How long does KYC verification take?
Verifying a new customer can be a time-consuming process, but it’s necessary to ensure that your business is compliant with anti-money laundering (AML) and know your customer (KYC) regulations. If you want to know how long does KYC verification take, the process is depending on the KYC solution you use, and the verification can take anywhere from minutes to days.
The first step in the verification process is to collect the necessary information and documents from the customer. This can include things like a government-issued ID, proof of address, and utility bills. Once you have all the required information, you can submit it to the KYC solution for verification.
The KYC software will then use a variety of methods to verify the customer’s identity. This can include checking the data against government databases, verifying the documents provided, and contacting the customer for additional information.
Once the KYC service has verified the customer, they will approve or reject the account. If the account is approved, the KYC service will provide you with a list of compliance requirements that need to be followed.
It’s important to note that not all KYC services offer the same level of verification. Some KYC services only verify the customer’s identity, while other KYC services will also verify the customer’s business and banking information.
It’s important to select a KYC verification software that offers the level of verification you need for your business.
The QOOBISS solution
The fully automated KYC solution developed by QOOBISS reduces the time necessary to verify users’ identity from 5 minutes to only 3 seconds, allowing an increase in the number of users by over 50% and a 70% increase in the approval rate, according to an analysis performed by the company.
The KYC verification software scans the document, extracts the customer data, performs an instant verification of the user’s identity and validates the identity document, maintaining the complete confidentiality of the data.
QOOBISS is an European KYC services provider offering customized solutions for a wide range of industries.