KYC ID - Identify your customer and be compliant

KYC ID (Know Your Customer) can easily be integrated into your KYC process allowing you to verify your customer while meeting AML requirements.

Included in: Instant ID

Do you really know your customer?

At Instantor, we believe that it is one of the important factors of building a relationship with your customer. The process helps you to understand their situation from their financial data and know that the services you provide to them are suitably aligned. This makes sense for both your company and your customer.

Know Your Customer, or KYC is an important part of any business. In order to provide financial services online, companies need to have methods for remote identification in order to be aligned with KYC standards. Making the KYC process as simple as possible just makes sense.

KYC Across Borders

Our solutions are easy to integrate into your KYC processes. We can offer integration to major banks in more than 25 countries throughout Europe, LA and Asia. Instantor provides access to multiple internet banking login methods. These are proven to be valid remote identification methods in all the countries where Instantor operates.

Identifying customers by traditional means you would have to obtain banking account information. This would involve the customer being physically present in their bank, signing papers. This process is time-consuming and offers no extra security.

Validate KYC Data with confidence

The customer identifies themself by logging into their internet bank using the Instantor service and Instantor sends the report containing KYC data. This allows your company, as Instantor’s client, to validate KYC data against personal and bank data provided in the loan application form. We also validate against relevant anti-money laundering (AML) lists and perform anti-corruption due diligence.

All this means that you can be confident when you verify your customer, making the whole process more secure, while at the same time complying to the necessary KYC and AML regulations. This allows you to accept more at less risk.

An example of KYC report(cut):

….
….
….
bank: {
country: “SE”,
abbreviation: “swedbank”,
name: “Swedbank AB”
},
source: “demo.se”,
username: “John Dow”,
address: “PRIVATE: Santa Helena Route 342, 98746 Fresno, United Kingdom”,
phone: “PRIVATE: 123 456-789”,
email: “PRIVATE: john.dow@example.net”
….
….
….

Why do you need KYC?

Before you take a new customer for your financial service on board, you must ascertain the truthfulness and accuracy of their documentation. This helps you prevent fraud and money-laundering, while giving you the opportunity to assess their credit risk accurately.

How often can you use KYC on your customers?

As per Universal KYC guidelines prescribed by RBI customers are only required to undergo a KYC process once for each financing institution. However, banks may set their own discretionary parameters basis under which they can ask you to provide updated KYC information.

What is KYC?

Know Your Customer (KYC) is the process financing institutions use to verify, collect, and classify a customer’s identity. It’s a customer identification process where a customer’s identity, financial status, and address are verified. Most KYC procedures now run online with optimised online KYC registration processes.