Identity Procurement Checklist: Choosing the Right Vendor

In the current digital environment, selecting an effective identity verification vendor is vital for businesses to ensure robust identity checks, mitigate fraud, and comply with regulations. The process begins with understanding specific verification needs, which involves conducting a risk assessment to define requirements such as the types of identities to verify, desired levels of assurance, geographic considerations, compliance obligations, and fraud risk concerns. Evaluating vendors involves assessing their capabilities in document and biometric verification, AML screening, workflow orchestration, and integration options, while also considering their scalability, reliability, and underlying technology. Security and compliance are crucial, necessitating a thorough review of vendors' certifications, data storage practices, encryption methods, and breach response plans. Pricing should be evaluated based on the total cost of ownership, which includes various fees beyond per-check costs, and the vendor's ability to reduce false positives. Scalability and future-proofing are also essential, with attention to a vendor's capacity to handle growth, support new geographies, and continuously develop their platform. The comprehensive checklist aims to aid businesses in minimizing risk, maximizing ROI, and ensuring a seamless and compliant onboarding experience.

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