Many onboarding firms had to pivot fast to remote-first solutions for eKYC during Covid restrictions. Previously, these firms used AI-based document checks and biometric verification during eKYC. With NFC chips, customers can directly scan their chip-based ID documents using their NFC-enabled smartphones for additional verification.
The steps involved in NFC identity verification are simple. First, a customer snaps or uploads a picture of their NFC-enabled ID document using their camera phone. The software uses OCR to read and extract the writing on the document. Next, the user holds the camera up to their face to allow real-time facial recognition to match their features against the image on their ID. Then the software scans the document’s Machine Readable Zone (MRZ) to extract all relevant information. See: Advanced KYC Solutions.
Finally, the ID document is tapped against an NFC reader in the smartphone. This reads the relevant information via the document’s embedded NFC chip and automatically verifies it against the OCR, MRZ, and facial recognition data to add an extra layer of verification.
NFC offers numerous advantages. NFC chips in ID cards are usually issued by government bodies, so the information extracted is highly likely to be authentic and verifiable. NFC will be the future standard for ID cards for some time and is supremely convenient for customers who already have NFC readers in their pockets. See: ShareRing Me.
In addition to other ID verification checks such as AI facial recognition, NFC helps build more robust eKYC solutions so digital ID providers can ensure their customers are exactly who they say they are. See: the three verification levels inside the ShareRing Vault.
Where we sit.
ShareRing has been building this technology since 2018. The encrypted Vault and self-sovereign ID model we put in the original whitepaper are the same architecture under everything we deploy today.
If you want to discuss privacy KYC at country scale, the door is open at sharering.network/contact.
By ShareRing Team of ShareRing.
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