VerifyMe Nigeria said it has performed over 200,000 Level III digital address verifications this year using its VeriFind real-time digital identity verification platform.
According to a company announcement, this figure excludes the more than 600,000 4D GIS checks that customers performed using their smartphones.
Recently updated VeriFind automates real-time addressing using GPS technology to deliver quality location information services to fintechs and payment customers, the company said, adding that the platform’s unique infrastructure allows for multi-level addressing options, from real-time 4D GIS calls to Level III Compliant Last Mile Addressing in the same workflow, depending on customer environment .
The address verification service is used for Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
The company added that since the introduction of VeriFind in the Nigerian market, customers’ digital identity verification transaction costs have been reduced by more than 300% thanks to their technology and network of verification agents on field.
Company CEO Esigie Aguele said he was pleased to see that they were making progress in ensuring fast and accurate address verification for digital identification and integration purposes.
âVeriFind’s unique addressing platform and GIS technology improve address verification completion rates by performing address preselection using real-time GPS positioning systems. Our Level III capability is backed by a nationwide logistics network of over 25,000 verification officers, making it the most advanced and comprehensive digital address service in Nigeria today, âsaid Aguele.
He added, âAdditionally, VeriFind can be integrated into a customer’s existing workflow using our SDK to pinpoint the exact location of customers, even when the address is not standardized. . This gives our clients full control to build their address verification model and makes our service configurable according to our clients’ risk threshold. As a proudly Nigerian company, we want to deliver a credible and trust-based system backed by a strong KYC infrastructure to help grow business and strengthen our economy.
VerifyMe Nigeria announces digital identity verification APIs and the authentication platform are currently used by 35 depository banks, 50 lenders, 12 of the largest insurance companies and more than 150 other companies leveraging the APIs and addressing platform of the company to expand their business in Nigeria and beyond.
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