KYC Software For Complete Compliance. Simplified.

KYC software is a digital solution that businesses use to comply with KYC requirements and verify customer identities. This helps companies ensure proper risk management and fraud prevention, as KYC is part of a bigger Anti-Money Laundering (AML) framework and works as a first-line defense against bad actors who forge documents and use them to bypass KYC checks. For this reason, powerful software, such as iDenfy’s KYC solution, needs to be used to ensure both compliance and security.

KYC software collects and analyzes the user’s personal information, such as their full name, date of birth, and other credentials like address information or SSNs, depending on the use case. To gather this data, the software uses AI and machine learning to automatically assess documents like government-issued IDs, utility bills, or the person’s biometric information. KYC software, such as iDenfy, consists of other KYC solutions that are designed to seamlessly verify a user’s identity online. These include AI-powered Risk Assessment, watchlist screening, Proof of Address verification, adverse media screening, AI database cross-checks, and more.

When choosing KYC software, assess the provider carefully and prioritize three aspects: accuracy, efficiency, and ability to detect fraud. Other factors, such as easy integration or a large supported KYC document base, are also vital. At iDenfy, we’ve designed a KYC toolkit that is fully customizable for various industries and use cases, meaning that it helps you to manage your own onboarding flow, choose the preferred KYC method, and meet regulatory standards while fitting your business’s specific needs.

Look for features such as document verification, biometric verification, database verification, PEPs and sanctions screening, address verification, risk scoring, and ongoing monitoring, among others, depending on your industry and regulatory requirements.

For example, e-commerce merchants need to implement a less strict KYC flow, while high-risk regulated entities such as financial companies often need to combine at least two KYC methods, such as document checks and biometrics. A diverse KYC software like iDenfy also supports compliance with local and international regulations.

KYC software uses enterprise-grade encryption, secure data centers, and access controls to protect sensitive information. KYC software providers are fully compliant with various data security requirements and have certification for upholding the highest standards of security when it comes to data security. For example, iDenfy is fully compliant with the GDPR and other regulations and can help you manage personal data by retaining records for up to 8 years, depending on your compliance needs.

By choosing AI-powered KYC software, you can minimize the workload for analysts and onboard users via a fully automated and simplified process. The end-user often follows a few steps and uploads a document photo for the software to analyze and extract personal information from. Since everything’s done automatically, this helps speed up onboarding and enables faster approvals while improving user experience.

This approach works well for small companies and big corporations, as you don’t need to hire your own in-house KYC specialist team, can save costs, and scale faster while onboarding thousands of users daily, depending on your operations.

Yes. iDenfy offers a free trial for its KYC software, which you can use to see the identity verification solution in action and get a hands-on experience of the dashboard, see statistics, and all the features that come with the Premium plan. The free trial includes 14 days of access and 10 free identity verification checks at no cost.