Best 5 Know Your Customer Software Solutions Providers 2023

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Know Your Customer (KYC) legal obligations

The acronym for “Know Your Customer” is KYC. It explains the procedure for confirming clients’ identities and getting rid of unscrupulous actors before they begin onboarding.  

To lessen fraud, corruption, money laundering, and terrorist financing, KYC checks are a requirement that must be completed upon creating an account and regularly after that. Using KYC software, companies can comply with Know Your Customer (KYC) legal obligations. These standards are laid out for some businesses, like banking or financial products.   

For many businesses, KYC software is the only way to gain more user information. That is done to stop fraud and other types of crime, such as supporting terrorism and money laundering.  You may find a user’s first and last name, address, and ID document using KYC software.  

This article lists the best KYC software solution provider.  

 
1. Hexaware  

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Hexaware provides end-to-end services and KYC solutions to support the whole value chain of Know Your Customer services, helping financial institutions to adhere to international regulatory standards such as;    

  • New client adoption / Client Onboarding  
  • KYC Periodic Reviews  
  • KYC Remediation  
  • Ongoing KYC / AML Monitoring  

Hexaware operates a specialized competency overseen by senior professionals with in-depth knowledge of international laws, operations management, and financial crime compliance transformation. They have also invested in a ready pool of skilled KYC resources to offer customers instant help and a quicker deployment cycle.  Why should you pick Hexaware? 

The Hexaware business operates a specialized competency overseen by senior professionals with in-depth knowledge of international laws, operations management, and transformation in financial crime compliance. It has also invested in a ready pool of skilled KYC resources to offer customers timely help and a quicker deployment cycle. 

Hexaware has also invested in a proprietary training architecture and technology platform to create knowledgeable, qualified professionals that excel in guaranteeing operational excellence and regulatory compliance. 

You can rely on the company mainly because, over the years, it has built its experience in the best practices for KYC. The other areas it has built its experience are; benchmarking data from the industry, excellence in operations, and a quality assurance system. Additionally, its employees have expertise in directing multiple major KYC initiatives.

2. VERIFF  

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Veriff provides cutting-edge technologies to make your KYC procedures simpler and more efficient. Veriff raises the accuracy and transparency of the onboarding process by incorporating AI capabilities into its products, enabling you to spot fraudulent behavior immediately and make the required adjustments.  

 
Higher fraud protection rates and quicker conversions of important clients demonstrate how Veriff’s automated and customer-focused strategy benefits consumers and businesses. The nicest part about Veriff is that you can use cutting-edge facial recognition and assisted image capture technologies to safeguard client accounts and convert more account holders. 

Veriff updates outdated authentication procedures and gives customers a secure environment.  

3. Trulioo  

By scanning its enormous list of 5 billion people in 195 countries, Trulioo (pronounced truly you) provides ID document verification. Access to 11,800 different types of documents, including residency permits and driver’s licenses, is offered by the company. It is perfect for satisfying KYC standards while also examining AML watchlists.  

Business verification is one of the many Trulioo products that may be accessed through API integration. A free program trial is available before upgrading to the Growth plan (for KYC and AML checks only). Business verification is also included in the Enterprise plan.  

4. KYC-Chain  

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You can do Know Your Customer and AML checks, verify IDs, and, perhaps more creatively, use blockchain KYC thanks to KYC-Chain. Its sister business, SelfKey, provides this second service, which enables customers to retain their KYC information on-chain. 

The business takes pride in its bank-grade compliance toolbox, which has a reaction time of 30 seconds and can scan more than 10,000 data sources across 240 counties.  

What sets KYC-Chain apart? Its experts can set up the system to your requirements and provide a solution for complying with current, future, and 50+ years of practical expertise in the financial and regulatory domains. 

Additionally, KYC-Chain will run your company internationally. They validate 4,000+ document types from 240+ nations in local languages, allowing you to onboard and verify clients anywhere in the world. By streamlining their workflow and automating the screening and verification process, the organization will help your compliance team swiftly assess and handle incoming consumers.

5. SALV 

Salv is a RegTech startup that offers AML software to banks and fintech, advancing their compliance strategies beyond the norm. Even though Salv does not offer complete KYC capability, it can save you time and money by weeding out bogus individuals and protecting your loyal consumers.  

It created technologically advanced solutions that aid banks and fintech firms in detecting financial crime and maintaining compliance. Companies may identify high-risk consumers, find suspicious transactions, and automate tedious processes that burden compliance staff using their AML software. 

With safe cross-border financial data sharing, its AML Bridge is a cutting-edge crime-fighting platform that is revolutionizing the future of the AML business.

Salv Platform handles consumer and transaction screening and monitoring for you using in-the-moment checks and editable rules. Thanks to its only counterparty monitoring tool, you can see all counterparties, including those who aren’t immediately identified as suspicious. 

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Conclusion  


KYC software is essential to create a successful onboarding process and monitor customer interactions for potential hazards. You get the ability to make wise judgments and follow through on them. Numerous elements of KYC software can increase compliance while opening doors for growth and innovation.  

Money laundering and fraud detection may or may not be covered, which might be a deal-breaker for institutions subject to regulation.  

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