17 percent of the world’s population has gained internet access in 2021. Meaning that over 5 billion people worldwide are online. These numbers stem from research of the International Telecommunication Union (ITU), a specialized organization of the United Nations in the field of radio and telecommunications. Due to the increase, an even larger part of the world population will soon be able to arrange everyday matters online. For example, internet banking or applying for a debit card online. For the financial sector, this means that a world of potential customers is opening up.
Online banking is convenient. It allows financial parties to offer their services worldwide. To be able to bank online or take care of banking matters online, such as applying for a debit card, address validation is important. Otherwise fraud might occur. The Know Your Customer procedure (KYC) is essential to combat fraud and possible money laundering. This procedure allows organizations to get to know their customers carefully. Address validation is an important step of this process.
At Matrixian we have built different API’s that can help validate the addresses of these new potential customers. We have created the International Address Checker, International Email Checker and International Phone Checker that verifies addresses, email addresses and phone numbers from over 197 countries. We have been able to help various organizations, such as Bunq for example, with the prevention of fraud. From the moment our tool was implemented, addresses were first validated before new debit cards were sent. As a result, Bunq knows for sure that the requested card will end up with the right person.