Regtech launches virtual ID for business compliance

Regulation technology company e4 has introduced a real-time virtual ID verification solution to assist businesses to save with the use of simple compliance offerings.

South-African regtech e4 is bursting onto the Australian scene, promising new digital offerings to enhance regulatory compliance, save money, and increase convenience.

e4’s Virtual VOI (verification of identity) would assist businesses to comply with global and local anti-money laundering and counter-terrorism financing standards.

“We know that today’s customer is time poor at best, so the opportunity to cut out the need to visit a branch or post office in person to verify their identity will be welcome one,” said Australian managing director, Stuart Hosford.

Using the platform would see businesses able to use functions to make video and audio calls, run biometric facial recognition software, and match customer image ID documentations pre-supplied.

Hosford said the solution would help companies to improve customer on-boarding, as well as reducing overall risk and cost.

“From an organisation perspective, a Virtual VOI call not only cuts down on costly hours spent on customer scheduling and follow up, but also provides a reliable, consistent and scalable mechanism,” he said.

“This is a unique proposition given that customer convenience and regulatory compliance are most often not complimentary in their objectives.”

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