Verify Customers Instantly, Onboard with Confidence

KYC Verification Service

The Qoobiss KYC solution is a scalable platform that cuts costs and improves the customer onboarding process. The ONTRACE platform combines online identification checks, biometric review, and document validation into one platform. Regulated enterprises can onboard customers faster while remaining compliant. The KYC verification service allows organizations to verify customer identity securely and efficiently. Compliance and risk leaders, operations decision-makers, fintech, and gaming industries all benefit from digital KYC verification.

What Our KYC Verification Service Includes

When using our KYC verification service, there are various components included. These work together to deliver a seamless system for customer onboarding, document verification, and ongoing monitoring. The capabilities of this service help to prevent financial crime by using automated checks to confirm the identity of users.

• ID Document Capture and Authentication – Identity document verification is performed automatically. The KYC identity verification service will authenticate any government-issued document, such as a driver’s license or passport. 

• Biometric Matching and Selfie Verification – To ensure users are present when accessing services or accounts, the KYC service uses facial recognition. This is done by taking a selfie and uploading it to the system. Biometric KYC verification also uses AI liveness checks.

• Address Verification – If customers are required to prove their location, the identity verification process will verify the address using bank statements or utility bills.

• Risk Screening and Identity Assessment – The service performs risk screening against global sanctions, PEP database, and watchlists. Identity assessments are performed during document screenings and liveness detections. Video KYC verification is used for liveness checks.

• Compliance Record Keeping and Audit Trails – Audit trails are created, documenting all steps of the id verification process. To ensure compliance with jurisdictional regulations, all data is encrypted and stored. 

How the KYC Verification Service Works

The verification service is easy to use and quickly verifies the identity of customers. The automated KYC verification consists of multiple steps, each playing a key role in the successful verification of documents and identities.

1. Customer Initiates the Process – The customer will provide their personal information and will upload the required documents.

2. Document Capture & Validation – The service will check authenticity to prevent the submission of false or altered documents. During the automated document verification process, the service will validate documents by examining font and font sizes, security features like watermarks, and will scan the MRZ.

3. Biometric Verification – A real-time selfie is compared to the photo on the ID. Liveness detection is also used to ensure that it is a real person performing actions.

4. Data Extraction & Risk Assessment – KYC process automation uses optimal character recognition, OCR, to extract the data from identity fields. Documents are scanned to find specific items like name or date of birth. All data collected will go through our AML screening process, which checks data against PEP and global sanctions lists.

5. Result Delivery – After all data is collected and analyzed, the customer will pass or fail the verification. The system may also flag the user for a manual review. If the verification passes, the customer is onboarded. The KYC verification service can be integrated into an existing platform or app using APIs, SDKs, and webhooks. KYC workflow automation streamlines the identity verification process during onboarding. 

KYC Automation: Faster, Scalable, Compliant

Automated KYC verification services address modern compliance challenges and provide consistent real-time monitoring. Automation reduces the need for manual reviews and provides a faster onboarding experience. There are fewer errors and enhanced compliance. KYC automation ensures regulatory compliance by using AI and OCR technology to complete the verification process instantly.

KYC workflow automation digitizes the identity verification and risk assessment processes. Automated KYC checks eliminate the need for manual data entry and extraction. This makes data more secure and speeds up the registration process. Know your customer automation lowers costs associated with manual labor and continuously monitors customers for potential risks. 

Compliance & Security

The KYC verification service is GDPR compliant. It adheres to all regulations regarding data collection and storage. The GDPR sets these requirements for organizations conducting business in the EU or processing EU resident data. Automated KYC solutions handle data securely by using an automated process that reduces the risk of a data leak.

Throughout the KYM AML verification process, every step is documented. Audit logs collect all data entered, the verification of documents, and a final KYC approval. These logs adhere to KYC and AML regulations. The system will generate audit trails for every action performed, including transactions and PEP checks. 

Regulatory readiness is the preparation a business will undergo in order to comply with new regulations. With online KYC verification, real-time monitoring of customer data is performed. Any changes in risk profiles will be immediately flagged, and the service updates compliance workflows if there are any regulatory changes. Automated KYC & AML systems use digital workflows and AI to screen for risks and instantly verify the identity of a customer. 

How Our Service Uses ONTRACE

ONTRACE is the engine behind the KYC verification service. ONTRACE is a fully automated solution for completing identity verifications. It accelerates the onboarding process and enhances security. The KYC verification service uses ONTRACE tech, including AI and OCR document validation. Offering Global ID coverage, the service can be used to verify the identity of individuals from around the world. To adhere to AML and KYC regulations, liveness and biometric matching are used to prevent the use of bots.

Industry Use Cases

Industries make use of a KYC verification service to comply with AML regulations and to minimize the chances of fraud. Businesses can prevent fraud by using the KYC verification service during onboarding. Some industries, such as financial institutions, must follow AML laws and KYC procedures. KYC services prevent fake accounts from being created and can identify PEP or customer risk. Beyond financial services, KYC verification is used in many industries.

• Banking & Financial Services – Banking and financial services rely on KYC verification to screen against watchlists and verify user identity to prevent theft and fraud. KYC prevents fake accounts from being opened.

• Fintech & Payments – To prevent fraud and ensure AML compliance, Fintech and payment services use AML screening, fraud detection, and identity verification.

• Gaming & Gambling – Online gaming and gambling companies rely on a complete KYC verification. This is done to ensure users are of the legal age to gamble. Customer location is checked to ensure compliance with any jurisdictional laws. 

• Crypto & Digital Assets – KYC verification service offers instant identity verification, regulatory compliance, faster onboarding, and transaction monitoring. These help crypto and digital assets remain secure.

• Marketplaces & Regulated Digital Platforms – Any online marketplace or regulated digital platform can use the service for automating the onboarding process, meeting AML requirements, document verification, and identity checks. 

Competitive Context

The most trusted identity verification services will focus on providing a high-throughput ID check. This is a fast system used to verify large volumes of customers. Vendors like IDnow and Sumsub use these systems for access control. The KYC verification service from Qoobiss uses similar automation capabilities. The service is embedded in ONTRACE, a compliance and risk automation platform.

The ONTRACE platform reduces onboarding time and helps to lower operational costs. Since manual labor is eliminated, organizations can save money while enhancing security. Using advanced AI, biometric verifications are performed, which will ensure regulatory compliance. Our KYC verification service fits into ONTRACE and quickly verifies identities to prevent fraud.

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