Don't miss out! Join us at
2024 featuring Fraud Fight Club on April 25th
arrow icon

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

Post by:
December 8, 2021
Post by:
No items found.
December 8, 2021
KYC: How to Cut Costs, Reduce Vendors, and Increase Security & Compliance

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.

Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.