In a world where data validation is not just a checkbox but an integral part of the business process, it is essential that you choose the right address verification solution for your needs. It should be a streamlined, intuitive process that is a “plug-n-play” for you and your customers. It should take you a matter of seconds to send a large list of addresses and only a few minutes for the API to return the results.
The address verification response should contain a formattedAddress property which contains the corrected and validated address as a single string. It should also include other information such as the granularity of the result (PREMISE for a building level result, BLOCK for block-level results or ROUTE for addresses granular to a route) and a list of all missing, unconfirmed and suspicious address components which may require further validation or investigation.
The main purpose of address verification is to confirm that an actual physical address exists. This is particularly important for businesses such as financial institutions and P2P marketplaces which must comply with KYC (Know Your Customer) policies or for companies that rely on shipping to customers’ homes or workplaces, like online dating and social media platforms. However, there are other practical uses for address verification, such as preventing fraud and ensuring that payments are processed correctly. Address verification can also be used as a preliminary step to identify known identity fraudsters. This is done by comparing the address provided on a user’s ID to an official proof of address database.
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