From almost no due diligence to in-depth risk profiling of customers and clients, the iterations of KYC and KYB norms have always kept Financial institutions especially FinTech companies on their toes.
Before the introduction of KYC norms, any individual could easily manage opening up a bank account without any significant check of identity or address proof. A proper due diligence procedure being absent, costed almost nothing to banks then.
However, with the introduction of the Aadhaar card and stricter KYC norms, the cost of customer due diligence was debated to reduce by a large margin. However, with growing digitisation, the blocker of accessing government data for due diligence also became a security nightmare. With the then-current banking systems, the data demanded robust security to prevent tapping.
To put things into a present global perspective, the lack of secured, automated, and compliant technology for credible KYC and KYB checks creates such a big void in the Financial world, that:
From the figures above, it is quite clear that the regular news reports of financial organisations being fined hefty amounts for KYB and KYC noncompliance is not just an intentional mistake, but rather a technological barrier globally.
This is exactly where Tartan’s Global KYB and KYC API suite comes to the rescue. The sector bears the brunt of tighter regulations and mismatched technology levels in use. The exact set of problems that our API suite caters to!
The process of KYC and KYB becomes seamless through such holistic integration, thereby securing the entire verification journey of customers, through automation, credibility, and most importantly global compliance.
Secure your business with seamless verification with Tartan!!
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