During a job interview, a panel of recruiters always ask about where did the candidate graduate from? as the institute and its location helps in analyzing the profile of the person and in the decision whether he/she is the right one or not, somehow like that in customer onboarding of an enterprise or a financial institute, the authority performs an online address verification of the person to recognize whether the individual is in the planned demographic or customer segment and if he/she is authentic or not.
Due to political instability between two nations or under the guidelines of any watchdog, often global companies restrict their market pool on basis of the physical location of the prospect. The solution for online address verification makes the expansion of a business entity rapid and secure from falsely created ID proofs in a go.
Working of Address Verification System
- The person transfers the national certificates of his/her identity to the concerned platform of business or financial entity
- For verifying address, the prospect may have to provide a couple of certificates other than a national ID card, if the mentioned location on it is previous one, to confirm the latest accommodation, other records can be provided like bills of utility expenses
- The solution for online address verification examines the records with an automated OCR engine that captures the information of residence from the charters and validates its genuineness from classified information facilities of regulators
- The accurate results of online address verification are deduced and provided to both parties in real-time
Beneficiaries of Online Address Verification
Every physical and online business requires absolute knowledge about its clientele for delivery, invoicing, sending notifications, and other purposes. The service completes the customer profile in the database of verifying party that helps for further corporate purposes. There are numerous businesses enhancing their KYC process and onboarding, to name a few:
Vacation Guest Houses
The management of a travel and tour company can organize a customized trip for its customers swiftly after online address verification and other confirmations to authenticate the prospect absolutely. The service identifies whether the individual or any other member of the group is on some sort of blacklist or not and verifies genuine identity for record-keeping in the case of balance payments or returning any left belonging in the accommodation.
Logistics Services and E-commerce
The shipping companies after verification of address and confirming the customer’s identity export ordered products to logistics or transportation service, for delivery and the concerned company via online address verification, can confirm the true location of the customer, for avoiding any complaint from the shipping or manufacturing company for late delivery or misplacing the packages of products.
According to research, about 5% of online orders fail to reach the correct location in the first attempt of delivery and post that, customers pay additional charges for the second delivery, and the process gets repeated, making either customer cancel the order or not buy from the entity again. A standard system for online address verification eliminates such complexities and errors instantly.
 KYC (Know Your Customer) Banking
In due diligence of an individual or a company in banking, a solution for online address verification helps the authorities to better analyze the risk level of the screened profile of the prospect as the residential or enterprise’s address holds significance in customer onboarding. For instance, when the online address verification displays the location of a person which is known as a place where terrorists or rogue groups have situated their base camps or land with ineffective compliance solutions and regulations, and other relevant factors in the KYC calculates automatically the level of risk of alliance, saving time and power of the institute.
Key Benefits of Online Address Verification
Eliminate Fake Chargebacks
Many customers have done this before when after using a particular product and getting uninterested, contact the entity to complain they did not deliver the package to them, for a refund. With online address verification, the company can defend itself that it had the right incorporated address given by the customer himself and it got delivered to it.
Seamless Integration
The solution for online address verification can be conveniently installed in any system, with NFC enabled devices, confirmation can be done even with a cellphone immediately.
AI Network
With an interlinked AI matrix of the solution of online address verification, the recorded output is always accurate as the system is able to catch put-on variables because it is built by learning fake or edited data and therefore discards a false charter in real-time.
Conclusion
Online address verification authenticates the deeds of identity and current location for a business in moments with absolute reliability. AI-driven attesting service comes with a unique set of features safeguarding a concerned entity from inconsistencies of its management and complaints of customers. Online address verification enables retailers, financial institutes, and other businesses to expand rapidly with complete assurance.
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