KYC and ID Verification
What is KYC?
Financial organizations have always had the requirement of identifying their end-users. A decade ago, most of these processes were done in agencies face-to-face and manual. The customer had to go to an agency to provide his credentials (including his ID) prior to getting his account validated. The agent was able to easily identify the end-user presenting his ID at the front-desk. This process is called « Know Your Customer » or « KYC ».
The evolutions of this approach
Digitalizaton of financial sector and emergence of new players like Fintechs have raised two new requirements when dealing with KYC:
- Enable online ID Verification as most of these newcomers have a business online,
- Automate the process to keep a high rate of online transformation.
KYC by AriadNEXT
AriadNEXT is one of the sole player in the world to offer a fully automated experience when dealing with ID Verification. Relying on advanced developments in deep learning, IDCHECK.IO Services enables companies to check ID documents security features such as MRZ stripe consistency as well as MRZ/VIZ comparisons.
With AriadNEXT IDCHECK.IO, companies can quickly and easily answer to the online KYC requirements without investing in specific developments.
AriadNEXT solutions comes along in stand-alone mode, mostly the verification of ID, to answer pinpoints requirements for companies that have decided to build their own solutions but also as a bundle offering called mobidem, to offer a solution for companies looking for state-of-the-art posture.
AriadNEXT has indeed combined its ID Verification Services with Facial recognition Services and authentication mechanisms to offer a complete KYC answer to the existing regulations.
With new regulations to address (KYC but also eIDAS, AML, …), no doubt that AriadNEXT Services will play a key role in the digitalization of Fintechs and other financial institutions.