Meaning
Security protocols establish the truth of an individual or corporate persona within a digital ecosystem. Effective identity verification uses biometric data or government issued credentials to confirm that a party is who they claim to be. This stage is necessary for high value financial transactions or access to proprietary trade secrets.
Onboarding Speed
Partner conversion rates often hinge on how quickly a company can vet a new applicant. Onboarding speed is measured from the moment a form is submitted to the point of system access. If the vetting process takes too long, the potential partner might move to a competitor with a more efficient system.
Automating these checks allows a business to scale its network without increasing the administrative headcount.
Compliance Framework
Legal requirements for anti money laundering and know your customer rules dictate the depth of the check. A compliance framework provides the ruleset that the software must follow during the vetting process. These rules vary by jurisdiction and the type of product being sold.
Authentication Method
Technology choices determine the reliability and friction of the check. An authentication method could involve two factor codes or facial recognition scans. The choice depends on the level of risk associated with the user account.
