KYC verification is probably the most popular verification program today. It is used by a large number of digital systems, which provide a registration procedure for its users.
KYC verification stands for Know Your Customer or Client verification system. This online service was originally invented for financial institutions and bookmakers. For a long time KYC check program was used for the regulation of customers of banks and exchanges.
The use of the KYC check has become so demanded because it allows verifying private persons as well as large companies.
Over time, KYC verification began to be used in other fields as well including e-commerce and entertainment sphere (virtual casinos, sports betting platforms, etc.).
Nowadays KYC check is an effective anti-fraud tool, which can advance any security system of any business.
If you want to implement a KYC check service into the protection system of your business, you need to find a reliable provider first. In the USA and Europe it is difficult to find a provider better than Covery.ai
This company is famous for the variety of offered anti-fraud solutions. The list of provided anti-fraud methods includes KYC verification as well. What is more, Covery provides such programs as AML and KYB, which are considered to be similar to KYC. For example, AML, which is an anti-money laundering system, which protects from financial frauds, is one of the most popular products of the company. Moreover, very often KYC and AML programs are acquired as a set.
How does KYC verification work? There is a plan:
- Send a KYC profile with a personal information of a user through API
- System analyses received data
- System gives you a report with variants of decisions (accept or reject)
The verification mechanism at AML program has the same simple structure.