Vouched: Seamless KYC for Modern Banking and Financial Services

John Baird, CEO

From paper documents to biometrics, the nature of personal identification has changed dramaticaly in the last 100 years. But what isn’t apparent to the eye is what goes on behind the scenes. An entire repository and network of interconnected data resources have to be correctly linked and retrieved to ensure that you, are in fact, really you. Whether you call it identity proofing, identity verification, or KYC, the lack of consistent knowledge of different types of physical identification can lead to bureaucratic issues between departments, which deal with 100s of 1000s of IDs each day, which is another problem that Vouched helps overcome. To John Baird, CEO of Vouched, the vision of the future of personal identification is a decentralized one. His company develops cutting edge AI-based computer vision solutions to visually verify identity and onboard users in seconds, a capacity that is sought-after in the current COVID-19 pandemic, where it is risky to meet a customer to verify their identity in person. “The future is digital, remote and decentralized,” says Baird.

Vouched’s proprietary and patent-pending technology can “see, examine, and understand” from a person’s identity document and provide a completely seamless and digital identity verification experience, eliminating the need to collect and manually review paperwork. Vouched subjects each ID to thorough examination, reducing the margin of fraud inherent with physical IDs. Vouched works by using the camera on the user’s device to verify a person’s identity by cross-referencing a physical ID of that person that they have with them and the live view of their actual face.

Vouched’s cutting-edge AI “sees, examines, and understands” a person’s identity document and provides a completely seamless, rigorous, and realtime identity verification experience

It unburdens the human effort in ID verification since they are not actively taking the photos. Vouched will look at an ID, flip around to the front-facing camera on the user’s device, and focus on the face. It will then ask that user to perform some simple movements, such as opening and closing the mouth, to make sure that it is a real person and not a picture. This adds as a security step that measures facial movements to ensure they are performed accurately, as a test to ensure that it is a real live user. Being fully real-time, Vouched will ensure that it is in control of an ID, with the whole process takes just a few seconds.

After several live implementations with banks and other functional areas that require robust identification, Vouched has set it its eyes on the future and a goal to become more prominent, faster, and even stronger than before. The company has already started working on providing a sharp service with its strong AI-powered identity proofing solutions to its customers. They want users to forget about verification altogether as an experience, instead deliver a seamless solution that they hardly notice because of how Vouched performs that task. The company will offer faster systems and a more detailed examination of the individual. Vouched will also provide new ways to verify and understand customers to return greater benefits to the banks and how they serve their customers. As Baird puts it, “You’re fundamentally making their life better through this process. And that produces the excitement and loyalty of new customers. If I’m the CEO of a bank looking around for a way to wow and win customers, then Vouched is the answer.”

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Vouched

Company
Vouched

Management
John Baird, CEO

Description

Vouched is a secure, real-time identity verification artificial intelligence and end-to-end fraud detection that sees, verifies, and KYCs customers in seconds

Vouched News

Vouched raises $6.3 million to expand its AI driven identity verification offering to telemedicine and healthcare providers

Vouched now covers more than 85% of the global population, as demand accelerates for its platform to securely automate KYC and KYP compliance to better serve patients and drive revenue

SEATTLE - Vouched, announced $6.3 million financing led by BHG VC and SpringRock Ventures, as well as prior investors Darrell Cavens and Mark Vadon.

Vouched's expansion plans build upon the company's rapid growth over the past year. The company now serves more than 300 banks, fintechs, and healthcare providers, including Alloy and Hims Health. Vouched's proprietary AI and computer vision platform now covers more than 85% of the global population.

"Vouched delivers the industry's most accurate and seamless identity verification AI, enabling companies to securely accelerate onboarding, provide frictionless customer experience, and unlock new growth opportunities," said John Baird, CEO, Vouched. "We look forward to enhancing the value of our identity verification platform to the healthcare market, and ensuring we remain a trusted partner-of-choice for businesses in highly regulated markets who want a solution that can prioritize both compliance and growth."

As businesses continue to migrate toward digital-first strategies, fast and accurate identity verification tools will become the de facto standard. By 2030, digital identity is forecast to create economic value equivalent to six percent of GDP in emerging economies on a per-country basis and three percent in mature economies, according to a report from McKinsey Digital. It is more critical than ever for financial and healthcare verticals to ensure they are in full regulatory compliance while remaining focused on delivering a secure and seamless online experience to their existing and prospective customers.

"SpringRock Ventures recognizes the increasing importance of high reliability, real-time identity verification for expanding, consumer centric businesses such as telehealth, banking, or hospitality." said Kirsten Morbeck, Managing Director. "Vouched has built an automated, AI-powered, proprietary solution that is faster, more accurate, more configurable, more scalable and less expensive than existing solutions. Vouched is poised to be a leader in providing this lynchpin of consumer confidence and transaction security to help businesses grow faster."

"Covid-19 has accelerated demand for digital identity verification while fundamentally shifting more business processes online," says Andrew Stone SVP, Fraud Management & Financial Crimes. "With this knowledge, BHG VC has been impressed by the platform's growth and development, and we're excited for the company's success in regulated industries, including financial services and healthcare."

The company will use its latest financing to enhance its platform, recruit top-tier talent, and extend its support for financial services and healthtech businesses. Founded in 2018, Vouched has raised more than $18 million to date.