Businesses around the world are adjusting to the priority regulations laid down by international regulatory bodies like FATF. Be it banking, insurance, health care, e-commerce, manufacturing, or any other industry. KYC protocols are prioritized across all industries and the demand for identity verification only keeps soaring.
This is because identity verification defines intricate balances of business ecosystems, wherein the identities of the incoming parties (customers, vendors, contractors, associates, partnering entities, etc) are validated per reliable sources of identification data.
Asking for social security details and TINs has become a mandatory practise for most industries. This is to the extent that certain payment transactions are not even processed without obtaining these details.
This just tells us that identity verification is finding its way across global industries and without a doubt, finding its way into the digital infrastructure of business ecosystems.
The rise in demand for identity verification API solutions and automated KYC processes are only the superficial signs of this deep-ended need to validate the identities of people and entities.
Identifying a person or an entity is not enough. Validating their identities per the authorized databases is the need of the hour. When the risk of onboarding a potential money launderer is increasing, and the permutation of hiring a recruit with an associated history of engaging in terror regimes is a definite possibility, the risks associated with onboarding un-validated profiles is down-right gut-wrenching.
Validating a profile, their identities, and matching the proof per the authorized federal records, screening the profile for adverse media coverage, and ensuring that the provided details are in accordance with the federal records is a necessity.
Without validation, there is simply no point in mining the information and burdening your storage servers with innumerable identities.
It is no secret that the world is moving towards automation. Right from KYC to transactions to even accommodating services, everything is automated. It is only reasonable for businesses to expect automation in an intricate segment of business that deals with human-centric verification processes.
Reasonably, expecting a team of individuals to continuously search, record, identify, validate, verify, re-screen, and communicate the reports to the KYC review teams is far too exhaustive, both financially and sensibly.
While human intelligence is necessary for this segment, identity verification is not entirely dependent on it.
Advanced identity verification API solutions like Compliancely allow businesses to identify, validate, and verify over 100,000+ profiles in real-time in a day. This means businesses can outsource their profile lists to the API teams and have the external teamwork on the identity verification process with a lifecycle methodology, easing the burden on your internal KYC teams and simplifying onboarding processes.
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