HyperVerge: The complete ID verification and AML solution
HyperVerge is a classic startup of the Silicon Valley type. The company started when a group of highly gifted and driven children found their first success in computer vision AI and came together to solve basic problems, says CEO Kedar Kulkarni. “The company was launched at a time when financial service providers were waking up to the fact that easy access, meeting the needs of each individual, regardless of background, location or credit history, would be a key driver for success in a competitive market. which brought us into the industry – a passion for solving real problems for companies with technologies such as AI and ML.People who confirmed face images went very slowly and were not easily scalable, and our face recognition system was able to identify faces with almost perfect accuracy .
Today, HyperVerge delivers results for customers from Vodafone to Home Credit. With headquarters in California, it has offices in Bangalore and a growing presence in SEA and Africa. “We work with large banks, brokerages, lenders such as Home Credit, crypto companies, marketplaces, logistics, ed-techs, as well as gaming companies – all segments that need to establish the identity of each customer or agent on their platform.” HyperVerge solves the “know-your-customer” imperative (KYC) for these customers. First, it automates approval processes that would have taken days using forms, interviews, manual processing, and cutting the approval process into minutes using AI by enabling immediate onboarding for customers through images of their ID documents. “Our homemade AI ensures that the customer has a good experience – many customers we work with have cut the approval time to as low as five minutes!”
The second problem is fraud, says Kulkarni “Every digital process, we know, is prone to being attacked by organized scammers working together. That is why KYC, accurate customer identification at all levels, is at the core of our service.”
In so-called developed countries, most people are familiar with the range of banking and financial services that are available, and with the technology that makes it increasingly easier for them to access them. It is different for the remaining five-sixths of the global population, and even in many growing economies such as India where HyperVerge has a presence and is now classified as “developed”, large sections of society lag behind in their ability to open an account. , get credit, arrange insurance and the like – a factor that keeps them in poverty.
Home credit is a key partner in India among many countries. Its drive to enable economically depressed people in the world to engage in affordable finance resonates with HyperVarge’s mission to increase the accessibility of the billionaires left behind in India and around the world. «Home Credit is a good partner for us. They were looking for an ally to help them achieve important business goals. More customers are now using their online channel to apply for loans. Before, customers waited a long time for a loan to be approved and all document collection and verification processes were largely manual. They wanted a frictionless flow where the entire customer’s onboarding process is automated. We started with their digital channel, and then moved on to their offline channel as well, to improve the back-end processes for their employees. Home Credit is now moving towards approving loans without manual intervention. During our collaboration with Home Credit, we have learned a lot from them. Our teams are constantly working together to exchange ideas, best practices and co-innovate groundbreaking solutions and processes. We are now working together on new strategic initiatives and have a roadmap for cooperation over the next twelve months. “
For customers such as Home Credit, seamless customer experience, service costs, expanding the customer base and enabling smaller ticket loans are important goals. At the same time, compliance with complex and variable regulations can also be handled with the help of HyperVerge technology, says Kedar Kulkarni – another issue he is now discussing with Home Credit.
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