What are the benefits of digital id and identity verification systems?

Online ID and identity verification systems have many advantages, such as reducing the weaknesses in human control measures, user friendly experience, decrease of costs, transaction monitoring, and much more.

According to Capgemini and BNP Paribas - World payments report (2018) Digital payments are growing at an estimated 12.7% annually, and further forecasts suggest that it may reach 726 billion transactions annually by 2020. An estimated 60% of world GDP will be digitalised by 2022. For Complygate who is leading the online digital id and identity verification process, the growth in digital economy requires a better understanding of how individuals and firms are being identified and verified in the world of digital financial marketplace. An understanding of how Complygate digital identity and id verification system works is essential for financial firms to apply the risk-based approach recommended by The Financial Action Task Force (FATF).

Read more about it on our last blog post.

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