Lawrence Stephens has partnered with AI-powered identification verification platform Onfido. Given current circumstances, it is not always feasible for clients to travel to our offices to provide relevant identifying documentation. The technology allows individuals to have their identity verified without requiring any face-to-face interaction, providing a secure solution to several challenges raised by the lockdown and social distancing measures.
The platform works by using a combination of AI to ‘read’ an individual’s identity documentation and facial recognition technology to match the data. This will be used to support our team’s Know Your Client (KYC) procedures which are required to complete transactions and processes across our practice areas. We have therefore chosen this platform to allow us to make these procedures more efficient. Crucially, this platform has enabled us to maintain our high level of service throughout this period. All of our relevant team members have now been trained to use the platform and Onfido is currently ready to support us.
In April 2020, Onfido announced that it raised $100 million with the aim to solve what it sees as a long-standing problem on the internet and digital platforms overall: verifying people are who they say they are, and doing so in a way that doesn’t compromise users’ privacy and security.
Ever since, there has been a broad range of businesses and government institutions that are also hoping to streamline lengthy processes whilst minimising risk by rolling out this technology. With trials currently underway for its application in digital voting processes, verifying documentation for passport applications, and improving coronavirus contact tracing abilities, opportunities for this kind of technology are boundless.
Looking into the future, we anticipate that the technology will come to the aid of a wide range of organisations and individuals, and play a significant role in the digitisation of a wide range of legal processes. The future appears to be secure for Onfido and we’re pleased to be partnering with them at Lawrence Stephens.