APLYiD provides a biometric ID verification platform that automates customer onboarding by scanning over 16,000 ID types and matching user selfies against global government databases in under 90 seconds. This solution enhances compliance with AML and KYC regulations while significantly reducing customer drop-off rates during the onboarding process.
Funding
$4.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses face challenges in efficiently verifying customer identities during onboarding, leading to increased drop-off rates and potential compliance issues with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Traditional identity verification processes often involve manual data entry, extensive paperwork, and time-consuming checks against various databases. This can result in a frustrating experience for customers and increased operational costs for businesses.
Solution
APLYiD offers a biometric ID verification platform designed to automate and streamline customer onboarding while ensuring compliance with AML and KYC requirements. The platform uses OCR (Optical Character Recognition) technology to scan and extract data from over 16,000 types of identity documents, including passports and driver's licenses. It then matches user-submitted selfies against these documents using biometric facial recognition, confirming "liveness" by measuring over 30,000 facial vectors. Finally, APLYiD scans global government databases, including PEP (Politically Exposed Persons) and sanctions lists, to ensure comprehensive compliance. The entire process is completed in under 90 seconds, reducing customer drop-off and minimizing manual data entry.
Target Audience
APLYiD primarily serves businesses in sectors such as accountancy, financial services, legal services, estate agencies, and vehicle finance and rental that require robust and efficient identity verification for customer onboarding and regulatory compliance.
Features
- Biometric facial recognition compares user selfies with ID documents, confirming "liveness" through analysis of over 30,000 facial vectors.
- OCR technology automatically extracts data from over 16,000 ID document types, eliminating manual data entry.
- Automated AML and KYC compliance checks against global government databases, including PEP and sanctions lists.
- Rapid verification process completed in under 90 seconds, improving customer onboarding speed.
- "White label" options to maintain a consistent brand experience during the verification process.
- Automatic software updates to stay ahead of evolving compliance regulations.
- Integration capabilities with existing IT setups via API.