Credit, Collections & Insolvency News
Digital identity specialist GBG has launched RapID, an identity verification solution for small businesses. The solution has been specifically designed to help these businesses cope with the digital acceleration caused by Covid-19 and will help them improve the customer onboarding process and remain compliant.
Many small businesses are still undertaking their identity verification checks manually, with documents sent via email and checked by a member of staff. However, this manual process is costly, time-consuming and prone to human error. RapID is a web-based solution that enables businesses to fully automate this process.
Tobin Broadfoot, Senior Product Manager, New Proposition Development, at GBG, said “RapID is made for small businesses and designed to help them overcome the challenges they face with customer onboarding. We’ve been talking to small businesses, and we understand that they’re under increasing pressure to be able to verify who their customers are quickly and compliantly particularly in sectors that have seen a huge boom in demand, such as fintech and online trading.”
“However, the reality is that many businesses are struggling. They’re either stuck using a costly solution not designed with them in mind, or they undertake manual verification processes that run the risk of opening the door to bad actors. We want that to change. RapID is specifically designed to help small businesses stay compliant, reduce risk and cut costs. It is also designed to help improve the user experience and deliver an onboarding process that is quick, easy and seamless. In an increasingly competitive market, we understand it’s these small things that make a big difference.”
Alexey Khitro, CEO and co-founder of ID R&D, said “At a time when customers place extreme value on simplicity and convenience, the ability to remotely onboard customers in a manner that is automated, fast and frictionless is a competitive advantage.”
“An innovation that makes robust identity verification accessible to businesses of all sizes is a much welcome addition to the market.”