Global Identity Verification Made Easy

Global Identity Verification Made Easy

Kevin Fox

Product Manager at W2 Global Data

Views 546

Global Identity Verification Made Easy

10.10.2019 11:15 am

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technological solutions in place – a corporates KYC data is often scattered across different sources, is incomplete or out of date, and repeatedly ask their customers to update their KYC information.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.

Latest blogs

Jonas Andersson Fingerprints

In Consumer Biometrics We Trust: Authentication For the Data Privacy Age

Data privacy is high on the global agenda. In the wake of data protection policies such as Europe’s GDPR, ensuring the integrity of personal data is an increasingly pertinent subject. This is a governmental and corporate policy reflection of the Read more »

John Burgos Mindgate Solutions

Overcoming anxiety around mobile payments & digital payments - In the South Asia Pacific

Innovation and technology usually go hand in hand.  Therefore, for innovation to be fully realized, the technology that enables the innovation must be adopted as well.  During the last 5 years, we have had innovations from Google, Apple, Read more »

Stuart Robertson iDelta

Finance Sector PLCs Hold the Key to Economic Recovery

We have started to see the devastating impact the Coronavirus will have on our economy.  The travel, leisure and hospitality industry redundancies are rapidly mounting up with restaurant and bar owners facing no option but to shut up Read more »

Hirander Misra GMEX Group

Are UK Banks profiting from the current coronavirus crisis and failing SMEs?

A UK business could be eligible for a Coronavirus Business Interruption Loan Scheme (CBILS), as set out by the UK Government. However, it appears that despite the Government’s best intentions, this scheme is not working in practice and some urgent Read more »

Otabek Nuritdinov Safenetpay

A strong fintech needs more than just access to funding

  Investors, both private and institutional, are excited about investing in fintechs that are in the payments services business. What are the issues that really should matter to you, as a client? In 2019, institutional investors Read more »

Related Blogs

Mark Smith Ayming

How FinTech, RegTech and InsureTech Businesses are Continuing to Shape the Financial Services Landscape

Within the last decade there has been a pattern of people quitting their jobs in big financial services firms to launch start-ups, often in partnership with technologists similarly intent on shaking up a niche area with new technology. FinTech start Read more »

Mike O’Keeffe Corlytics

Cutting through competitive chaos in regtech

The global regtech market is exploding because there are big problems to solve. Banks and financial services firms are grappling with an overwhelming volume of complex regulatory change and 2,500+ compliance rule books globally. With the cost of Read more »

Shakir Ladak Alpha Insight

Going With the Flow – How the Surge in RegTech Innovation Will Lift the Burdens of Compliance for the Financial Sector

Until the financial crisis of 2008-09, the financial services industry had enjoyed almost two decades of unprecedented growth and profitability.  It had embraced globalisation with a succession of glittering mega-deals.  Unfortunately, a series of Read more »

Jürg Truniger Appway

Why Deloitte’s New RegTech Solutions Are a Game Changer

Banking operates in an increasingly complex environment. Due to the increased need for compliance, margins are diminishing and costs are rising. To stay competitive, banks are looking at various ways to differentiate themselves, whether by Read more »

Anna Bennett Monitise FINkit

RegTech-Ready (Steady, Go): A Guide To RegTech for Beginners.

RegTech – a buzzword used commonly over the last year in FinTech and Finance - but what is it, who is it for and what does it do? Should you implement it? Do you need it? Just some of the dozens of questions I’ve been asked over the last six months Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel