Issues with ID verification and KYC compliance don’t have to prevent growth. While a company may focus on what counts, Smile Identity will take care of the technology. Customers can be onboarded by Smile Identity with simply a picture in some locations, or they can increase security to meet KYC criteria with ID validation, liveness checks, bank account verification, and address verification. Over a hundred businesses of all sizes, from startups to banks to telecommunications corporations, use Smile Identity’s software and APIs to comply with KYC standards and stop fraud. They created identity management technology that makes it simple for customers to track their data. The business offers a turnkey service for any bank, telecom, or application-based service, as well as a neural network of image recognition algorithms. The built-in liveness checks of Smile Identity, reinforced by an additional layer of human inspection, make it easy to verify the legitimacy of the clients. It is not required to use expensive phones to thwart bots and illicit actors.
The top supplier of real-time Digital KYC, Identity Verification, User Onboarding, Document Verification, Liveness Checks, Face Verification, Anti-fraud, Know Your Business (KYB), and Identity Data Deduplication solutions in Africa is Smile Identity. Millions more Africans will be able to verify and authenticate their identities online thanks to the tools and software they are building. The platform offers SDKs and APIs for User Onboarding, Digital KYC, Identity Verification, Document Verification, Face Verification, Anti-fraud, and ID Validation in online and mobile applications. Using the most cutting-edge security measures currently in use in the industry, Smile Identity safeguards its own data as well as that of its clients and employees. With local incorporation and compliance, they serve as a data processor for its partners in each location. Whether they’re onboarding users into an Android, iOS, or hybrid mobile app or performing KYC from a server-based or web application developed in Java,.NET, PHP, Python, or another language, Smile Identity offers an SDK that enables developers to get up and running quickly. The machine learning techniques used by Smile Identity are tailored for Africans. They offer face-verification services, consent-based financial inclusion, and non-surveillance. With the use of their document verification service, one may swiftly authenticate different types of identification documents throughout Africa.
Umba, one of Africa’s fastest-growing Neobanks, provides consumers with free bank accounts and a variety of financial services via a mobile app. Customers may use their phones to shop, pay bills, borrow money, and get rewards. Umba required an identity verification system that could expand quickly and support them across various nations in 2020, as their expansion grew amid the worldwide epidemic. They needed to be ahead of the curve on compliance and work closely with authorities to develop a superior pan-African Neobank. They needed a partner that could help them not just with identity verification but also with regulatory compliance in multiple African markets with varying regulatory needs. Smile Identity is presently connected to more than 16 African ID agencies and regulatory entities. Smile Identity advised them to utilize their Enhanced KYC + SmartSelfieTM solution to conduct selfie checks on consumers enrolling and transacting on their platform. Umba was able to grow its client base during the epidemic while maintaining KYC compliant in all areas. Their approach helped them reduce fraud by more than 85% during the process.
Smile has been aware of the Eurocentric bias in most face recognition technologies from its inception and has optimized deep transfer learning methods with supervised human review to de-bias state-of-the-art AI models’ performance on African faces. Smile Identity is developing the tools and software that will revolutionize how millions of Africans prove and authenticate their identities online. Smile Identity’s artificial intelligence and identification verification techniques were created with African looks and identities in mind. Smile Identity is Africa’s finest digital KYC (Know Your Customer) solution by integrating government ID validation with proprietary face verification technologies, allowing businesses and institutions to pursue rapid Pan-African expansion with confidence. Mark Straub, CEO of Smile Identity, states, “We are an accelerant of the growth of fintech and shared economy companies because they know when they spend money on customers, those are real customers because they have done verification with us.”
The goal of Smile Identity is to boost trust in impoverished regions so that everyone can enjoy the advantages of a modern digital lifestyle. Costanoa Ventures, Future Africa, PTB Ventures, Khosla Impact, 500 Startups, CRE Venture Capital, and others have made investments in Smile Identity.
“We help companies in the fintech and sharing economy expand faster because they know that when they spend money on customers, those customers are real since they have verified their identities with us.”