Most companies that need to verify the identities of their clients find it challenging to select a KYC verification service provider. Of course, there are loads of identity verification services available in the market, and it is hard to know which one is better or will complement their business objectives.
Selecting an identity verification solution provider depends on several factors, starting from their prices to practices. This guide outlines some of the most important factors to consider when selecting an identity verification service.
Price Formation for KYC Verification
The first factor to discuss is how providers formulate KYC verification solution prices. It may include the type of services you are seeking. For instance, your business objectives may require you to adopt traditional verification solutions, where in-person attendance is necessary.
Such a type of service requires you to designate an individual or more to attend to the verification requirements or fraud-prevention knowledge, thus it requires more resources and capital.
On the other hand, if you are looking for new-age KYC solutions, it is best to go for an automated background verification solution, minimising the time and resources. Such a verification process also helps in fulfilling all the necessary compliance requirements and accelerates it. Furthermore, it is advisable to check for service providers’ certifications (NIST Standards, ISO 27001).
What do Clients Want from Identity Verification Solutions?
Usually, what draws the attention of potential clients to the KYC providers is the track record of identifying frauds. No one would want to work with identity verification solutions that fail to identify fraudsters.
Secondly, it might be the types and number of scripts, documents, and symbols that a specific KYC provider can process. Generally, the documents that identity verification solutions process are:
- Identity proofs (residence permit, driver’s license, passport, and ID card),
- Residential address proofs (utility bills or the lease contract),
- Income proofs (hiring agreements), and so on.
Thirdly, the clients would consider the amount of time the identity verification service takes to complete KYC verification. Clients need to make sure that this period of time is okay with their customers. After all, they need to perform security and identity checks to stop money laundering and other types of fraud. But they would not want to lose their customers in the process.
The Regulations Followed by an Identity Verification Solution
While selecting the best KYC solutions, it is also crucial to know the regional regulations that the company complies with. For instance, the education degrees and their names are different for different regions across the country.
Thus, the companies looking for identity verification solutions for education screening need to find one that meets the regulatory guidelines of their respective jurisdiction.
Understanding If a Company is Choosing the Right Solution Provider
While a company may know what they need from an identity verification solution, it is easy to land up with the wrong professionals. Many identity verification solution providers offer free consultations for the first time before the project proceeds.
During this discussion process, the solution provider will outline how they will implement the verification process so a prospective client can evaluate if it complements their business objectives. A client can also discuss any queries or doubts they have in detail during this process.
If a company has a compliance lawyer or department, they will estimate the worth of the identity verification process. The demo and discussion will showcase how the process will appear from the side of the end-users.
It will also outline the ease of using a KYC solution or identity verification for a support service or compliance team. Ease of use involves the simplicity of the user interface, reports, data processing, etc.
Generally, a detailed discussion on the matter offers users a clear idea about how the identity verification process will work for the clients. As outlined earlier, it is helpful to inquire about the service provider’s certifications and track record.
Conclusion
The details given above should offer a fair idea of all that goes into choosing identity verification services. If you’re on the lookout for an identity verification service, get in touch with AuthBridge. AuthBridge is an industry leader in steering identity verification and can offer the best and most efficient services.
