A technological paradigm shift that the world has experienced in recent decades has caused a mass transformation in today`s society. The operations of business and social lives for everyday people has become more automated, efficient and digital. One key aspect that had to change to keep up with technology is how entities can verify individuals for safety and compliance. The onset of electronic Identity Verification (eIDV) was necessary and an inevitable tool in the digital age. With ever-increasing profiles and identities in the online realm, businesses need to make sure that their customers and clients are real and, importantly, that they can prove they are real. Identity verification and confirmation is pivotal for the 21st century.
The birth of electronic Identity Verification was, and is, mostly utilised by financial institutions and those in the financial industry, to confirm their user`s identities. Digitalisation in parallel with international business helps companies stay compliant. With newer technologies comes updated and modernised laws and regulations. A recent example would be the release of the General Data Protection Regulation (GDPR), which was implemented in 2018. This regulation was born out of the mass quantities of data on individuals that is available online. Technologies such as Cloud, APIs, Blockchain, are all examples that show a necessity for GDPR, to protect and keep private user data unless otherwise stated.
Electronic Identity Verification is a practical appliance that supports a modernised regulation in retaliation to growth, in our digital world. Companies in gaming, forex, banks and any institution where one needs to register and create an account will need a form of identifying the legitimacy of their customers. Therefore, with this demand in the market for verification, eIDV was born. A verification service was readily available to help companies perform Know Your Customer (KYC) and to ensure compliance, however, this service, for a long period, was only available across the United States and Europe. In countries where data is less readily available, in a different language or, in some cases, not even digitalised, electronic identification services were scarce.
A Turning Point
2015 witnessed the first ever electronic Identity Verification service for the Middle East and North Africa (MENA) region, released by Cedar Rose. After a surplus of 20 years in collecting data from the MENA region, translating and transliterating to make it available in a recognised format. This long awaited tool revolutionised compliance for companies to utilise and verify users across MENA. Moreover, Cedar Rose`s eIDV identifying service is also offered via one single, flexible, API.
Any business can simply integrate with Cedar Rose`s database for instant match/no match results on individuals across the MENA region and beyond, with over 160 million, individuals are readily available for verifying. Cedar Rose offers an expansive database of individuals with instant results to aid financial institutions verify identities. Don`t get complacent, get compliant!
Written by Hannah King, New Account Manager
*** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***