It’s Time to Automate your KYC Compliance

It’s Time to Automate your KYC Compliance

There is a strong case to automate KYC (Know Your Customer) compliance today. An increasing volume of online transactions and an increase in the rate at which these transactions occur, on top of the current Covid-19 pandemic, makes manual processes almost impossible. No ordinary compliance team can keep up and bringing more analysts onboard is not cost effective. 

The good news is that cost efficient and compliant automated KYC solutions exist and are easy to deploy. This includes processes for validating and extracting data from government issued identity documents, validating PII (personally identifiable information) data and more. Acuant Compliance KYC is designed to deliver more efficient operations and better results through easy to adopt AI-powered automation.  

The process around moving your compliance operations to a Regtech solution is importantHowever, it’s important to know that it’s not magic it’s a process that you go through that looks at what you are currently doing, the data that supports it and maps it into software supported processes  

When we work with a client looking to deploy our KYC solution, we walk through a step process designed to smooth the path to adoption and transition into a cost-effective KYC operational process.  


STEP 1: Inventory 

In this step, we work with you to identify your key KYC use cases and understand how they map to your Customer Identification Program (CIP) 

STEP 2: Digitize 

In step two we write down all the data that is required by the use cases in step oneand we map it to the API data fields required by the platform to evaluate and operationalize such use casesIn essence you turn the use cases into digital form.   

STEP 3: Operationalize 

In this last step, we look to move the processes and data discovered in the previous steps on to the Acuant platform. We focus on the operational activities and, in how to leverage the operational frameworks and tools that the Acuant platform offers to make your processes as efficient as possible.  


Customer Example: Digital Marketplace 

This customer has a marketplace app that allows users to buy and sell items quickly on their smartphone. The app is known for ease of use and unique shipping that allows users to ship items anonymously from local stores through agreements with post offices. 

In working through the process, we saw that we could automate much more of the process and allow the marketplace’s analysts to be less involved in ops and more involved in escalations and decision-making. The system even supported the ability to auto assign cases based on analyst expertise.   

With automated KYC we allow you to elevate and exponentially grow your business without having to acquire new tools. You can go from having 100 KYCs per day to 10k or even 15k without having to re-evaluate your configuration– and provide a better customer experience. 



Register for Webinar: Adopting KYC Technology For Compliance and Fraud Prevention in the Onboarding Process


Let's Talk Support