We all understand the importance of customer due diligence and KYC. Without these procedures, it’s difficult to protect the global financial system from money laundering and financing illegal as well as criminal activities. However, it’s not easy to collect data for the KYC check. That’s why the KYC registry is designed.
A global platform for sharing KYC data
In order to identify a customer, banks need to collect specific information and documentation. However, this process takes time and is extremely complex. With KYC Registry, businesses and banks can solve this problem. This is a secure global platform that provides predefined data fields and document types, making it easy to collect data for KYC checks.
In fact, this platform has attracted thousands of financial institutions to publish their KYC data as well as receive data from their counterparties. The registry can make the KYC process between banks and corporates more simple.
There are a lot of KYCR (know your customer’s rules), and of course, KYC registry must be a platform where these rules are followed. That means all the banks or financial institutions in the platform have to agree with these rules such as sharing their data, etc…
KYC registry is a perfect way to share KYC data
This is a central platform that allows you to strengthen all your KYC requirements thanks to its large data fields and document types.
KYC registry control who can and can’t access your data
You know who accesses your KYC data with a complete audit trail of all activities.
Accelerate your KYC processes globally
When the registry is built, all banks around the world have agreed on a common set of data and document types that will be used for KYC.
KYC registry can help banks and organizations be more efficient. The platform allows banks to perform KYC checks on their correspondents as well as their corporate customers. Besides, it meets KYC requests from different banks.
How does KYC registry work?
KYC registry is helpful. That’s why many banks and financial organizations have engaged in it. In order to be a part of this platform, you must follow these steps:
First of all, you must gather your data by identifying all the information you need. In addition, check any processes that might be required for approval or maintenance.
Next step, you need to create your account on a KYC registry platform and start to contribute by inputting your KYC information on the registry, making sure it is correct, compliant, and safe.
Afterward, you can share your information and allow access to the relevant entities so that they can access your KYC documents.
Electronic KYC verification (eKYC)
While you learn about the KYC registry, it’s also important to know about eKYC. Everything you do, you should take advantage of digital processes. Although digital techniques can’t be used for KYC in some situations, full digital KYC is still the future. Here are the reasons why eKYC will have a promising future.
It improves the speed
Traditional methods take too long for the onboarding process and this is damaging client relationships. Not to mention, they have a negative impact on the brand. Faster eKYC processes improve the experience of your customers.
It enhances the accuracy
If your process includes a lot of mistakes, it will cost more and take more time to complete. The eKYC can automatically check for errors and fix those mistakes more quickly.
Reduce the cost
You still have to pay for using eKYC systems, however, because they have faster speeds, better accuracy, and enhanced utilization of compliance resources, they can reduce the cost significantly and improve scalability.
It’s more adaptable
There have always changes in regulations, which means compliance systems need to correspondingly change. The eKYC system can almost instantly adapt to new changes.
In the eKYC system, APIs are used to easily add functionality. It adds new APIs all the time, so the system has new capabilities with just a simple integration.
Easy for tracking or reporting
Digital data allows for easy analytics, tracking, auditing, and reporting systems. This creates a lot of opportunities for optimization and strategic analysis.
Improved customer experience
eKYC is undoubtedly a quicker process, it is also easier for the customer. Thanks to the advancement of digital technology, it delivers a smooth, convenient experience. That’s how customers want to stay.
KYC allows for a better work environment. As a result, you will have a more engaged workforce.
As you can see, a KYC registry is necessary to ensure that KYC checks are done quickly and effectively. This platform has big data and large storage for any kind of information. If you think KYC is good for your business, let Omatech find the best solution for you and enhance your customer’s experience.