Identity verification is the first and significant part of any business transaction. Traditionally, businesses have been relying on tacit agreements and physical copies of Government approved identity documents for stakeholder identification and verification. As the world gets smaller, thanks to digitisation and technological advancements, businesses are presented with a wonderful opportunity of interacting and transacting with individuals in any corner of the world.

Identity verification has progressed drastically with the infusion of technology over a period of time. Currently, identity verification depends on physical and digital proof managed by a central authority which includes verification of valid documents like passport, driver’s license, OTP etc. However, the processes and identity parameters vary from country to country making it extremely difficult to standardise the verification process.