KYC procedure allows companies to profit from the account verification process and extract as much valuable data as possible. Any institution can take advantage of accurate customer info and make sure its client is exactly who he claims to be.
Every bank’s Department of Economic Security fully verifies and confirms the validity of all the documentation provided by customers, which makes the data relevant for your company’s KYC purposes as well. Thus, client data collection and processing becomes easy and fast. Due to the mentioned verification, Salt Edge’s clients can be sure that their customers’ personal information is accurate.
KYC is designed to enable companies to adequately evaluate the risk for each individual client, make sure he hasn’t stolen another person’s identity and is able to meet his liabilities in time.
Opening an account or a safe deposit box, applying for a credit card or loan are only some of the situations when KYC is strictly required by banks. Clients usually have to provide the following information and present documentally verifiable proof: identity confirmation (e.g. name, surname, date of birth, Social Security Number) and physical address confirmation. Spectre API enables your company to use bank-verified data when customers apply for your service.
The KYC procedure makes the company’s service delivery much more accessible for clients, as they don’t have to collect and bring all the documents. They don’t even need to visit your office since they can request your service online, while you still receive their valid data. People give preference to those financial institutions that require little to no interaction with them to reach the desired result.