FAQs
ID Verification
When is identity verification used?
Identity verification is a key part of the account opening process and is commonly used by financial institutions to mitigate fraud risks. It can also be used to prevent minors from accessing age-restricted products. Furthermore, any company that wants to protect sensitive user data, including healthcare records and social media accounts, can use identity verification for both onboarding and for biometric authentication of returning users.
What documents can verify identity?
Some of the most common ID verifications include:
Passport or passport card.
From KYC to eKYC: What’s the difference?
Traditional KYC involves physical documents, in-person visits, and face-to-face meetings. eKYC uses digital technology for remote data collection and verification, improving efficiency, customer experience, and reducing time and resources.
Importance of eKYC?
1. Preventing identity fraud and financial crime
2. Comply with regulatory requirements
3. Building trust and reputation
What is the eKYC process?
Document Verification: Uses OCR to auto-extract data from ID documents and NFC for chip-enabled IDs to ensure authenticity and prevent fraud.
Biometric Identification: Employs facial/fingerprint recognition and liveness detection to verify the user is the legitimate ID owner and a real person.
WhatsApp Form Express
What are WhatsAPP Forms Express?
WhatsApp Forms allow you to apply for loans directly through WhatsApp, with secure Electronic Identity Verification (eIDV), address, and phone number verification. Start from our website and complete the process in a simple, guided chat.
What file formats can I submit for documents?
You can upload PDF, JPEG, or PNG files, each under 5MB. Alternatively, select photos directly from your phone’s album to submit documents like IDs or proof of address.
What if I don’t use WhatsApp?
WhatsApp Forms are the easiest way to apply, but you can contact our support team for alternative options. Download WhatsApp for free to access our streamlined process
Why use WhatsApp Forms for loan applications?
Our Forms are fast, secure, and user-friendly, with built-in eIDV, address, and phone number verification. Apply from anywhere, get personalized loan offers, and enjoy a hassle-free experience.
Is my data safe when using WhatsApp Forms?
WhatsApp’s end-to-end encryption protects your personal and financial data. Our eIDV and verification processes comply with strict financial regulations, keeping your information secure.
Data Validation
How quickly can Cashify verify my identity during onboarding?
Cashify’s identity verification, powered by LSEG IDV, confirms your identity in 0.5–2 seconds using basic details like name, address, and date of birth, ensuring a fast and seamless onboarding experience.
What makes Cashify’s verification process compliant with regulations?
Cashify meets stringent Know-Your-Client (KYC) regulations, including FinCEN, FINTRAC, and EU AML/D standards, with GDPR-compliant privacy. Every transaction includes a unique ID and detailed metadata for full traceability and audit readiness.
Can Cashify verify identities globally?
Yes, Our platform verifies 4.9 billion people and businesses worldwide across 50+ countries, using over 400 trusted global data sources. It accounts for cultural nuances like complex name structures and country-specific address formats for accurate verification.
What benefits does Cashify’s automated validation offer businesses?
Cashify’s automation saves time by completing validations in seconds, reduces errors with AI-driven accuracy, enhances convenience through WhatsApp submissions, and scales efficiently to handle high volumes, improving customer onboarding and operational performance.
Achieve Your Business Goals with Cashify
Cashify meets all your business needs with comprehensive support and tailored solutions.
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