S9 Tech put the “know” into KYC (Knowing your customer)

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S9 Tech put the “know” into KYC (Knowing your customer)

What is KYC?

 

Know Your Customer (KYC) is the process of a business identifying and verifying the identity of its clients. The significance of “Know Your Customer” (KYC) is becoming increasingly important. “KYC” refers to the steps taken to:

  • Establish the identity of the customer
  • Understand the nature of the customer’s activities (the primary goal is to verify that the source of the customer’s funds is legitimate)
  • Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities

 

Protect your business

 

S9 Tech has been busy helping clients accelerate customer on boarding with instant online identity verification. With criminals finding more inventive ways to assume another person’s identity, you need confidence that your identity verification procedures are robust enough to protect your business.

 

The internet has allowed fraudsters to assume false identities to commit financial crime on a massive scale. Every business that processes remote card not present (CNP) transactions should ensure they have stringent electronic identity checks to negate the risk of identity fraud.

 

S9 Tech can provide online identity checks for your business that combine extensive data with powerful linking technology, delivering immediate results to help you know who you are dealing with. Our unique KYC software can:

 

  • Instantly identify genuine customers
  • Flag suspicious applications or transactions
  • Support know your customer checks
  • Integrate directly with your systems via API
  • Maintain a full and paperless audit trail

 

Automated KYC Checks for Customer/Client is an essential element of signing up new clients. However, KYC is no longer simply just a compliance issue. It’s now integral to the operational running of your business, impacting on boarding times, compliance costs, operating margins and profits. The result of this recent and ongoing innovation is that KYC has undergone a complete metamorphosis and should no longer be viewed as simply a cost that organizations have to bear. The right software can help to avoid:

 

  • Manual and time-consuming processes which lead to poor client experience
  • Significant resource requirements to undertake due diligence
  • Existing disjointed, legacy processes can be manual and expensive
  • Compromising compliance when regulatory requirements change so frequently

 

S9 Tech Offers Real-Time KYC Checks

 

At S9 Tech we work with a number of organisations to help automate and streamline their client acquisition process via a single, easily integrated API. Our technology-led approach ensures a thorough check is executed using multiple steps to ensure even advanced risk profiling is as accurate as possible, whilst remaining simple to use, automated and cost-effective.

 

Our software seamlessly integrates with your existing systems and can perform comprehensive checks on Individuals, Companies and Identity documents in real-time giving you actionable data helping you to:

 

  • Take on more clients
  • Reduce compliance costs
  • Improve operating margins whilst increasing profits
  • Improve the client experience

 

Robust KYC software is crucial to identifying risk as early as possible, but more than this, it has become a strategic tool that can deliver a competitive advantage. The right technology can free compliance professionals from performing tasks that are often low value, repetitive or overly time-consuming so that they can concentrate on higher value-add tasks. By harnessing the power of emerging technologies, organizations can ensure that their KYC procedures deliver a host of benefits in the form of lower costs, streamlined operations and, ultimately, a better client experience. If you would like to speak to one of our expert team about the benefits of our KYC software for your business then get in touch today.