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KYC: How to Cut Costs, Reduce Vendors, and Increase Security & Compliance

Prove
December 8, 2021

Know Your Customer (KYC) checks are a critical compliance step in the onboarding process for companies in the financial, payments, gaming, cryptocurrency, insurance, and investment industries. Unfortunately, KYC processes can often be costly for businesses and a pain for new users attempting to sign up. Businesses also cite the number of anti-fraud/AML vendors they need to use to comply with KYC regulations to be an issue, with many businesses requiring several different vendors to fulfill various types of requirements.


In speaking with many business and compliance leaders, we’ve heard loud and clear the KYC challenges that so many businesses face today. Of course, business leaders want to do everything in their power to stop criminals from using their services illegally, but they also want to make it easy for legitimate customers to onboard digitally.


To help more businesses make digital onboarding a breeze while meeting regulatory requirements and bolstering security, we’re excited to announce that our award-winning Prove Pre-Fill™ and other onboarding solutions now include KYC services at no extra cost


What does this mean for you? If you are juggling numerous vendors for customer onboarding to mitigate fraud and achieve KYC compliance,  you can breathe a sigh of relief because Prove Pre-Fill with KYC will enable you to streamline your onboarding flow with one continuous and fully-integrated identity proofing and KYC process. This will result in substantial cost savings for Prove customers who will no longer have to pay extra for global sanctions, watchlists, and politically exposed persons (PEP) screenings.


“Wait, what’s Prove Pre-Fill again? Prove Pre-Fill is an award-winning digital onboarding solution that streamlines customer acquisition, reduces fraud, and boosts revenue


Prove Pre-Fill leverages mobile and telecom signals to:


  • Auto-fill online forms with verified customer data from authoritative sources
  • Authenticate consumer identities to thwart account opening fraud such as synthetic identity fraud
  • Offer users a faster, more secure, and consent-driven sign-up process 


In short, think of Prove Pre-Fill as your secret weapon to improve customer onboarding, reduce fraud, and boost revenue. 


“How will no-cost KYC make Prove Pre-Fill even better?”
Prove’s no-cost KYC solution is continuously updated with a robust set of data sources so as to provide customers with a highly accurate and frictionless way to comply with stringent KYC regulations while still accelerating onboarding. Benefits of Prove Pre-Fill with KYC include:


• 70% average reduction in false positives

• 95%+ Match Rates with Prove Pre-Fill: industry’s lowest KYC false positive rate

• 80% reduction in form fields

• Fully integrated compliance decisioning

• Sanctions, watchlists, and politically exposed persons (PEP) screening 

• Robust set of data sources: 

  • 1,000+ of official sanctions, regulator, and law enforcement watchlists
  • 15,000+ PEP sources; checked for updates daily
  • Global Coverage: 200+ countries and territories in 14 languages


“This sounds too good to be true. Why are you giving away KYC solutions for free?”


Providing our customers with best-in-class KYC solutions aligns with Prove’s mission to be the global standard for trusted digital identity. Given that KYC is a mandatory step in the onboarding process for many of our clients, we believe there should be minimal barriers to adoption. By providing free access to KYC services, we can ensure our clients are in compliance with the law at no additional cost. 



Interested in learning more about Prove Pre-Fill with no-cost KYC? Download our Product Guide for more information.


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