Regula enhances Maza’s KYC process for US immigrants

Regula, a global developer of forensic devices and identity verification solutions, has improved the onboarding process for Maza, a fintech company dedicated to providing new immigrants in the U.S. with rapid access to essential financial services.  By integrating Regula Document Reader SDK and Face SDK, Maza has established a streamlined, secure identity verification process, enhancing customer experience and reducing onboarding costs by 50%.

Maza assists newcomers to the USA with obtaining an Individual Tax Identification Number (ITIN), which allows them to file taxes, gain access to the US financial system, and more while waiting for their Social Security Number (SSN). The core part of Maza’s services is the Know Your Customer (KYC) process, which helps verify the identities of around 5,000 clients every month.

Partnered with Regula 

Maza initially implemented special technology from an IDV solutions provider

For this purpose, Maza initially implemented special technology from a digital identity verification (IDV) solutions provider. However, the company faced a number of issues, such as too many false negatives and positives, not enough control over the IDV process, and limitations on customer experience.

All of this led Maza to seek a more controlled and reliable IDV solution. After extensive market research, Maza partnered with Regula to implement a single-vendor comprehensive IDV solution covering document and biometric verification. The set of Regula Document Reader SDK and Regula Face SDK met Maza’s requirements both in technology and price and allowed it to build a robust identity verification system.

How the verification is done

Regula Document Reader SDK automatically identifies the paper type, reads and verifies its data

Thanks to the implementation of Regula’s solutions, the identity verification process for Maza’s customers is now straightforward and efficient: a person just scans their ID and takes a selfie. Regula Document Reader SDK automatically identifies the document type, reads and verifies its data, and cross-checks all information to detect any inconsistencies or alterations that may indicate fraud. As long as the solution relies on Regula’s proprietary and most comprehensive identity document template database, it is capable of recognising and verifying a great variety of IDs from 250 countries and territories.

In its turn, Regula Face SDK matches a person’s selfie with their portraits in the documents to prove the person is the same and performs a liveness check to ensure that the company is onboarding a real live person, not a fraudster who uses masks, video injections, or screen replays. It takes mere seconds to complete, and a new client has access to the full range of Maza’s services. Implementation of Regula's solutions took just six weeks, and they significantly improved Maza's KYC processes.

Results

Key benefits include:

• 50% reduction in cost per customer onboarding, which has made the process more affordable and efficient;
• improved document verification and liveness checks, which has reduced the number of verification issues;
• enhanced user experience, which has eliminated friction.

Importance of precise identity verification

“Our cooperation with Regula enabled Maza to adapt swiftly to the needs of our growing customer base. The robust and reliable identity verification system built with Regula Document Reader SDK and Regula Face SDK has significantly improved our onboarding process, reducing costs and enhancing the overall user experience. As a result, we can now focus on higher-value tasks and improve customer satisfaction,” says Siggy Bilstein, CTO & Co-founder at Maza Financial.

“We understand the critical importance of precise identity verification, especially if it is about granting access to fundamental financial services. Our extensive document knowledge and advanced IDV technologies help our customers stay ahead of the evolving landscape of identity fraud. We are happy to partner with Maza and support them in ensuring that new U.S. immigrants can securely access essential services with confidence and ease,” says Ihar Kliashchou, Chief Technology Officer at Regula.