CARD91 Launches VerifyIQ to Strengthen Onboarding Efficiency for Banks and Insurers

CARD91 has unveiled VerifyIQ, an advanced AI-driven verification intelligence platform aimed at enhancing the onboarding processes for banks, non-banking financial companies (NBFCs), and insurance firms. This innovative solution is designed to facilitate quicker, more precise, and policy-compliant onboarding decisions. By adopting an AI-first methodology, VerifyIQ integrates multi-source data aggregation, machine learning-driven data processing, confidence scoring, and customizable decision workflows into a cohesive operating layer for verification-led decision-making.

Addressing Fragmented Verification Workflows

As financial institutions increasingly adopt digital onboarding for various applications—such as account creation, borrower onboarding, card issuance, merchant onboarding, and insurance policyholder onboarding—the verification process often remains disjointed across multiple systems and data sources. Many organizations still rely on isolated Know Your Customer (KYC) checks that are ill-suited for contemporary fraud detection. This reliance on sequential workflows and manual review processes not only hampers decision-making but also escalates operational burdens and diminishes early visibility into fraud risks. Such inefficiencies can extend onboarding timelines, create case backlogs, complicate compliance efforts, and heighten vulnerability to synthetic identity fraud and associated threats.

Built for Regulated Entities

VerifyIQ is tailored to support a range of use cases encompassing onboarding, underwriting, and verification-led risk evaluation for banks, NBFCs, and insurers.

• For banks, the platform accelerates account onboarding, lending decisions, card issuance, and merchant identification, including Merchant Category Code (MCC) classification, through integrated verification and proactive fraud detection.
• For NBFCs, VerifyIQ acts as a robust filter during loan origination, providing real-time assessments based on identity, income, and behavioral risk factors.
• For life and general insurers, the platform enhances underwriting processes by offering structured verification across identity, asset, and beneficiary data. VerifyIQ seamlessly integrates with existing underwriting systems used by insurers and reinsurers.

Extending CARD91’s Infrastructure Stack

In its efforts to broaden its infrastructure offerings—which include cards, Unified Payments Interface (UPI), credit, and other financial workflows—CARD91 identified a critical gap in the onboarding stack. Before downstream issuance, underwriting, and activation decisions could be executed, a unified verification intelligence layer was necessary. This layer not only aggregates data from diverse sources but also evaluates data consistency, distilling it into a single, decision-ready Confidence Risk Score. While financial institutions could effectively launch and manage products at scale, the verification and risk assessment processes often depended on fragmented external checks that were challenging to interpret quickly or on manual review methods that were labor-intensive and costly. VerifyIQ addresses this gap by consolidating identity, fraud, and risk signals into a unified decision-ready layer, thereby enhancing onboarding and origination workflows.

“Financial institutions today need more than isolated verification checks; they need decision-ready intelligence built into core workflows,” stated Ajay Pandey, Founder and CEO of CARD91. “VerifyIQ is designed to help risk and compliance teams move faster with stronger confidence, earlier fraud visibility, and a more unified approach to onboarding decision-making. This reflects a broader shift toward infrastructure that not only processes workflows but also improves the quality of decisions within them while enhancing productivity at scale.”

With the introduction of VerifyIQ, CARD91 continues to expand its intelligence-driven infrastructure offerings for the financial ecosystem. The company remains committed to assisting regulated entities in developing more agile, scalable, and future-ready operations across verification, risk, and compliance workflows.

For further insights, visit the original reporting source: themainstream.co.in.

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