Identity verification for know your business

Instant automated merchant onboarding for Payment Service Providers

In the competitive world of payment service providers (PSPs), efficient and seamless merchant onboarding is critical.

Identity verification not only simplifies this process but also ensures compliance with KYC/KYB and AML regulations, including PSD2, significantly reducing onboarding time and operational costs.

NFC-based identity verification means faster, more secure onboarding for your merchants, giving you a competitive edge.

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Automate your Know Your Business to get merchants onboarded faster

Electronic identity documents contain an NFC chip that can be read with a smartphone, similar to the process of Apple or Google Pay.

ReadID takes this capability and utilises it to read the contents of identity document chips and verify their security features to check the authenticity of the identity document.

In combination with biometric facial verification, ReadID is the most secure method to remotely verify the identities of Ultimate Beneficial Owners of merchants wanting to onboard with your service.

You’ll be in good company

Financial institutions large or small use ReadID for a variety of use cases to give their customers a smooth experience

Read the stories of other customers

Automated merchant onboarding, 24/7

With over 10 years of experience in remote identity verification, Inverid has perfected our UX for a smooth user experience, with our customers recording first-attempt conversion rates as high as 96%, virtually eliminating drop-off.

Instant results thanks to an average NFC read time of 7.5 seconds, getting your merchants accepting payments in the smallest amount of time possible.

ReadID can also scale at a moment's notice to keep up with demand from your merchants, supporting the fully automated process even further- no human intervention is needed at any stage of the verification process.

Learn how Moneyou increased their digital onboarding conversion with ReadID

Justus Damman

Digital Manager at Florius

"we reached a very high success rate of 96%, higher than we even hoped for."

Justus Damman

Digital Manager at Florius

"we reached a very high success rate of 96%, higher than we even hoped for."

100% fraud prevention

To comply with the Payment Services Directive (PSD2) set out by European law, PSPs must meet Strong Customer Authentication (SCA) requirements.

ReadID provides biometric verification, one of the required factors under SCA, allowing PSPs to build a fully automated and compliant Ultimate Beneficial Owner (UBO) verification flow.

With NFC-based identity verification, your KYC, KYB, and AML are both compliant and safe from deepfakes thanks to advanced security mechanisms not present in Optical verification technologies.

Learn more about how ReadID protects your merchants from deepfake fraud

Why use ReadID?

96%

Reported conversion

170+

Countries identity documents covered

7.5

Seconds average NFC read time

10+

Years of experience verifying identities

“ReadID's automation is helping us to be more secure in our onboarding process- to me, that's a big win.”

Sebastian Freihse

Product Owner at BCM

Read the case study of BCM

Build your verification flow within weeks

ReadID's SDKs can be easily implemented into your app. Don't have your own app? ReadID Ready is a ready-to-use app that can be branded to your specifications and enables you to start the customer verification flow from an app-to-app, email, or QR code flow.

If you require a seamless web-flow, ReadID's SDKs are also small enough to fit into App Clips, enabling customers with iPhones to verify their identity without having to download anything at all. App Clips are an iOS-only feature, meaning Android users will be directed to download the relevant app from the App Store with the same QR code.

Learn more about App Clips for identity verification

Save time with automated account recovery

ReadID has applications beyond just onboarding. Enable your customers to remotely reverify themselves when making changes to or recovering their accounts.

No need for assistance from customer service when Ultimate Beneficial Owners can remotely verify their identity 24/7. This saves your staff valuable time and provides a seamless user experience paired with increasing trust in your PSP.

With ReadID, the whole customer lifecycle of your merchants is protected from fraud and fully automated.

Learn more about NFC-based identity verification for authentication, authorisation, and recovery

The NFC identity verification + holder verification process explained

Identity Verification with NFC explained

ReadID verifies an individual's identity in 3 simple steps;

Scanning the photo page
Reading the NFC chip
A biometric facial scan

ReadID can perform holder verification to check that the person attempting the verification is both alive and the rightful holder of the identity document.

This combination of NFC and facial biometrics makes ReadID the most secure method to remotely verify customers' identities.

inverid's solutions

NFC identity verification for merchant onboarding

Create an automated Know Your Business process that suits your merchants to get them onboarded instantly.

ReadID SDK

Our SDK can be integrated in any mobile application through well-documented APIs. You can have full control of user interaction or leverage the knowledge in our high-level API.

Learn more about SDK

ReadID Ready

ReadID Ready is our ready-to-use app that can be tailored to the clients' look and feel and can be up and running within days, accessible to end-users through a variety of flows.

Learn more about Ready

try readid for free

Try NFC identity verification now

Try NFC-based remote identity verification technology for yourself with ReadID Me, available for free on iOS and Android.

Our free app enables you to experience NFC identity verification using your own identity documents, instantly.

Learn more about NFC identity verification

Stay up to date with the latest developments in the identity sphere for Payment Service Providers or learn more about NFC technology for identity verification.

View our blog posts

Why NFC-First identity verification?

Download the NFC-First whitepaper from Inverid co-founder and CRO Wil Janssen detailing Inverid's approach to identity verification; NFC-First, not NFC-only.

Market Guide for Identity Document Verification

In collaboration with Inverid, Consult Hyperion has created this market guide for identity document verification to illuminate the advantages and disadvantages of different identity document verification solutions.