Know Your Transaction (KYT) – What is KYT and Why KYC isn’t Enough Today?
The write-up highlights Know Your Transaction (KYT), what is KYT, why ...
The Right Partner for Fintech
No matter what area of Fintech you might be in, you need a partner to provide identity verification. To offer sound financial solutions, you need to Know Your Customer (KYC) and know them well. Preventing financial crime must be a top priority for anyone in the Fintech industry. Whether it’s for individuals or business entities, IDMERIT has you covered.
In the beginning of 2017 data breaches impacted more than 1.9 billion records that included social security numbers, driver’s license numbers, birth-dates, a buffet of information for fraudsters to propagate their dubious behaviors. PII, and/or KBA thus are not enough for a robust, reliable identity verification or authentication. New account fraud has increased dramatically, with millions of consumers having a new bank or credit card account opened under their name without their knowledge. Today consumers are at greater risk for identity theft and banks have no idea if they’re dealing with real or fake customers.
Banks are facing ongoing challenges in addition, bank must comply with AML and KYC requirements. That why the identity verification tools, that your enterprise implements should understand the pain points:
- Complicated verification processes
- Abandonment rates
- Progressive, rigorous, poorly defined and ever-changing regulations
- Excessive Fines, deeper scrutiny from regulators
- Consumers expectations of smooth, instant results with more seamless digital experience
- Constant insults of data breaches attesting to the fact that PII and KBA are not enough for due diligence identify checks.
- Sharp rise in identity theft and precipitating attempts of fraud
Using the old and new to lockdown identity will be the new standard. Thus, adding a digital identity verification with biometric capabilities tool will cure these pain points.
Our technology offers a myriad of seamless capabilities. For example, we can check criminal track records as well as politically exposed persons through sanctions lists and calculate the degree of risk client present through credit data. Further we can provide robust identity check with biometrics.
We are unsurpassed in the quality of global data. More data, more countries, more capabilities, more results!
IDMERIT’s technology for the financial sector, understands that you must address risk management, fraud prevention and compliance issues as a part of your solution. Secure, convenient digital identify verification will go a long way toward repairing customer trust, good will, and loyalty. These are necessities for any company that is a part of the financial industry. Your ability to verify customers in real-time and comply with a myriad of regulations– including KYC, AML, FFIEC and CIP—is paramount to your success and their protection.
Regtech Provider
Whether you are looking to integrate your products into financial institutions or disrupt traditional financial services, identity verification is an integral part of any product that is a part of the financial industry.
IDMERIT provides regulatory technology that will help the fintech industry meet financial compliance rules and regulations. One of our main priorities is to automate and digitize Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. Our identity verification solutions help validate the clients of financial institution to prevent fraud, mitigate risk and meet due diligence standards.
Decrease Customer Abandonment
Onboarding customers quickly and efficiently is a goal for all Financial service providers. To do this, you must provide a streamlined and frictionless onboarding experience while also meeting regulatory requirements. Using IDMERIT’s identity verification platform, you can onboard clients with ease. Our solutions offer identity verification in real time that minimizes friction for the user. Friction is only increased if risk is identified for a user. Decrease customer abandonment and increase the likelihood that customers will use your products, it really is that easy.
Partner with the Best
Onboarding customers quickly and efficiently is a goal for all Financial service providers. To do this, you must provide a streamlined and frictionless onboarding experience while also meeting regulatory requirements. Using IDMERIT’s identity verification platform, you can onboard clients with ease. Our solutions offer identity verification in real time that minimizes friction for the user. Friction is only increased if risk is identified for a user. Decrease customer abandonment and increase the likelihood that customers will use your products, it really is that easy.
Discover Our Solutions
IDMkyc is an API offered by IDMERIT that takes personally identifiable information (PII) from a user and crosschecks it with data from global official data sources. It is a solution that integrates seamlessly into client interfaces. It can accurately validate a user’s identity in real time and with ease. IDMkyc works on the backend of any fintech solution to assist in mitigating risk and fighting fraud. This solution would be ideal in scenarios where users input their own PII within a form during the onboarding process.
If more stringent validation needs to occur, IDMscan is a great option. IDMscan is an application that scans government issued identity documents to validate them. It can also integrate into IDMkyc and extract the identity document information and verify that it matches the data stored in the official database from the document’s country of origin. IDMscan is a solution that can be integrated into the onboarding process for any client.
IDMdevice is a machine learning software that offers identity verification without the use of PII. It analyzes device data and leverage device analytics in real time to determine if a user is legitimate or attempting to commit fraud. This solution can determine if an account takeover has happened and prevent crime in a customer not present environment. This solution can be used in a variety of different scenarios such as customer onboarding, customer login, customer payment processing, and customer purchasing.