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Multi-layered risk-based eKYC solution

Protect your business while providing a safe, smooth customer experience

Customers expect a seamless, digital experience when moving across multiple devices and channels for banking and other services. The existing KYC requirements on customer authentication across industries are manually intensive and require significant resources to ensure regulatory compliance. Sometimes these procedures include a face-to-face meeting with applicants which can lead to undesirable user experiences.

That’s why eKYC becomes a winning  differentiation for banks and lenders, insurance carriers and FinTechs. TransUnion IDVision [1] suite can help organizations minimize costs and expand their revenue stream by providing innovative new products and services. TransUnion IDVision eKYC provides a unique AML/KYC solution that can fulfill the bank regulatory requirements for a non-face to face account opening process which no one else in the Hong Kong market can provide yet.

TransUnion IDVision brings together robust data assets and advanced analytics technology that links, interprets and analyzes information to discover anomalies and patterns of risk. Businesses receive actionable alerts and instantaneous scores enabling timely and informed decisions. As a result, companies across industries can identify more good consumers for secure, confident and convenient authentication. Additionally, they can detect more fraud patterns at origination, during transactions and by monitoring portfolios, allowing them to improve the customer experience.

To fulfil the regulatory requirements on a non-face-to-face KYC process, we offer advanced solutions with a high level of security through multiple layers of assurance of the identity authenticity, including:

  • Identity Verification (IDV) – Matching key identity information against TransUnion database
  • Digital Verification (DV) – Digital profiling to assess the risk of each digital transaction
  • Identity Authentication Knowledge-based Exam (IDA) – Authenticating each individual by a customized exam and One Time Passcode (OTP)
  • OCR (Optical character recognition)
  • ID document authentication
  • Facial recognition functions to improve the overall robustness of identity verification process; supporting all government issued ID document types from 190+ countries
  • China cross-border identity verification

Image showing factors and features of IDvision
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TransUnion IDVision is available through an easy-to-use, web-based interface for call center or point of sale environments or via API. Our API connection can quickly integrate with most of today’s software systems used by retail banks, financial services companies and others that require an identity management solution.

Identity Verification

Verify the consumer’s identity data elements against TransUnion database. This layer matches the input identity data, such as name, date of birth, ID number, telephone number and consumer address. We also base this on TransUnion’s proprietary, fuzzy matching logic for matching.

Digital Verification

Assesses the risk of online consumers through a behavioral history, allowing you to conduct business confidently in faceless channels. Using geolocation, user transaction profiling and device reputation, you’ll get a better idea of a consumer’s device’s true ownership and integrity. With our machine learning capabilities, results are fed back to endlessly improve fraud detection.

Identity Authentication

The second tier of verification which deploys consumer authentication routines based on the risk assessed for the transaction. Select the out-of-wallet questions and configure pass thresholds. Two-factor authentication sends a one-time passcode via voice or SMS to verify numbers.

Optical Character Recognition Data Capture

Proprietary OCR technology will be utilized to read and extract data from identity and other documents. Data in English and native characters (including but not limited to traditional and simplified Chinese) are digitally recognized off the document. DOB, issue date and expiration date are validated. All OCR data is presented to the banks via the API.

ID Document Authentication

Proprietary imaging algorithms to verify the authenticity of any ID documents, including HKID card and passports from major jurisdictions. HKID will be captured using an IOS or Android SDK (mobile web browser capability is also available) during the process.

Facial Recognition

Deep learning algorithm matches a live person selfie with the picture taken for the ID documents. This is compared to a selfie image of the person presenting the ID document. During selfie capture, there’s a preliminary evaluation of liveness using facial motion. The ease or difficulty of this can be preset by organizations based on the level of risk mitigation expected.

“TransUnion IDVision” is a TransUnion’s solution which provides the services of identity verification and authentication which includes Identity Verification, Device Verification, Identity Authentication, Optical Character Recognition, ID document authentication and Facial Recognition.

Product Highlights
  • First and only solution to fulfill the regulatory KYC requirements for a non-face-to-face KYC process.

  • Unmatched capabilities in multiple layers of assurance of the identity authenticity. The solution is a risk-based, identity management solution.

  • Enables organizations to streamline the customer experience across all customer channels, reducing operational costs and complying with industry regulations.

  • Multiple modes of authentication and dynamic assignment improves pass rates for good customers.

  • Cross-industry behavior and link analysis provides insights beyond traditional verification tools.

  • Available through API to securely integrate with most of today’s software systems.

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