This is the age of connected commerce, retailers and organizations look forward to enhancing their revenues by getting an authentic clientele. In the age of the population getting services online, to cope up with the rapidly changing landscape, Address Verification Service (AVS) enables business owners to initiate collaboration with risk-free alliances and avoid any sort of complication for the future.
With the integration of AI checks and human verification, corporations, banks, and financial institutions can trace a user’s geographic location in no time to make sure that the person or entity does not belong to a prohibited space and validates that they are who they claim to be.
How Does Address Verification System Work?
It is as simple as one can imagine. The entire procedure consist of merely three steps:
- The user is supposed to upload any of the following documents as proof of residence:
Photo-based ID Card
Utility Bills (some platforms prefers document not older than three months, especially crypto)
Other supported documents
- The OCR (Optical Character Recognition) model enables the verification solution to extract the residential information from the presented document and matches it with the address on the individual’s ID in the time range of 30-60 seconds
- Post the verification, results are saved in the back office.
Under What Conditions Does Online Address Verification Take Time?
Verifying an address is just a matter of a few seconds but it can become time-consuming if the documents aren’t presented properly or data provided initially is more contrasting than one on the document. For instance, the user did not enter his/her middle name in the name checkbox but the document has the full name. There is no margin of making any such mistake.
There are other numbers of things one can ensure such as the proof of residence must be fully showcased; cropped images or folded corners are not going to work. The residential address must be in a proper format.
Significance of AVS in Different Industries:
There are plenty of industries which with aid of address verification solutions can easily manage abundant customers and run their operations. To name a few:
With retailers moving to digital space, the cost of extra equipment gets saved but the amount of shipping/delivery, staff time, and efforts get wasted when due to miscommunication the geographic location of the client turns out to be incorrect, it is hard to believe but still today in underdeveloped countries such omission occurs. The address verification solutions save the time and manual efforts of the business and provide genuine imagery and video-based proofs confirming the principal residential address of the customer.
The KYC compliance laws impose the deployment of address verification solutions in the banking sector. In the past, there have been many scams reported where an individual opens up an account with an invalid ID and after a period of time, requests for a lump sum amount of loan and disappears after it gets sanctioned.
The AI advanced model in address verification systems validates the identity and the current residential location of the person with great precision making the customer onboarding process ultrafast.
Credit Card/Debit Card Payments:
To avoid the scenario of unpaid invoices by different companies, fraudsters have incorporated incorrect or previous residential addresses on new debit and credit cards issued. The address verification solution providers always have access to multiple databases through which the current address can be validated if a residential update has been made in no time.
The Address Verification Solution Solely Does Not Guarantee Anything
There are slight possibilities that AVS might not generate 100% accurate results every single time but it can’t be counted as a demerit or limitation as no technology ensures precision up to perfection.
Using solely AVS isn’t a wise choice. Therefore the integration of the address verification solution with a couple of other verifying solutions such as biometric, facial analysis, and document verification is preferred. Another thing to keep into account is that in commerce, the payment gateway of a business must be able to manage and accept the capabilities of international address verification solutions.
The address verification brings easement for corporations of multiple industries, saves the companies from wasted efforts and time due to improper coordination with customers, and validates one’s geographic location to conduct risk-free business, and saves time for users/customers as well. It has a global impact on commerce, banking, digital payments, and much more. The online verification takes no time. It’s effective but only with the combination of other essential verification solutions. There’s no substitute for it and must be deployed to conduct risk-free business and facilitate new customers.