The new technology enhances the company’s fraud detection capabilities and improves the overall application experience
LendingUSA, a leading point-of-sale financing solution, announced the launch of their new instant ID verification feature, improving identity security for borrowers, and streamlining the entire loan application & funding process for merchants.
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As a part of LendingUSA’s commitment to continuously innovate and offer the best point-of-sale financing solution, this instant ID verification feature goes above and beyond to ensure enhanced security for every applicant, as well as faster funding for merchants.
This instant ID Verification feature accelerates and simplifies the borrower application flow. Not only does the automation enhance the borrower experience, but it also improves the validation process, while staying compliant with KYC.
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How it works:
Upon selecting an offer, the instant ID verification will send a text message to the borrower, prompting them to confirm their identity. The borrower will then take three photos: front and back of their government-issued identification card, as well as a selfie.
As soon as the borrower submits their photos, LendingUSA’s new Instant ID verification feature verifies the borrower’s government-issued identity automatically in under 30 seconds. Upon confirmation, both the borrower and merchant are notified. Learn more about instant ID verification here.
“At LendingUSA, we are committed to consistent enhancements and product innovations that will continue to protect our borrowers and merchants from fraud, while also enhancing their overall experience with us,” says Camilo Concha, Founder & CEO of LendingUSA. “This is just one of many product innovations our teams are working on in the months to come that will elevate the LendingUSA experience.”
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