KYC made easy with VerifiMe
VerifiMe allows the KYC component of customer onboarding for financial planners and wealth managers to be completed quickly and conveniently and without the business needing to receive or hold copies of identity documents.
VerifiMe tokenises relevant identity information and allows those tokens to be passed against a specific AML/KYC ruleset, which is user configurable by the business needing to perform the identification check. If a customer’s pre-existing identity state passes a business’s ruleset, then the customer need only grant permission (with the click of a button) and nothing further is required. Where more information is needed the customer need only focus on addressing the gap (often just one document, such as a wholesale investor certificate), and does not need to completely redo an entire verification process.
Onboarding friction evaporates. Personal identity documents are not repeatedly copied and distributed. Customers have insight and control into who has access to their data. And the business performing the identification gets real time confirmation of compliance measured against its own AML/CTF program.
Once a client is onboarded the first time to VerifiMe, new KYC processes – for example for a new investment to an existing customer – are functionally instantaneous. This is revolutionary in terms of the convenience of the KYC process, especially for typically complex KYC entities such as family trusts and self-managed superannuation funds (SMSF).
The VerifiMe team, who have intimate knowledge of the financial sector, understand that customer identity verification is the most significant point of friction in financial advisory relationships, and the single greatest source of customer dissatisfaction in otherwise healthy wealth advisory relationships.
VerifiMe makes identity transactions as simple, safe and convenient as they should be. Find out how we can create a wonderful customer experience for your clients, while at the same time reducing your need to collect and hold data and ensuring that your AML/CTF program is being properly applied.