Software Development Blog (7)

Identity verification is a process that plays an important role in the financial industry. It prevents fraud and the occurrence of money laundering. Conducted in the traditional way, identity verification posed quite a few inconveniences due to the cumbersome and time-consuming nature of the process. Among the requirements, it was necessary to provide detailed documentation and have a lot of control over the processes carried out by the verified entity. However, the growth of the FinTech industry has meant that verification is no longer a post-terror. The growing emphasis on digitalization has contributed to the development of faster yet more secure identity verification processes.

Modern entrepreneurs have taken a liking to cloud-based accounting systems to better manage their financial data. The aforementioned solutions offer a number of benefits, which include cost savings, better accessibility or greater data security. Small and medium-sized enterprises (SMEs) are opting for cloud-based accounting systems due to resource constraints that affect investment in traditional software.

The world has seen a boom in the popularity of the financial services industry recently. FinTech companies have transformed the way we manage our money, from mobile banking to online payments. However, as more financial transactions move online, the issue of security becomes more pressing. Authentication is a critical part of internet security in finance.