Choosing the right KYC provider can be a tough decision for many companies – and one that can have a major effect on the success of their business. We’ve developed a buyers guide to help you make an informed decision when selecting your KYC provider.
This monthly update includes a quick Buyers Guide for selecting the right KYC provider.
There are numerous key points and capabilities that a KYC provider should offer – and which need to be evaluated before opting to integrate the provider’s technology with your own platform and/or business.
Some of the main ones to consider are:
1) Compare apples with apples:
Make sure the vendors that you’re comparing offer similar types of identity solutions. For example, it doesn’t make sense to compare a database solution to an online identity solution unless the use cases and outcomes are comparable.
2) Have a representative sample:
If real-world transaction volumes are high, the evaluation should take advantage of a large dataset – not just a few transactions that will lead to comparatively better, more representative samples.
3) Test legit IDs as well as fake ones:
Fraudulent transactions typically make up less than 1% of total transactions reported, so testing the right mix of legitimate and fraudulent transactions will help you gauge each vendor’s ability to identify both good and fake IDs correctly. This should include tests for expired dates, anti-tampering, false pictures/videos, and fake documents.
4) Test under less-than-ideal circumstances:
When capturing IDs and identity selfies, make sure to include sample IDs taken with bad lighting, low resolutions, blurred or glared images, and folded or bent IDs. Again, the goal should be to simulate the real world as closely as possible.
Perhaps the most important factor of any decision to choose a KYC solution provider – after all the above points have been considered – should be whether the provider has demonstrated the ability (and determination) to continue adapting their offering in the long term.
Are you looking for a market-leading automated KYC tool for onboarding your corporate or individual clients?
Get in touch, and we’ll be happy to discuss how KYC-Chain can be your partner in the process.