Businesses are now, more than ever, open to exploring the fine advantages of automating processes. This is especially true for businesses in the BSFI industries where people, more specifically, customers and intermediaries, are the crux of operations.
Validating the identities of customers through a streamlined infrastructure is essential for the modern ecosystems today given the rampant expansion and unprecedented rise in economic crime around the world.
Identifying, recording, validating, verifying, re-screening, and conducting due diligence is no longer an extended tool for profile verification, it has become the norm, enabling businesses to integrate the identity verification infrastructure into the ecosystems, allowing businesses to embrace the benefits of automation.
However, identity verification is something that cannot be automated completely because a great deal of the process involves human intelligence, intuition, checks, communication, and intervention.
Neo banks in particular understand this fine line of intervention. Integrating automation into user experiences is all about creating a smoother onboarding experience for customers. Neo banks, which do not have a physical location of operation, find automated solutions to be a convenient approach to onboard customers within compliant regulations.
A digital identity verification API like Compliancely is something you should explore if you’re looking for a real-time digital identity verification infrastructure that will automate your digital account opening operations with KYC compliance.
Here’s how Compliancely does what it does.
Integrating Compliancely into your account opening processes will allow you to streamline and smoothen out the KYC compliance process. Customers who are interested in your products and services can easily provide the required documentation and breeze through the verification processes.
The obtained customer identity information can be further applied to due diligence procedures to validate the credibility and accuracy of the details.
This means no obstacles within your customer account opening process and improved scope for obtaining customer details through a smoother interface.
If you’re planning on onboarding new customers, your user experiences can be slightly altered in such a way that the customer is asked to furnish the required KYC details. The KYC details are obtained at the very beginning of the onboarding process, giving you enough time to assess risk, validate identities, and verify the profile’s credibility.
When you integrate identity validation infrastructure within your account opening process, it means that you’re able to hit two goals at the same time effortlessly.
The obtained KYC details or the customer’s identity details are screened against the authorized data lists of the federal agencies, such as the Social Security Administration, IRS, OFAC Watch lists, Sanction data lists, and other data lists as required to ensure that the profile is safe for successive business contracts with your bank.
Integrating a real-time identity verification infrastructure like Compliancely will enable you to search, validate, verify, and even re-screen your customers’ identities in real-time, making way for accuracy and regulatory compliance.
Due diligence is all about further validating a profile for more leads on adverse media coverage, suspicious financial background, legal status, and other priority checks which would allow you to assess the severity of the risk.
Compliancely provides 17+ real-time identity checks and this means, your due diligence operations are powered with authorized identity validation checks and comprehensive screening procedures, which will help you arrive at fact-backed decisions.
If the due diligence criterion that you’re looking for is not listed in the checks above, you can get in touch with our team and we will accommodate the identity experiences you’re looking for. Contact Us.
It is possible for the records to be updated per the verified inputs received by the federal agencies. Compliancely maintains sync with the federal agencies in order to provide you with the latest, updated identity records, powering your operations with accurate identity validation experiences.
As and when the identity records of a profile are updated in the federal records, we will re-screen your entries in accordance with the updated records to ensure that your profiles are validated per the new data and you have the latest information readily available.