Stripe has launched a new product called Stripe Identity that makes it easy for companies to verify user Identity. Before the launch of Stripe's latest technology, a host of startups (Berbix, Veriff, Passbase, Vouched) have launched products similar to what Stripe is trying to do with Stripe Identity.
Stripe Identity is a self-serve tool that companies can use to verify user identities. Stripe manages the customer data in an encrypted format, using computer vision and machine learning to "read" and match up government IDs with live selfies. Stripe claims the service works in as little as 15 seconds.
The beta version of the service is currently available in 30 countries. However, the product is quietly being used by selected partners. These partners include Discord, Peerspace, Shippo and other unnamed customers using it to prevent account takeovers.
“Businesses have been asking us for an easy and fast way to verify identities online. Stripe Identity offers them just that. Now, any internet business — from a five-person startup to a multinational enterprise — can begin securely verifying the identities of their users in a matter of minutes, not weeks or months.” Rob Daly, head of Engineering for Stripe Identity.
Stripe Identity is not the only product in the identity verification space. Other players in the field include Jumio, Onfido, Veriff, Berbix, Passbase and more. However, Stripe is different from the rest in a sense it is offering customers two ways to use Stripe Identity.
"Like Stripe's payments product, it can be integrated into checkout or other workflow by way of some lines of code. But it can also be offered as a service outside of that, by way of a verification link issued just around suspicious transactions or other users that are identified as high-risk." TechCrunch
It is important to note that you don't have to be an existing Stripe customer to use Stripe Identity. Stripe said that fees would be charged "per transaction. However, the fees are currently unknown.
