Veridocs is expanding its physical identity authentication business into banking, offering branch-level document checks to banks and credit unions. The company is applying technology developed for casino identity screening to account opening and other in-person financial transactions.
The platform examines identity documents under ultraviolet, infrared and white light to assess their security features. It compares documents against a library of more than 4,500 government-issued ID templates and screens the person against fraud databases and more than 1,000 global watchlists, according to the company.
Branch employees receive a pass or an alert before proceeding with activities such as opening an account, cashing a check or selling a money order. Veridocs says the system can also notify staff when the same individual has recently visited another location, allowing institutions to connect activity across branches.
The banking expansion targets the point at which a financial institution first accepts a customer’s identity. Veridocs describes the checks as supporting know-your-customer and anti-money-laundering processes before identity information moves into downstream account and transaction systems.
The company also presents in-branch authentication as a way to complete verification for customers initially enrolled through digital channels. Deployments are tailored to each institution’s environment rather than offered as a single uniform branch workflow.
Chief executive Joe Lynam said the company’s casino experience shaped its focus on rapid, operationally practical identity decisions. Veridocs began in 2006, working with Las Vegas casino security teams, and later developed its own document authentication engine. It says it now authenticates more than 65 million IDs annually and serves 95 percent of the Las Vegas Strip.
Veridocs records who was authenticated, when the check occurred and its result, creating an evidence trail for compliance reviews and regulatory examinations. The company says it does not centrally collect consumer ID scans in bulk or record personally identifiable information.
Limited individual scan samples may nevertheless be shared to train models to recognize new, altered or fraudulent documents. Veridocs says those samples are heavily encrypted and that clients can opt out of sharing them. It advises financial institutions to retain only the identity scans and data they need and to encrypt retained information.
The branch offering extends Veridocs’ identity document authentication work beyond gaming and hospitality into financial services, combining physical-document inspection, screening and cross-location alerts within the initial customer verification process.
Sources: Business Wire
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By the ID Tech Editorial Team
