NFC for remote onboarding

What is KYC?

Create secure, robust, and high conversion remote 'Know Your Customer' onboarding processes with ReadID.

What is KYC?

Know Your Customer (KYC) is a term that refers to a set of processes orchestrated by various businesses and financial institutions to verify the identity of and minimise risk in relation to onboarding new customers.

These processes stem from various anti-money laundering legislations across the world and aim to prevent fraud, corruption, terrorist financing, and protect both the end customer and financial service provider.

The EU and UK have several pieces of legislation regarding this issue:

The 3rd EU Money Laundering Directive (Article 8)
The 4th EU Money Laundering Directive
The 5th EU Money Laundering Directive in combination with eIDAS
The 6th EU Money Laundering Directive
The UK Bribery Act
The UK Modern Slavery Act

Who needs KYC?

KYC processes are generally required for identity verification in financial services, especially the onboarding of a new customer or for the use of regulated products. This is common for the following services:

Banking
Credit unions
Asset management
Broker-dealers
Fintech apps
Private lenders and lending platforms

It’s not just the financial sector that benefits from KYC, however. Politically Exposed Persons (PEP) who may have relationships with politicians or government agencies often undergo KYC processes to ensure they are not at increased risk of corruption or bribery.

Why is KYC important?

Not only do KYC processes protect the service provider and the customer via compliance with regulations, but they also create trust through a positive customer experience. By implementing a remote KYC solution, customers can access products and services immediately. The modular nature of KYC processes means a custom solution for your use case is easy to achieve, with different forms of verification being implemented into a single app for ultimate user-friendliness. This kind of implementation is also cost-effective for you as a service provider as it optimises both conversion rates and customer acquisition costs via an automated app.

NFC has better conversion, much better

Our customers have logged first attempt conversion rates of over

Make KYC a breeze with ReadID

An NFC-based identity verification solution is ideal for these kind of KYC processes. NFC is highly secure and reads data directly from the document’s chip, leaving no room for the mistakes possible in OCR verification. Security is ReadID’s highest priority- that’s why we’re ISO27701, ISO27001, SOC2 Type 2, eIDAS and Cyber Essentials certified by independent auditors. We go beyond the baseline of security to ensure that both businesses and their end customers are adequately protected.

Furthermore, we offer a customisable identity verification solution to fit your business needs. This includes an SDK that can be implemented into your own app as well as a ready-to-use app that can be branded as you see fit. ReadID also partners with other solution providers to offer extra features, such as facial verification and liveness detection. ReadID was the first NFC identity verification app on the Play Store and App Store, and with our years of experience from 2014 onwards, Inverid can create the ideal cornerstone of your business’s KYC process.