Over the past couple of decades, business has grown more and more global. This has revolutionized the financial landscape significantly. One of the ways how the economic landscape has changed is in terms of global identity verification.
Take forex trading as an example. Forex trading involves the exchange of currencies. Forex trading takes place internationally. However, many forex exchanges have begun mandating two-way authentication. This means that both the party buying the money and the party selling the currency must prove they are legitimate.
In this past, this could have posed tremendous problems. The verification process could take days, if not weeks. By the time the transaction was authorized, the price of the currency would have likely changed significantly. This is a perfect example of the need for global identity verification.
Fortunately, trusted identity service companies have made global verification possible. Now, no matter if you’re looking to hire a remote worker overseas or are looking to engage in business with someone in a foreign country, you can ensure that you are participating in a legitimate business transaction. Below, you’ll find everything you need to know about global identity verification so that you can determine whether it’s right for your business.
What Is Identity Verification?
If you own a business, there’s a strong chance that you’ve engaged in identity verification in some form or fashion. Perhaps it was when you hired new employees to work for your company. Or, maybe it was when you wanted to ensure that you’d receive on-time payment from a partner. Regardless, there’s probably been a point where you at least checked the ID of a third party.
Identity verification today involves ensuring the authenticity of an individual. You can do so not only by checking their ID but by also checking things such as their:
• Passport
• Birth certificate
• Social Security card
However, as hackers have become better and better at their jobs, the need for these services has grown tremendously. An experienced criminal should have no problem replicating these documents. Today’s identity verification systems must ensure that the provided materials are legitimate and that they belong to the person submitting them. And, this not only must occur in each country but internationally as well.
Is Global Identity Verification Necessary?
Many companies wonder whether they need to invest in a quality global identity verification service. It’s essential for them to do so, for a few reasons. First and foremost, many governments have begun instituting regulations regarding anti-money laundering initiative and Know Your Customer compliance.
If you plan to engage in business internationally, you’ll need to meet the regulations set forth by the local government. So, even if your country does not have laws regarding these processes, you still may need to meet them elsewhere. Furthermore, the requirements can vary from one country to the other. A quality global identity verification service ensures that you are compliant in every country in which you conduct business.
Furthermore, even if there are no regulations currently in place by which you must abide, there’s a strong chance that there one day will be such regulations. More and more governments have begun taking steps to reduce the likelihood of the fraudulent funneling of funds. Additionally, the rise in cryptocurrencies and other types of financial instruments has also led to a widespread crackdown.
So, even if you don’t have to meet regulations at this point, you’ll likely need to do so in the future. And, when that time comes, every company in your industry is going to be scrambling to meet such regulations. It’s better for you to be ahead of the curve than behind it.
Lastly, global identity verification can provide your customers with significant peace of mind. Many customers are leery of engaging in business with someone overseas, especially if they’ve never met the person. Providing customers with access to trustworthy identity verification systems, no matter where they are could be quite beneficial.
Looking To Institute Global Identity Verification?
If you’re a financial institution looking to institute global identity verification, be sure to contact AU10Tix today. At AU10Tix, we help craft an automated system that can streamline your on-boarding process and protect the sensitive information of both you and your customers.
We are experts when it comes to international regulatory compliance. We understand the various laws in place across the world when it comes to KYC and AML initiatives. We continually update our systems to ensure that they meet these compliance mandates. No matter where it is that you conduct business, we’ll make sure that you are in good standing with your local government.
We have years of experience working with clients ranging from Google to PayPal. When it comes to financial security, you can’t afford to take a risk. Be sure to contact us today to learn more about our high-quality global identity verification services.