Kofax, a leading provider of software to simplify and transform the First Mile of business, announced the addition of ID verification and facial recognition capabilities to Kofax Mobile ID framework. The new features, ideal for customer onboarding apps, determine the authenticity and validity of identification documents, such as a driver license or passport, via their mobile device.
According to industry analyst firm, Celent, “Many early online banking platforms had rudimentary mechanisms for account and loan origination, and many required customers to come to the branch for in-person KYC and to submit paperwork. That dog won’t hunt in today’s environment! One of many responses to the seismic changes in customer preferences has been a race to market with mobile customer acquisition capability.”
Mobile ID verification removes friction from the onboarding process by allowing an applicant to simply snap a picture of their driver license, passport or national identity card using their smartphone. The digital content is then extracted and validated using advanced, automated neural networks and multilayered image filters to confirm the document’s authenticity.
Kofax Mobile ID framework with ID verification and facial recognition is now available as a standalone product or bundled with Kofax TotalAgility to deliver a broader, more comprehensive set of capabilities to drive digital transformation throughout the organization.
About Kofax
Kofax is a leading provider of software to simplify and transform the First Mile of business. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 25,000 customers in financial services, insurance, government, healthcare, higher education, supply chain, business process outsourcing and other markets. Kofax markets its solutions via a direct sales and service organization, along with a global network of more than 1,000 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific.
Mobile ID verification removes friction from the onboarding process by allowing an applicant to simply snap a picture of their driver license, passport or national identity card using their smartphone. The digital content is then extracted and validated using advanced, automated neural networks and multilayered image filters to confirm the document’s authenticity.
Kofax facial recognition technology ensures the applicant in possession of the ID is in fact the person pictured on the ID by incorporating military grade liveness detection with auto capture to confirm that the applicant is taking a live picture of themselves. Automated technology then compares the selfie picture of the applicant with the picture on their ID. If they match, the applicant is validated as the person pictured on the ID. This method is superior to other solutions that rely on humans to authenticate the applicant, as age and facial hair – which can change a person’s appearance – do not impact the accuracy of the Kofax facial recognition engine.
Kofax Mobile ID framework helps financial institutions comply with ever changing Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to combat fraud. The extracted information can be submitted via Kofax TotalAgility, the Company’s flagship digital transformation platform, and other enterprise applications for further processing.
Kofax Mobile ID framework helps financial institutions comply with ever changing Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to combat fraud. The extracted information can be submitted via Kofax TotalAgility, the Company’s flagship digital transformation platform, and other enterprise applications for further processing.
“Mobile devices enable organizations to engage with customers where they are, and when and how they prefer to conduct business. Mobile customer onboarding addresses these needs but can be risky and still require face to face meetings,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “Kofax Mobile ID framework with ID verification and facial recognition improves customer engagement and ensures regulatory compliance. It’s a game changer in industries like financial services where onboarding and enabling the immediate use of services are expected to fuel new customer acquisition and retention.”
Kofax Mobile ID framework with ID verification and facial recognition is now available as a standalone product or bundled with Kofax TotalAgility to deliver a broader, more comprehensive set of capabilities to drive digital transformation throughout the organization.
About Kofax
Kofax is a leading provider of software to simplify and transform the First Mile of business. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 25,000 customers in financial services, insurance, government, healthcare, higher education, supply chain, business process outsourcing and other markets. Kofax markets its solutions via a direct sales and service organization, along with a global network of more than 1,000 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific.
