Velera , a payments credit union service organisation and an integrated provider of financial technology solutions has unveiled the launch of IDCheck. This solution is available for the Co-op Shared Branch network, ensuring members' identities are protected and facilitating authentication for a secure member experience.

Additionally, it contributes to the financial stability of credit unions. How does IDCheck prevent account fraud takeover? IDCheck upgrades member security by verifying their identity through their smart devices when logging into their account at a shared branch. Members are prompted to upload a photo of their ID and a selfie.

Advanced graph-defined logic, artificial intelligence, and biometric data are used to authenticate both the ID and the member instantly. Subsequently, members receive a unique passcode to present to a teller for identity confirmation. Alternatively, members can authenticate their ID in advance before visiting a branch for transactions.

Additionally, they have the option to store their verification details for future visits, improving the efficiency of the overall process. Key findings of IDCheck beta testing Extensive beta testing conducted by credit unions in the Co-op Shared Branch network revealed several measurable outcomes that highlight the effectiveness and efficiency of IDCheck. Key findings indicated a 99% success rate in first-attempt validation and a 100% rejection rate for fraudulent IDs and AI-generated deep fakes.

Moreover, members saved an average of 48% of their time with stored validation, while tellers saved 26% of their time. American Heritage Credit Union and Corry Federal Credit Union were among the institutions involved in the beta testing. The IDCheck is a valuable solution for the Co-op Shared Branch network because it provides credit union members with secure access to transactions at partner credit unions across North America and Europe, including self-service locations.

As of 2023, over 5,400 shared branch locations and 22 Shared Branch Express locations facilitate approximately 3.6 million transactions monthly. .