Global Identity Verification Made Easy

  • Kevin Fox, Product Manager at W2 Global Data

  • 10.10.2019 11:15 am
  • RegTech

Know Your Customer (KYC) poses industry-wide challenges and it will continue to do so unless we – as a #RegTech supplier – take proactive steps to cultivate positive change.

As regulatory pressure on banks and corporates alike intensifies, the volume of KYC information required also increases.

And as to compound the problem, many of these corporates struggle to access a single golden source of information that can enable them to develop a holistic view of each client.

In the recent article One API to Rule Them All, Sara West (W2 CCO) outlined one of the most popular use-cases for the use of a single, simple API; digital customer on-boarding. Such APIs are completely changing the direction of banking, finance and payments here in the UK and, on a global scale.

As KYC requirements become increasingly onerous, we – as a technology solutions provider – continually review what we can do to alleviate the compliance burden. In short, what role can our technologies play in enabling our clients to overcome said challenges?

Enhancing the ability to harness intelligence and insight to augment our client’s customer relationships and drive faster decision making for them is what we’ve been doing since 2011. Regulatory changes such as GDPR and PSD2 are further pushing most, if not all, businesses further towards API adoption.

A stronger sense of digitalisation and digital transformation has facilitated a new era of efficiency in Customer Due Diligence (CDD) and KYC management; a challenge we’re more than happy to face head on.

We know that digitalised methods of KYC & Anti-Money Laundering (AML) processing are a must for corporates that want to stay competitive and to provide scalable services, let alone remain compliant.

We know that – without the right technological solutions in place – a corporates KYC data is often scattered across different sources, is incomplete or out of date, and repeatedly ask their customers to update their KYC information.

We also know that when a financial organisation undergoes major change when tackling new compliance or regulatory demand, this can create additional complications within their onboarding processes.

During our first company wide Simplithon, we discussed how we are going to further improve our identity verification, screening and risk monitoring tools for our various clients across the globe.

Backed by a powerful combination of people, process, partnership and technology to cut through any complexity, we embraced the fact that our clients often span numerous jurisdictions, their KYC-related policies differ and that there are no global standards.

There can however be a single, simple API for the provision of Global eKYC services; the means to undertake a 1+1, 2+2, single or multiple source ID verification check electronically in over 160 countries / regions simply and easily.

We welcome a face to face discussion on what integration challenges that you’re facing regarding your own KYC policy. As our clients well know, we take what we hear from such events as the steer on what’s needed next on the Product Roadmap. You can feed into what we build.

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