Vesti Boosts Its KYC Accuracy Using Identitypass

The world is becoming increasingly globalized and is more interconnected than at any other time in history. Millions of people move to different countries yearly to pursue new educational, professional, and personal opportunities. The ease with which people can travel and reside in other parts of the world has also witnessed significant technological development leading to a spike in the migration of people across countries for work or study visas globally. Citizens in developing countries like India, China, and other African countries constantly change locations to other developed climes where the grass seems a little greener.

According to a New World Bank Group report, the international migrant stock has grown from 175 million in 2000 to 244 million in 2017. In terms of the percentage of the global population, this growth shows an increase from 1% (2000) to 0.5% (2017) and will grow by leaps and bounds in the coming years. Based on current trends, there is every possibility that many more people will continue moving across borders in search of new opportunities and a better life, as we are already witnessing a mass influx of emigration in Nigeria alone. The number of immigrants is projected to grow by an additional 33 million over the next decade.

In this article, we look at some challenges immigrants face while moving from one country to another and how Vesti is leveraging digital KYC to offer efficient immigration services to its customers.

Current Challenges Of Immigration For Migrants

With the trend towards globalization continuing to grow, more and more individuals are making new homes across the globe. So what does this mean for companies that offer immigration services? In such a competitive market, there’s a need to develop strategies that sets one apart from the competition. The process of migrating to a new country is not easy. The potential immigrants need to provide proof of their identity and residence, along with other documentation that proves they are eligible to apply for permanent residency or citizenship. Usually, an applicant must present several physical identification pieces and copies of different documents. It’s a complicated process that involves multiple steps and visits to various offices or agencies. Other difficulties include processing international funds due to stringent policies and other accommodation issues.

However, the recent influx of immigrants has triggered a global movement toward making immigration services easier. The digital age has made it easier for people to move from one country to another, open bank accounts quickly, and share documents without worrying about their physical copies getting misplaced.

To make the transition to a new country less stressful, some new technological-inclined companies are already focusing on streamlining processes and cutting back red tape to make migration processes accessible and user-friendly for Africans. One of these companies is Vesti which leverages b– LOCKchain and deep technology to drive globalization and accelerate cultural exchange.

About Vesti

Vesti is a financial solution that allows Africans to make peer-to-peer payments and settle migration-related fees while providing immigrants with a support structure for accessing investment opportunities. Using deep technology like AI and B– LOCKchain, Vesti helps thousands of immigrants find new homes abroad, provides information and support for decent Immigration to 100+ countries, and ultimately makes complex international payments and access to credit facilities easy for immigrants. Furthermore, Vesti services involve other businesses, as Founders’ can seamlessly register their businesses abroad.

What are the main challenges in providing Immigration services?

Immigration services and the documentation involved in providing such services have significantly increased in the last few years. This has been driven mainly by the increase in professionals moving across countries to work or study. In many cases, these individuals are moving without their immediate families, so Immigration service providers like Vesti are required to facilitate a smooth transition. However, there are always significant challenges in providing these services, which include:

• Fragmented documentation process: The use of manual documentation processes where the documentation is physically moved from one place to another usually leads to significant delays in getting the required documentation from various authorities and is always strenuous for immigration service providers.
• Lack of standardized documentation: There is often no uniformity in the documentation required for Immigration. This often creates challenges for Immigration service providers and individuals who bank on these services.

KYC and Identity verification: A game changer for Immigration services providers

Identity verification is one of the biggest challenges for Immigration service providers like Vesti. Ensuring that the person presenting themselves for their services is indeed the person they claim to be is essential for the integrity of the business. To tackle this challenge, Immigration service providers have been using various means to authenticate their customers, such as physical examination of documents and waiting outside the airport for their customers. However, with a new KYC technology, how people are being verified has changed, and this new technology is significantly impacting the Immigration services industry.

Today, every immigrant wants to settle in a country that provides ample opportunities to grow, become self-sufficient, and assimilate with the local culture. Vesti leverages Identitypass’s advanced technology and seamless Know Your Customer (KYC) processes to provide various immigration services to its users. This helps immigrants and settlers quickly access the various services offered by Vesti.

How Identitypass helps Vesti with its verification services

Identitypass is a digital identity verification company that provides a simple, secure and scalable solution to implement KYC and accelerate time to market. As an immigration service provider, Vesti leverages our various authentication products to verify the identity of its customers. Our APIs and no-code tools allow our customers to verify identities directly from their dashboards. Vesti customers can now seamlessly and securely access the services from any device and location. This means that customers don’t have to visit a brick-and-mortar office but rather authenticate themselves online without worrying about their information getting stolen or misplaced. Using Identitypass, Vesti provides the following to their customers:

• Seamless onboarding process: With Identitypass’s digital KYC solution, Vesti can quickly and safely onboard new customers on its platform. This makes it easier for customers to quickly access the services they need and saves them the time and resources they would have immersed on getting onboard on other platforms.
• Data Protection: Identitypass’s digital KYC solution is built with individual data privacy. With our data protection license, we ease data privacy protection for Vesti. With this, their customers are confident about their data security and optimistic about their transactions’ safety on Vesti’s platform.
• Protection from Fraud: Fraud threats are always the first consideration for customers when signing up on online platforms. However, through machine learning technology, Identitypass instantly spots a fake identity or an imposter when trying to signup on a platform like Vesti. This helps keep bad actors from penetrating Vesti’s platform and ultimately secures customers from fraudulent activity.

Summary

Identitypass is Africa’s fastest-growing verification, compliance, and security infrastructure provider. We help businesses better know their customers by verifying and gaining deeper insights that detect and prevent fraudulent activities using AI-powered technology.

Today, Identitypass currently serves hundreds of brands across Africa in Fintech, Insurance, Mobility, E-commerce, HR management, the Crypto sector, and many other sectors with multiple service offerings.

With our recently launched Global Business verification endpoint, we can verify businesses across 190 countries. Our solutions ensure safety from ID thefts and expansion into newer countries and regions by improving African businesses’ verification and customer onboarding (signup and verification) processes.

Want to expand your business operations globally and quickly? Sign up on Identitypass and integrate our new document verification endpoint into your tech stack.