The Global Identity Verification Market is growing rapidly, and expected to reach $17. 8 billion in size by 2026. More companies are seeing the need for Identity Verification as a service (IDVaaS) outside of regulatory commitments as customers expect higher levels of security and become more accustomed with the IDVaaS process. So how do companies pick the right IDVaaS option?
We believe that if you consider the most important factors when it comes to security and usability, for both customers and companies, OCR Labs is the ultimate digital identity verification solution.
OCR Labs was founded in 2014 by two young Aussie tech entrepreneurs, Daniel Aiello and Matthew Adams. We have since grown into a team of world-class engineers and mathematicians. Our team spent 5 years focused exclusively on engineering an end-to-end, precision-built ID verification system. All of our technology is completely developed and owned by OCR Labs -- and has been created in our own dedicated laboratories. Innovative research and continuous lab-based testing are in our company DNA. The fact that we own our own tech means we can move quickly to adapt when our customers’ needs change.
Driven by excellence
OCR Labs is one of only a handful of companies in the world to reach iBeta Level 2 compliance – that means an independent third-party tester found our product to have 100% fraud-spotting success rates. Our ID verification technology allows for human oversight but requires no human intervention whatsoever. This creates the conditions for faster, smoother and more scalable onboarding – all without the accompanying high costs, slow implementation, and risk or error that human intervention can bring.
In the last year, we have more than tripled our customer base. Organisations across the public and private sector have implemented OCR Labs technology, including the Australian federal government, three out of Australia’s big four banks, telecommunications companies, and a number of fast-growing e-commerce and fintech businesses. All of our customers see a dramatic reduction in fraud loss to their business's bottom line. Arguably Australia's most successful digital bank, 86 400, is a prime example:
“OCR Labs is the first cab off the rank this year, providing our customers with a market leading banking experience that’s smart, secure and convenient, underpinned by the very best home-grown Australian technology.” - Robert Bell, CEO, 86 400.
Our omnichannel onboarding and verification technology is powerfully intuitive – truly built for the needs of actual human beings. This ensures that OCR Labs products welcomes customers whilst our powerful and precise anti-fraud technology keeps fraudsters out.
Reduce operating costs
Our digital-first services eliminate the need for resource-heavy face-to-face onboarding -- saving you money on staffing and training. Our robust security systems help businesses save millions in fraud loss, which is a growing risk for businesses as fraudsters become ever more sophisticated. With OCR Labs, the verification process is straightforward for users, which translates to fewer unsuccessful submissions, cutting down on attrition and its associated costs.
One of our global banking customers is saving in excess of $1M each and every month.
OCR Labs is unique within the IDVaaS marketplace. Our humble roots combined with our drive for excellence have enabled us to produce one of the most secure yet seamless digital identity verification solutions in the world.
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