What is KYC software?

Howard Schulman

Banks must verify the identity of their clients “when opening an account and periodically over time. KYC checks are done through an independent and reliable source of documents, data, or other information. Each client is required to provide credentials to prove identity and address. In order to comply with KYC regulations, KYC Software helps make this process more streamlined.  Lightico’s KYC Software simplifies this for both banks and their customers through digitization. Customers simply send a government-issued ID to their bank, along with a live selfie with their mobile phone camera. Lightico uses forensic-level forgery and spoofing auto-detection to determine whether there is a match.

Statistics

  • A Top 5 Global Bank reduced its risk analyst workload by 90% using our platform. (rdc.com)
  • The best systems still yield 5-7% false positives that must be cleared manually. (kyc2020.com)
  • 80% of costs of AML compliance are from manual activities? (kyc2020.com)
  • Eighty-nine percent of corporate customers have not had a good KYC experience – so much so that 13 percent have actually switched to another FI as a result. (trulioo.com)