Published April 26, 2024
Words by Aiste Joksaite

Accuracy, speed, and compliance are essential to efficient Identity Verification (IDV) processes. With this in mind, Ondato has introduced a game-changing solution: the highly advanced Optical Character Recognition (OCR) technology. This will allow companies to streamline Anti-Money Laundering (AML) and Know Your Customer (KYC) processes.

What is OCR?

OCR is a technology that automatically extracts data from documents or images containing text. It upgrades the way companies handle paperwork, eliminating the need for manual data entry and significantly expediting processes such as onboarding and verification. With the application of Artificial Intelligence (AI), OCR has evolved into a powerful tool capable of reading and digitising various document types with unprecedented accuracy and speed.

Ondato’s Cutting-Edge OCR Solution

Overview of OCR technology scanning abilities

Ondato’s OCR technology is a testament to innovation and precision. Initially integrated into their own identity verification and business onboarding solutions, Ondato now offers it as a standalone API integration for third-party use. This technology boasts remarkable capabilities, reading and digitising over 10,000 document templates in less than a second with an astonishing accuracy rate of up to 99.8%.

Global Accessibility and Multilingual Support

One of the standout features of Ondato’s OCR is its global accessibility. Effective across 186 countries and compatible with nearly all languages and alphabets, including non-Latin scripts and ideograms like those found in Chinese, Ondato’s OCR transcends linguistic barriers. Even documents of poor quality are no match for its prowess, as it ensures legibility and accuracy in all scenarios.

Understanding MRZ and VIZ

In the realm of passport verification, Ondato’s OCR excels. It seamlessly deciphers Machine Readable Zones (MRZs), the standardised zones on passports and visas containing crucial personal information. Additionally, it effortlessly navigates Visual Inspection Zones (VIZs), where human-readable information such as names, dates of birth, and nationalities are printed, facilitating manual inspection by immigration officers.

Compliance and Security

In an era of stringent data protection regulations, Ondato prioritises compliance and security. Data extracted through OCR is securely transmitted and stored on clients’ servers, ensuring adherence to regulations such as the European Union’s GDPR legislation. Furthermore, additional security measures, fraud detection, and spoofing checks can be integrated as needed, offering comprehensive protection against fraudulent activities.

Empowering Businesses Across Industries

Ondato’s OCR technology caters to any organisation that requires robust identity verification processes. Whether it’s KYC providers, financial institutions, or online platforms, Ondato’s OCR changes the way businesses operate, enabling swift and accurate onboarding processes while mitigating risks associated with human error and fraudulent activities.

Last Thoughts

Ondato’s AI-powered OCR technology emerges as a beacon of innovation in identity verification processes. By harnessing the power of AI and OCR, businesses can streamline their operations, enhance compliance, and deliver unparalleled customer experiences. With Ondato’s OCR, the future of identity verification is not just efficient—it’s transformative.

    Stay in the loop with the latest industry news
    Thousands of subscribers already joined our monthly mailing list to receive the latest news, updates and insider information on our product. Join them by entering your email below.

    FAQ

    "MRZ" stands for "Machine Readable Zone." It's a specially formatted zone on a passport, visa, or other travel document that can be read by machines, typically containing essential personal information such as the document holder's name, date of birth, nationality, and passport number. This information is often encoded in a standardised format using characters that can be easily read by optical character recognition systems, facilitating automated data capture at border control points and other checkpoints.
    Visual Inspection Zones are designated areas on identification documents, such as passports, where information is printed in a format intended for human visual inspection. These zones typically contain personal details such as the holder's name, date of birth, nationality, and other identifying information. VIZs are designed to be easily readable by immigration officers or other authorities during manual inspection, without the need for specialised equipment. In the context of passports, VIZs complement Machine Readable Zones, which contain the same information but in a format optimised for machine reading using OCR technology. Together, MRZs and VIZs provide redundant methods for verifying the identity of the document holder, helping to ensure the integrity and security of the travel document.
    Published April 26, 2024
    Words by Aiste Joksaite