Electronic Identity Verification or eIDV is defined as the verification of a person's identity remotely through digital means. This is essentially the first part of the broader Electronic Know Your Customer (KYC) process,
or eKYC. The Electronic Identity Verification process involves two major stages: documentary verification and non-documentary verification.
1. Documentary verification
Photos of a driver's license, passport or other state ID documents are electronically checked to determine its authenticity. Another purpose is to establish the validity of the document's details such as names and date of birth. A real time photo of the customer is then compared to the photo on the ID using electronic identity verification software. This can be done remotely. 2. Non-documentary verification
Customer data is checked across various databases including watch lists, credit bureaus, government agencies, utilities, adverse media
, and other data sources. The purpose is to get additional information and screen for negative news about the customer to avoid possible risks. With electronic identity verification, this stage can be done in minutes.
Traditional methods of ID verification require the presence and checks of identity documents, which means extensive paperwork and possible errors. By contrast, electronic identity verification with its quick and easy procedure brings considerable benefits to both customer and service provider.