Digital Address Verification In Business and Financial Entities

Digital Address Verification In Business and Financial Entities

An entrepreneur is responsible for safeguarding his/her organization from all sorts of internal and external risk factors. Several frequent decisions are taken every day to be a step closer to perfection. To ensure that while not being behind form competitors, is a challenging task for plenty and maybe that is the reason that even after innovations by Fintech and other technologies, still, firms in the corporate and financial sector are lagging behind when it comes to systematic KYC standards. 

The address verification solution is one tool everyone requires for confirming the residential location of their prospects to make sure they are getting into a potentially profitable relation. 

The system verifying address recognizes if the prospect is in a PEP list or from a region where cases of fraudulent activities and corruption are of considerable size. It validates the location in moments with access to substantial national data from regulatory digital data warehouses and facilities in real-time.

How Does an AI-powered Address Verification System Work?

For verifying an address of a prospect to conduct risk-free business and operations, automated address verification solutions enable corporations and financial institutions to validate the desired information in a few seconds by following this procedure, consisting of simple steps.

  • At the time of customer onboarding, for verification of address, a regular individual or UBO of a company, uploads a couple of identity documents such as a national photo-based ID card, driving license, tax or rental agreement, utility bills, bank or credit card statements, and others.

In the case of a firm’s address verification, along with basic personal information, the digital solution requires a set of particular corporate documents with location on it.

  • Then the address verification system captures the ID and residential information from the presented records by applying the state-of-the-art OCR (Optical Character Recognition) technology. The AI-based system extracts the address and other necessary fields from documents and enables the organizations to verify the authenticity of the information by matching it against the data hardcoded in government data warehouses. 
  • Afterward, the address verification system generates the final results, and the solution facilitates the verifying firm or bank with the evidentiary proof. The uninterrupted recording of the process is available to the firm and stored in their data facility along with imagery proof of address documents.

Applications of Address Verification in Industries

Private Sector

To enlarge a client portfolio, address verification solutions significantly contribute to the strategic planning of businesses, not only does it manage to prevent fraud but helps in marketing models of companies as well. The target audience can be recognized via it and helps in specializing direct/offline marketing activities.

Crowdfunding and Online Banking

The address verification system helps money lenders and banks to identify eligible and genuine customers. It also contributes to the risk rating assigned to every profile at the time of onboarding and decides whether the investment or relation has some return or not.


An individual can travel without going through extensive paperwork and waiting for long, the online solution helps a person in getting his e-ticket confirmed in no time by the airlines, providing a better user experience.

Standout Features of Automated Address Verification Solutions

To maintain the authenticity of the process, the system validates the data on the basis of a configured verification model that works on a set of predefined standards.

  1. The online address verification solution does not accept documents older than three months other than passport, license, and photo-based ID to ensure that authentication reaches its end potential
  2. The state-of-the-art OCR technology of the solution recognizes forged and counterfeited documentation instantly
  3. The records in any damaged or edited form are detected in a go
  4. The address verification system can validate the residential data from tons of documents from various jurisdictions of different formats and languages with the same precision
  5. The application programming interface of automated address verification systems can operate conveniently in any browser. 
  6. The automated system is user-friendly, the verification model according to the type of business can be configured and data can be converted from it easily. There is no such need to organize a training session or seminar for employees for all of that
  7. There is also no need for any additional plug-in for the deployment of an address verification solution


The digital address verification system reduces the risk in association by a great amount. In E-commerce, the medical sector, online banking, cryptocurrency, payments industry, the automated solution streamlines the onboarding process and provides end-customers of the respective industries with a great user experience. The address verification solution authenticates the location by cross-checking the data with one in national/international data warehouses in no time. They can run in any browser without any separate software installation. Poor address verification standards do not bring financial loss to mere businesses, no one knows what devastating acts can be committed by the negligence of a bank or firm

Business finance technology