IDVerse Set to Retain Top Performer Position in Global Identity Capture and Verification Market, Says Industry Report

Digital Identity
10.07.2023 10:15 am

IDVerse, a world leader in digital ID verification (IDV), has been named a top performer in the Quadrant Knowledge Solutions 2023 SPARK Matrix analysis of the Identity Capture and Verification market, and with its sophisticated platform capabilities, robust product strategy, and roadmap, the company is well -positioned to retain its leading position.

With its humanity-first, tech-centric approach, IDVerse provides a comprehensive suite of scalable proprietary IDV solutions that will allow companies to evolve how they interact with consumers – biometric verification (known as liveness technology), identity document verification, data verification, Video KYC, Age Verification and reauthentication.

Powered by AI, IDVerse contains the ability to learn organically, protecting users from identity fraud while enabling a seamless user experience. By removing the burden of identity verification for its customers, they can focus on scaling their business without the compliance and operational overheads.

"IDVerse uses generative AI to deliver an end-to-end SaaS solution for identity verification and fraud protection for businesses globally. The primary differentiators of IDVerse’s identity verification solution include zero bias-tested AI, deepfake defender, facial tokenization, and IDOps to optimize the identity verification features,” says Vishal Jagasia, Senior Research Analyst at Quadrant Knowledge Solutions. “The company continues to make improvements in customer onboarding and expand to cover all relevant ID documents in the present markets to enhance detection and improve user experience," adds Jagasia.

IDVerse is focusing on continued enhancement in ongoing authentication and providing full journey insights for more customers. “We’re now ready to go to the next level to make user verification effortless for everyone with technology that is Zero Bias AI™ tested,” said John Myers, CEO at IDVerse. “Our partnerships with companies like Experian and RiskNarrative, from Lexis Nexus, amplify our customer impact and furthers our collective technology leadership – offering a single point of access for everything customers want to do online, across all devices, everywhere in the world they happen to be.”

IDVerse, formerly known as OCR Labs, was the first Australian private company to be accredited as an identity provider to operate outside of the Australian Government’s Digital Identity System under the Trusted Digital Identity Framework (TDIF). It has also gained accreditation from the UK’s ACCS for its API for age verification services.

IDVerse can extract information from and verify the legitimacy of most identity documents in use in the world. That information can then be checked against local government and credit bureau databases in real-time.

Once this has taken place, IDVerse can then verify that the person presenting the document is alive and well and owns the document being presented, known as “liveness”. This is a fully automated process powered by AI, a step change from the standard procedure of using agents/call centers as the processing mechanism.

According to the research, the application of AI and machine learning has emerged as the most important trend across all enterprise and business systems to transform operations and provide intelligent insights. Users should evaluate vendors' existing maturity as well as the roadmap around these technologies. Identity Capture and Verification platforms’ capabilities differ significantly by leveraging AI and machine learning capabilities. Leading Identity Capture and Verification vendors are utilizing the powerful capabilities of AI in unifying a large volume of disparate data, identifying process anomalies or irregularities, identifying, and predicting risks, and such others.