Global Identity Verification Made Easy

Global Identity Verification Made Easy

Kevin Fox

Product Manager at W2 Global Data

Views 639

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technological solutions in place – a corporates KYC data is often scattered across different sources, is incomplete or out of date, and repeatedly ask their customers to update their KYC information.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

Shuvo G. Roy Mphasis

Reboot 1.0: How financial services technology can enable the supply chain to support a post-lockdown boom

Ground control and Captain Tom When veteran Captain Tom Moore decided to walk one hundred laps of his garden before his 100th birthday to raise funds to support NHS heroes battling Covid-19 from the frontline, he never imagined that he would Read more »

Lisa Gutu Salt Edge

Building a PSD2 compliant channel: challenges and opportunities for financial institutions

PSD2 obliges ASPSPs including banks, e-wallets, prepaid cards and other companies that offer payment accounts to provide at least one channel for secure communication with third party providers (TPP). Even neobanks or e-money institutions, including Read more »

Thomas Pintelon Capilever

Credit origination - A lot of innovation on the horizon

While consumer credits are becoming more automated and user-friendly to request, all other credits are often still very manual and labor intensive to originate. In this (relatively long) blog I will try to give a description of the (potentially Read more »

Kelly Kearsley

Time Card Theft is a Big Problem. Here's How to Stop It.

Trust is at the core of every employer-employee relationship. You trust your people to do their jobs, and they trust you to compensate them for their work. Most of the time, it works. However, there's always the person looking to bend the rules or Read more »

Daria Afanasyeva UTP Merchant Services Ltd

Cybersecurity – Online payments are getting more secure

Ever since we've been able to buy anything we need with just a click of a button on our laptops or phones, online sales have been consistently increasing each year. Just last year, the total value of UK retail sales was £394 billion, with an average 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