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6 Simple Things To Remember About KYC Verification

Global businesses need KYC for compliance with European Union Regulations. With Regulations getting stricter, KYC has become essential for all companies in the EU. <br>KYC verification can be a tedious process for many. This document will help you see another side of the process. <br>

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6 Simple Things To Remember About KYC Verification

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  1. 6 Simple Things To Remember About KYC Verification

  2. Global businesses need KYC for compliance with European Union Regulations. With Regulations getting stricter, KYC has become essential for all companies in the EU. KYC verification can be a tedious process for many. This document will help you see another side of the process.

  3. Your Sensitive Data is Safe

  4. ● In digital IDV, the artificial intelligence system processes your information. Even if human intelligence is involved, they are highly trained professionals. They know better than to tamper with and illicitly use your information. Generally, sensitive information is stored on highly secure and encrypted databases. Backups in multiple locations make it next to impossible for hackers to break the system. ● ● ● ●

  5. Verification is Portable

  6. ● KYC softwares allow easy verification using your laptop, tablet or mobile phone. All you need is a working webcam and a stable internet connection. Just fill out your personal information and upload identity documents. Get verified within seconds! ● ● ●

  7. Keep your personal data up to date

  8. ● Check if your provider’s KYC databases are updated every 10-15 minutes. Provide up to date and accurate information from your end. If your KYC provider checks against government databases, ensure all your info is latest. ● ●

  9. KYC Verification is Time Effective

  10. ● Artificial intelligence and machine learning algorithms perform quick verifications. Get yourself verified within 30-60 seconds using effective services like Shufti Pro. No need to wait for days or weeks to get the result of your identity verification. Submitting hard copy documents is also a thing of the past. Proceed to open your bank account or completing an online transaction within seconds. ● ● ● ●

  11. Cost Effectiveness

  12. ● ● ● E-KYC solutions are cost-effective than paper-based KYC options. It takes only a couple of dollars for basic KYC with Shufti Pro. Costs are saved on additional resources, which include: ○ Paper ○ Storage spaces for hard-copy documentation ○ Processing costs for paper based-KYC ○ Labor costs for manually going through a large amount of documentation.

  13. Reduced Customer Friction

  14. ● ● KYC verification allows customer onboarding to become smooth Streamlined verification process makes online payments easy and quick. This reduces customer drop off rates on the client’s website. This also helps the profits grow with the security of state of the art KYC software. ● ●

  15. Thank You!

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