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KYC and digital onboarding

Managing payment fraud and identity theft risk

Risk levels are rising in the wake of Covid-19, which served to accelerate the activity of digital criminals. Verify and screen for regulatory and financial risk.

Businesses need a digital channel that can give customers a fully digital onboarding experience and ensure adherence with regulatory requirements.

Collecting and verifying onboarding data is often associated with high levels of customer dissatisfaction and high drop-off rates. Creating an onboarding workflow that has user experience at the core means providing an interactive step-by-step process, facilitating the process through a seamless omnichannel interface, and using automation as part of the data collection and verification process.

Regulated firms – mostly financial institutions – that require online enrolment can be considered targets for onboarding sales opportunities. These entities are regulated and require a compliance framework that must engage clients remotely, following compliance requirements. Depending on the business (i.e., crypto, wealth management, e-commerce, etc.) the workflow might vary, but all must follow KYC and AML requirements alongside delivering a fast and smooth customer experience.

What is successful digital onboarding?

A major trend of the past year has been the shift towards online commercial activity driven by lockdowns and social distancing in response to the pandemic. This shift to online has led to a surge in digital and contactless payments and forced financial institutions to hasten the implementation of their digital transformation plans. For regulated businesses such as banks, FinTechs and crypto service providers, this will mean offering on-demand services, while at the same time mitigating complex regulatory and financial crime risks.

line graphic with a globe in the centre, surrounded by kyc-related symbols with warning signs leading from each

Our solution

Simple and cost-effective digital onboarding

Explore how our digital onboarding capabilities combine Refinitiv Qual-ID digital ID verification with anti-fraud facial matching and document proofing – powered by World-Check risk screening.

A simple, cost-effective and easy to deploy digital onboarding web-based application that comes with built-in, flexible support for even the most demanding compliance requirements.

Launch your digital onboarding solution with our no-code and preconfigured tool, create your fully branded customised version and get up and running in weeks.

Benefits

Why use digital onboarding?

Get up and running in weeks

Pre-built components, including a user interface, API orchestration, workflows and API connectors mean little or no development is required to launch your bespoke digital onboarding solution, reducing both cost and time.

Flexible workflows

Workflows can be fully adjusted to meet your business requirements and compliance requirements – typically with no need for coding, which ensures cost-effective and timely configuration of your customised digital onboarding solution.

Fully branded

User interface can be fully branded based on your business specifications – including logos, fonts, icons specific to your business – ensuring integrity and trust of your brand is maintained through this digital onboarding process.

For over a decade, legacy solutions have failed to adequately protect financial institutions, businesses and consumers from identity and payments fraud
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Connect with our specialists

Our specialists will tailor a digital onboarding solution to help solve your specific needs.