Korean regtech company Argos KYC, in its quest to improve the speed and accuracy of its Optical Character Recognition (OCR) capabilities, has partnered with AI-based document recognition specialist Smart Engines. The alliance will see Argos KYC leveraging Smart Engine’s Green AI and Smart ID SDK to extract ID document data and identify document types, respectively.
The Smart Engines technology has a small footprint, making it energy efficient and versatile in terms of deployment. Notably, its OCR solution can extract data in over 100 languages.
“We are proud that our OCR performs exceptionally well for the Korean language,” said Smart Engines CFO Nikita Arlazarov. “Our partnership with Argos KYC not only corresponds to the needs of their business but will help it to get in the head place among its competitors.”
OCR is a crucial part of ensuring KYC and AML compliance through remote enrollment technologies, which take a two-pronged approach to digital identity verification: document recognition and biometric face matching. When signing up for an account online, a user will take a photo of their identity document, then snap a selfie. The onboarding technology will match the user’s face to the photo on the ID, ensuring they are who they claim to be. A strong OCR solution ensures the data captured from the ID is both legitimate and accurate.
As the ID verification space heats up, flooded with new startups and loads of investment, speed and accuracy are clear differentiators. Users are coming to expect frictionless enrollment, with surveys suggesting that undue user friction around ID verification and authentication can lead to lost customers. In this regard, Argos KYC is taking the prudent strategy.
“I have no doubts that positive experience with the KYC solution will enable further expanding the services based on ID scanning for our customers and to effectively apply legal, regulatory and operational measures for combating identity theft, money laundering, and terrorist financing,” said Argos KYC CEO Q Lee.
This latest partnership comes on the heels of Smart Engines’ latest OCR upgrade, which enabled it to extract payment data from credit cards.