Know Your Customer Software
KYC Software can help financial institutions stay within regulatory bounds and meet the needs of an ever-changing marketplace. KYC, a provision in the Patriot Act, requires banks and other financial institutions to verify customers’ identity, and address any possible money laundering risks. It’s an understandable purpose, yet the need to continually examine customer information for financial risk analysis is tedious for bank employees as well as clients.
KYC Pain Points
With Liveoak Technologies, rather than require customers to appear in person to fill out necessary paperwork and verify their identities, compliance takes place in a virtual environment. Our KYC compliance solution meets KYC requirements for initial and continuing identity verification under KYC provisions.
Liveoak’s Virtual Interactions™ customer engagement platform provides an experience to replicate in-person interactions with a customer.
Bank employees see and capture an image of, and record, the remote customer by video conference, and upload a signature, all necessary photo identification, and supporting documents. All of the identity information, including every keystroke made by the client, becomes part of the System-of-Audit™ and the bank’s record.
KYC Compliance Software Transforms the Customer Identification Process
Because the law didn’t provide a standard for what types of information should be used to verify customers, banks could carry out their own due diligence protocols.
The result? Banks’ onboarding processes were varied and not regulated across the board. In some cases, banks could take weeks to complete the time-consuming and expensive process of opening new corporate and individual accounts.
Corporate clients chafe at the volume of banks’ requests for information. The Financial Industry Regulatory Authority (FINRA) adds more requirements to an investment account’s KYC rules, and the Securities and Exchange Commission expects institutions to acquire phone numbers, tax identification numbers, detailed employment and income information, and the client’s investment objectives.
Smaller and independent institutions especially struggle under the weight of the time and expense that goes into onboarding new clientele, then monitoring transactions to comply with KYC regulations.
Liveoak Technologies: A Leader in KYC Software Solutions
Liveoak partners with KYC software vendors providing turnkey solutions that cross-check data to fit the customer’s risk profile.
KYC software for banks enables employees to verify photo identification, checking the video of the new client against the photo ID. Biometrics technology can instantly identify person through facial recognition, iris scanning, or fingerprints. This allows Liveoak to confirm to your financial institution that the individual who you witness submitting the documentation is, indeed, who you think it is.
Transform your bank’s onboarding and continuing anti-fraud procedures. Contact us for a live demonstration, or to discuss KYC compliance in the virtual environment.