KYC identifies and verifies a client’s identity in onboarding processes and periodically over time and is essential to limit fraud. However, finding the right KYC provider takes work, and you must consider several factors when choosing the more suitable one for your company.
Service, Document & Language Coverage
These factors are critical, primarily if your business operates globally. In this case, your KYC provider needs to provide service coverage globally or in the regions where your company operates and should understand the changing regulations within these countries. Furthermore, your KYC provider should also be able to access official documentation in these countries and verify any national identity in the corresponding language and format.
Technology Usage
When choosing a KYC provider, you should ensure that they help you achieve your goals and legal requirements. For instance, if ID verification is all you need, or whether you need additional services such as AML and anti-fraud. In this case, ensure that your KYC provider has the appropriate technology and resources to offer these services.
Efficiency
Not only does the technology the provider uses affect the services that they can provide your business, but also the efficiency of the processes. You should look into whether the provider uses dated practices or automated AI-based functioning, their timings, and their type of verification process. Consider the difficulty of integration to avoid extra costs and prolonged timings.
If you are still trying to decide which provider is best for your business or need more time to go through an intensive search process, Be1B can help you ease this workload. At Be1B, we have partnered and integrated the service of multiple KYC providers worldwide who meet all these requirements, which allows us to find the best for you depending on your business needs.
