The new tool allows internet companies to securely verify the identities of users from more than 30 countries
The headquarters office of payment services company Stripe in San Francisco. (Credit: HaeB/Wikipedia.org)
Digital payments firm Stripe has launched a new verification tool for online businesses to check the identity of their users in minutes.
Often, businesses are required to verify the identities of their users to comply with age requirements or Know Your Customer (KYC) laws.
The new tool, Stripe Identity, allows internet companies to securely verify the identities of users from more than 30 countries.
Stripe said that it has designed the tool to make identity verification as easy for a business as payment acceptance.
With the new tool, online businesses will be able to start verifying the identities of their users in just a few minutes, without using any code.
According to Stripe, instant messaging platform Discord, space booking marketplace Peerspace, and American software company Shippo are the early users of the new tool.
Stripe Identity engineering head Rob Daly said: “Businesses have been asking us for an easy and fast way to verify identities online. Stripe Identity offers them just that.
“Now, any internet business – from a five-person startup to a multinational enterprise – can begin securely verifying the identities of their users in a matter of minutes, not weeks or months.”
Stripe Identity is powered by the architecture that was developed by the company for its own use to verify the identities of its merchants around the world.
The new tool allows businesses to benefit from Stripe’s global scale, advanced machine learning, and fraud prevention capabilities.
Stripe Identity offers a low-code integration option for businesses to begin verifying identities in minutes. A verification flow is fully hosted by Stripe.
After users submit a photo of their government ID and a live selfie to prove their identity, Stripe’s advanced machine learning matches them to the ID.
Stripe claims that the verification process for an individual user can be finished in just 15 seconds.
Stripe global risk strategy and onboarding policy head Delia Pawelke said: “We know from experience how much work it takes to build a rigorous and secure system for global identity verification.
“With Stripe Identity, we’re making our advanced compliance infrastructure available to all of our users. For an online business, verifying someone’s identity is now as easy as accepting a payment.”
Other recent launches from Stripe include Stripe Tax to simplify global tax compliance for businesses; Stripe Issuing expansion to Europe; and Radar Analytics to provide fraud teams more insight into dispute trends.
The company has also recently announced a partnership with GrabPay to help businesses in Malaysia and Singapore accept GrabPay.