Identity verification


This article is a part of series of dedicated articles, and provides a detailed insight on identity verification for both Exscudo Exchange and Fintap accounts.

Summary

This verification is carried out by a dedicated identity verification provider. The procedure requires the user to provide their government issued ID for identity proof.

Here is the list of supported documents. It is strongly recommended to check the document to be used for the verification against this list prior to starting the process.

Residence permits are not supported despite the fact that they are on the list

You will need a quality camera built- or plugged in to your device to complete this verification.

The list of accepted documents is constantly updated, however certain limitations apply:

  • The document needs to contain Latin letters and/or a machine-readable zone (MRZ) to be accepted;
  • When using your government issued ID card, please note that some countries may have a variety of government issued ID cards, not all of which may currently be accepted. For this reason, to avoid multiple verification attempts, it is advised to use (a supported type of) passport

Exscudo Exchange

To complete this KYC verification for your Exscudo Exchange account:

  • Go to Preferences (gear icon) → Verification section;
  • Click/tap Start verification under Document verification;
  • You now have two options to choose from: PC verification, and Smartphone verification. The first calls an identity verification interface on your currently used device, while the latter provides you with a QR code to be scanned from the other device.

Smartphone verification option is particularly useful for those who do not have a web camera on their device, or the web camera is of insufficient resolution. Modern smartphone cameras are typically of a better quality, so it is advised to use the option to avoid issues caused by above reasons

Whatever the chosen option, the identity verification wizard shows up, initially prompting to choose a country.

You will then be prompted to choose a document and make a couple of shots with your face, and the document in outlined areas. Follow instructions on the screen to complete verification.

On demand, you will need to provide the wizard with access to your camera and microphone

To ensure that the verification procedure is carried out as swiftly and smoothly as possible, ensure the following:

  • You are in a well-lit room;
  • You are the only person visible;
  • If you have a cover on your document - remove it;
  • All parts of the document are clearly visible;
  • The camera is a high-resolution one (the use of low-res ones (e.g., 0.3 MP) will not allow you to complete this verification, as the documents shot by them are usually not readable);
  • Verification session is limited to 5 minutes due to security measures.

You will see this message when all verification steps are successfully progressed through:

Which means all information has been transferred to KYC specialists to be reviewed. Normally, this process takes about 20 minutes, but in some cases it can take up to 24 hours based on different factors.

You may be asked to repeat the procedure. The general reasons for a resubmission are:

  • Low quality of the image;
  • Indiscernible details on the document;
  • Unsupported document type;
  • Damaged or expired document;
  • Receiving help from a third party, that is someone else is taking the photos or appearing in the frame.

In this case, start the verification process again. There is no limit on the number of resubmission attempts, however, multiple unsuccessful verifications may result in more detailed checks.

Fintap

This step needs to be completed in the Settings → Personal data → Document verification section.

Tap Start verification and follow instructions on the screen. The detailed guidance is provided through the whole process of verification, here are some screenshots of it for the reference.