Automating the verification process

Home > News > Automating the verification process

Verifying who you are doing business with has become more challenging. In a recent interview with FinTECHTalents, 123signed Managing Director, Quent Rickerby, discusses how 123signed was developed to fully automate the entire verification process of KYC via a simple single integration, accessing numerous global databases.

What is 123signed – what problem are you solving?

123signed is automating the very complex environment of corporate and consumer onboarding and verification. Regulations are changing by the day.

What are some of the biggest pain points when it comes to KYC and verifying identity?

As the global economy becomes more local, verifying who you are doing business with has become more challenging. Every country has different levels of access to personal and corporate data and being able to access and verify that information is critical to run a regulated business. Traditionally, that meant having to integrate into several global KYC (Know Your Customer) suppliers and having the underwriting team manually send the data off to different providers for verification, which is very costly and time consuming. 123signed was developed to fully automate the entire verification process of KYC via a simple single integration, accessing numerous global KYC databases.

Who is using 123signed – who are your main customers?

Currently, payment acquirers have been our main customer focus. However, our technology is fully configurable to any industry that requires corporate or consumer identification and verification. This include markets such as banking, remittance, FinTech, crypto, insurance, card issuance or any industry that has KYC/KYB obligations

What advice would you give new startups in this space?

The advice we would give start-ups is do not underestimate your regulatory obligations to compliance and AML (anti-money laundering). The industry is going through a significant shift to stronger authentication of corporate information, personal data, verification and compliance screening. These increased rules are putting more pressure on the underwriting team and increasing the costs of compliance. Automating the verification of corporate and personal data is going to become more and more critical to reduce overhead costs of compliance.

123Signed will be presenting as one of the FinTech Stories at FinTECHTalents this November.

Leave A Comment