From: RegTech Analyst
LendingUSA, a point-of-sale financing solution, has launched a new instant ID verification feature to improve identity security for borrowers.
It is also developed to streamline the loan application and funding process for merchants.
LendingUSA’s instant ID Verification feature works like this: upon selecting an offer, the instant ID verification will send a text message to the borrower, prompting them to confirm their identity. The borrower will then take three photos: front and back of their government-issued identification card, as well as a selfie.
As soon as the borrower submits their photos, LendingUSA’s new Instant ID verification feature verifies the borrower’s government-issued identity automatically in under 30 seconds. Upon confirmation, both the borrower and merchant are notified. Learn more about instant ID verification here.
“At LendingUSA, we are committed to consistent enhancements and product innovations that will continue to protect our borrowers and merchants from fraud, while also enhancing their overall experience with us,” said Camilo Concha, founder and CEO of LendingUSA. “This is just one of many product innovations our teams are working on in the months to come that will elevate the LendingUSA experience.”
