience and deliver an onboarding process that is quick, easy and seamless. In an increasingly competitive market, we understand it’s these small things that make a big difference.”
GBG has a range of identity verification solutions for businesses of all sizes, from small and start-up, to global enterprises. Read more about GBG’s identity verification solutions here.
The RapID solution integrates passive facial liveness technology from ID R&D. The liveness detection technology prevents face biometric spoofing without adding friction to the customer journey. .
Alexey Khitro, CEO and co-founder of ID R&D, said: “At a time when customers place extreme value on simplicity and convenience, the ability to remotely onboard customers in a manner that is automated, fast and frictionless is a competitive advantage."
“An innovation that makes robust identity verification accessible to businesses of all sizes is a much welcome addition to the market.”
Chris Bradley, Head Of Compliance & Anti Money Laundering Officer at EQ Investors, said: “Up until now it’s been a huge challenge to trust that passports or national IDs sent over email were authentic. With RapID we now have that assurance, and can be certain that we’re letting the good people in and keeping the bad people out.”
Robert Brown, CEO Sugarcane Capital: “RapID has made a huge impact on the time it takes to onboard new clients. It will save us time, increase our client approval rate while still offering the right level of protection for our business. What’s more, it’s quick and easy to use.”
GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.
Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience and establish trust, so that they can transact quickly, safely and securely with their customers online.
Headquartered in the UK and with over 1,000 team members across 15 countries, we work with 20,000 customers in over 70 countries. Some of the world's best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia's biggest banks and European household brands.
To find out more about how we help our customers establish trust with their customers, visit www.gbgplc.com and follow us on LinkedIn and Twitter@gbgplc.