It has been a while, to be precise since March 1, 2016, that SEPBLAC (Executive Service of the Commission for the Prevention of Money Laundering) allowed the use of video identification or remote identification by videoconference in the onboarding processes developed by the companies under its supervision, i.e. banking entities and other financial services companies.
But like so many technologies and solutions for remote relationships, the Covid-19 pandemic and its restrictions popularized its use across the board, i.e. in many other sectors. It was even incorporated in the process of obtaining the FNMT (Fábrica Nacional de La Moneda y Timbre) digital certificate remotely! Today, this tool is one more way to check that your user or client is who he claims to be when his registration is done electronically. And with full guarantee of legal compliance. At MailComms Group we offer it as a service to the companies we work with and in this article we will tell you how it works and its benefits.
What is video identification?
Our video identification service allows reliable and remote identification in an unassisted and assisted manner. This action is carried out in real time, quickly and easily and with an attractive user experience. In addition, a help button is available at all times, should the user require assistance. It is an ideal tool to incorporate in electronic processes linked to KYC (Know Your Customer) and AML (Anti-Money Laundering). This system ensures legal compliance and collects the necessary evidence to avoid claims or repudiation attempts. It is characterized, in brief, by:
- Provide reliable high-level identification according to eIDAS.
- Verify identity in real time.
- Allows optional recording of the entire process or important parts of the process.
- Inclusion of high security controls including AI.
- Deploy an engaging user experience.
- Easily integrated into your company’s system.
- It offers a service availability of 365 days, 24 hours a day.
At Mailcomms Group we offer our customers two types of video identification, as mentioned above:
Unattended video identification: it is an unattended process where the customer follows the steps indicated by the application autonomously on his cell phone or computer. The system captures the necessary data, communicates the final result and manages incidents.
This service can be enriched by the inclusion of an additional option to help users. This is the “HELP ME” button . When activated, it triggers a video conference with an assistant who helps the customer to complete the process by guiding him through the steps.
Video-assisted identification: a specialized agent accompanies the person during identification, to resolve doubts and provide an extra layer of security.
How does video identification work?
Simply explained, the client accesses the service during the onboarding process, invited through a link that he/she receives on his/her mobile device or computer. After clicking on the link, the process is activated and at that moment the identification process begins, which will require a valid identity document. If the process is unassisted, photographs, a selfie and proof of life (e.g. a smile or winking eye) will be required. If the process is assisted, the agent will carry out the action, supported by biometric factors, both automatic and manual. Once completed, the next steps are activated and the evidence is stored.
Main benefits of this solution
This service offers numerous benefits to both companies and users.
The first one is very important. Essential, in fact. The use of our video-identification solution in an onboarding process has all possible legal validity, both in terms of the result itself (the identification of the person), as well as the security and privacy of the information that accompanies the action. In our case this guarantee is extreme because of our recognition as a qualified provider of trustworthy electronic services.
No less relevant is the benefit directly related to the user experience. How many onboarding attempts are frustrated by the frictions that the future client experiences with the technology used? Sometimes it happens because of distrust in the security of the process, sometimes because of the tediousness of the process, technical problems, because the person is not comfortable in the digital environment in which he/she is immersed?
As part of this user experience, digital inclusion appears. Our video identification service, in its two modalities (but especially the assisted one) is designed so that no person is left behind in terms of digital skills. The support is full, the instructions are clear, and the requests made to the user are accessible to anyone.
Video identification also offers great advantages in terms of success rate (decreasing friction and, with it, the abandonment rate), significant cost savings and speed in onboarding customers (e.g. opening a current account) and making them fully active in record time.
