4
min read

A no-code compliance manager to meet KYC and KYB requirements

Published on
July 6, 2022
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Payment service providers, merchant acquiring banks, online marketplaces and other regulated entities operating in the payment industry and payment market have a digitised, automated, and bespoke solution for KYC, KYB and AML compliance in ZignSec's No Code Compliance Manager.

Increase your customer acceptance rates

AML (Anti-Money Laundering) rules and regulations account for a variety of control and monitoring obligations being placed on companies operating within the payment market and the payment industry. The payment market consists of organizations, sole traders, and partnerships that are engaged in facilitating payment transfers between individuals and companies, or both, whereas institutions involved in payment processing such as banks, non-banking financial institutions, and others constitute the payment industry. Entities within both fields must meet KYC and KYB compliance demands. KYC (Know Your Customer) and KYB (Know Your Business) are regulated processes for verifying a private customer's identity or that of a corporate client and for assessing and monitoring risks with potential and existing clients. In the ongoing battle against money laundering and terrorist financing, the KYC process is a fundamental concept. The KYB process serves as a sentinel placed on what once was a blind spot that criminals were able to exploit by using financial relationships between businesses to conceal their identities and launder money.

Within regulated industries, hefty fines or even prosecution may be the consequence for a company that doesn't meet KYC and KYB requirements. Having digitised and automated processes with a seamless customer experience in real-time for customer onboarding, due diligence, and monitoring is essential, it is also a prerequisite for adopting an effective risk-based approach. Thorough and efficient automated processes allow companies to access information about the client quickly and act accordingly, time for decision making is reduced from days to hours. Manual regulatory compliance checks are cumbersome, immensely time-consuming, and vulnerable due to human errors. Whereas an automated KYC and KYB process improves operational efficiency, reduces fraud, lower operational cost, enhances the client experience and increases your customer acceptance rates.

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Utilise a compliance orchestration platform

Entities within regulated industries utilize numerous providers to apply several compliance solutions that in combination amounts to a regulatory compliant KYC and KYB process. International companies need various solutions and processes for specific countries and regions. In countries with eID schemes, a customer might prefer using their electronic identity, whereas verifying customer identities digitally by making use of physical ID documents or any other method is the standard somewhere else. Given the technical and administrative complexity of implementing and managing numerous different compliance solutions, workflows, and processes from various providers and touchpoints. And furthermore, considering the challenges of cross-border compliance and the ever-changing regulatory demands, it would be wise to unify, consolidate, and manage all your compliance solutions at the source of integration. Imagine being able to utilize an all-in-one SaaS solution ensuring your KYC and KYB compliance within all regulated industries worldwide via a single interface.

ZignSec offers an orchestration platform for KYC and KYB compliance solutions. We offer the tools you need to validate different customer identity aspects (e.g., online identity verification, biometric check, PEP & sanction checks, etc.), and everything needed for comprehensive due diligence. Our SaaS platform compiles the best available compliance solutions and allows connected organisations to pick-and-choose those for each specific business and country - all via a single interface to our API or Portal.

Verify and validate the legitimacy of your corporate clients

Evaluating corporate clients involves digging, investigation, and complicated decision-making. Our extensive portfolio of KYB-focused products and workflow solutions mitigate these efforts.