The concept of identification has always been at the heart offinancial services processes. For banks to manage customers' moneysecurely, they must be certain they know who they are dealing with.It's a simple premise on the surface, but a hugely complex andcostly task in reality.

Financial institutions traditionally relied on physicaldocuments, such as drivers licenses or passports, to verify theidentity of individuals or institutions. However, relentlessdigitalization of banking services from payments to lending, alongwith the growing threat of cyber fraud, have driven the need forincreasingly faster, safer, and more efficient identitysolutions.