Types of Identity Verification Explained

Boosting your investment

Our vast suite of face-to-face, digital and bespoke training solutions are designed to help you optimise your use of our platform. It covers everything from onboarding enablement, and product training; helping you become a super user.  The common objective of all our courses is to help you make the most of your FullCircl investment, and have the best user experience possible.

What’s more, our courses are CPD-accredited.  This allows you to accrue development hours and remain constantly up to date with the latest industry standards, techniques, and knowledge you need to drive continuous value.

‍Transforming your team

Our Training and Enablement team are constantly evolving to stay ahead of the latest learning and development trends - such as personalised and interactive learning, micro-learning and bite-sized content, soft skills training, and continuous development techniques which adapt with you and your needs.

Evolving with you

So, what’s new with the team, and what does this mean for you?

‍Time for a refresh:‍

Following the merger with W2 and the expansion of our range of advanced AML, KYC and IDV tools, we had a total refresh of all our courses.  We’ve also significantly broadened our suite, which now includes:

• Essential training to help you get set up for success.
• Advanced training which takes you on a continual learning journey, constantly equipping you with the skills to drive growth with compliance solved.
• Two new LinkedIn courses to help you become an established thought leader, increase engagement, and forge effective networks and collaborations.
• Bespoke training…

‍Personalised learning experiences:

Ahead of the curve, our training sessions are not generic programs, but instead bespoke learning experiences designed to cater to the needs of our diverse range of learners, preferred styles, and unique business and market-specific needs. A one-size-fits-all approach simply doesn’t resonate anymore, so we continuously work to improve our range of personalised learning experiences - recent offerings have included needs-based courses such as identifying underinsurance, insight-led outreach, and cyber security focused initiatives.

‍Broader consumption options:

As well as face-to-face, virtual and self-paced e-learning, we’ve recently introduced bite-sized training. This micro-learning technique delivers content in small, focused chunks and has been proven to drive up engagement and knowledge retention, and make continuous learning more manageable.  Our new hybrid approach to training is designed to map and mirror your own modern working environment.

‍Monthly lunch and learns:

We’ve introduced a new range of 30-45 minute lunch sessions (held on the second Wednesday of every month) covering soft, professional and practical skills and mental wellbeing. Sessions include ChatGPT, PowerPoint perfection, Excel essentials, presenting with impact, LinkedIn 101, task and time management, and working from home optimisation.

‍BIBA Webinars:

Following the success of our BIBA facility, we’ve teamed up to host a range of free interactive webinars to help generate new leads, initiate timely engagement with clients, prospects and industry thought leaders, and increase revenue.  These sessions attracted more than 250 delegates each, and received the highest satisfaction scores in delegate feedback among all BIBA webinars.

‍More post-learning support:

We’ve expanded our range of post-training support options to include mop-up sessions, informative PDFs, bite-sized videos, and session recordings.  This helps us cater to diverse learning styles and needs, and ensure you always have the resources your require at your fingertips.

But we’ve not stopped there…

When we succeed, our customers succeed

We know that our success helps drive yours.  This is why we introduced the new FullCircl Leadership Enablement Programme, designed to help our own team develop essential leadership skills through a structured, interactive approach.

The course consists of six core modules where participants explore self-leadership, learn to create a supportive environment by addressing unconscious bias and fostering trust, and establish clear expectations and goals. Emphasis is placed on building strong individual and team relationships, delivering effective feedback, and mastering coaching techniques.

The FullCircl Training and Enablement team is committed to helping you stay at the forefront when it comes to starting smarter, to grow faster with compliance solved.  Our effective and accessible training solutions support you in creating dynamic user experiences, empowering skills development, and help you and your business continually evolve.

To find out more about how we can help maximise your investment in FullCircl, get in touch. Or why not see us in action by joining one of our complementary public training sessions.

As regulatory pressure rises, regulated businesses face growing pressure to ensure that they are actively complying with the latest Anti-Money Laundering (AML) regulation whilst providing a seamless customer experience.

As the risks of financial crime escalates, AML identity verification has become a critical process to protect financial systems and prevent illicit activities. But what exactly is AML, and why is identity verification (ID&V) so essential in this process? In this blog, we’ll break down the core components of AML identity verification, its challenges, and future trends.

What is AML and identity verification?

Anti-Money Laundering (AML) refers to the regulations, processes and procedures implemented by regulated businesses to prevent criminals from disguising illegally obtained funds as legitimate income.

These regulations are designed to identify, track, and report suspicious activities that could be linked to money laundering or other financial crimes. Customers are typically screened against Politically Exposed Persons (PEP), sanctions, and adverse media lists to gain an understand of their risk profile.

Identity verification is the process by which businesses, particularly in financial services, verify the identity of individuals who are attempting to open bank accounts, access services or conduct financial transactions.

IDV involves collecting personally identifiable information such as name, address, date of birth, and Government issued identification documents. Once the information is received, businesses will verify the information against data sources such as Credit Reference Agencies (CRAs), electoral information, telco, and other premium data providers to find a match.

AML and identity verification work hand-in-hand as part of Customer Due Diligence (CDD) regulation, and verifying the identity of customers is a foundational element in AML compliance.

When regulated businesses perform electronic AML and identity verification, they aim to ensure that the individual engaging with their services is who they claim to be, and not someone attempting to commit fraud or engage in money laundering.

By following an AML identity verification code or practice, otherwise known as a risk-based approach, companies can avoid hefty fines and protect their reputation while meeting legal requirements.

Why is AML and identity verification important?

AML and identity verification play a vital role in safeguarding regulated businesses and the broader financial ecosystem from misuse. Without proper identity checks, money laundering becomes easier, which can have a ripple effect on economies, from funding terrorist activities to destabilising businesses.

Mitigating financial crime

The main goal of AML checks is to prevent money laundering and other financial crimes. By implementing stringent AML and identity verification measures, companies can reduce the risk of their platforms being exploited by bad actors.

In 2023 alone, banks, gambling operators, and cryptocurrency exchanges were fined a combined $7.1billion for money laundering failures, further demonstrating not only the risk to a business if correct protocols aren’t followed, but also that many businesses are still not fully compliant.

Ensuring compliance with regulation

Authorities like BSA (Bank Secrecy Act), the FCA (Financial Conduct Authority), and other AML regulators require regulated businesses to follow strict guidelines, including money laundering and identity verification regulations. Failing to comply with these regulations can result in penalties, reputational damage, and even the closure of the business.

Enhancing customer trust

Customers want to feel secure when using financial services. A strong AML identity verification process reassures users that their accounts and transactions are being monitored for suspicious activities, and that correct verification has taken place at the point of account opening, fostering trust in the institution.

What challenges are involved in AML and identity verification?

Although AML verification is critical, the process is not without its challenges. Regulated businesses often face a balancing act between maintaining a strict compliance and providing a smooth onboarding process for legitimate customers. Some of the main challenges include:

1. Evolving regulations: AML and Know Your Customer (KYC) regulations are continuously evolving, making it difficult for financial institutions to stay up to date with the latest requirements. Different countries have varying money laundering and verification of identity standards, which further adds to the complexity.
2. Technological barriers: Although digital verification tools are on the rise, not all customers have access to the necessary digital identification resources. This can delay the onboarding process and create frustration for customers.
3. False positives: Stringent AML systems sometimes generate false positives, flagging legitimate customers as suspicious due to minor discrepancies in data. These errors can lead to unnecessary delays in onboarding and negatively impacting customer satisfaction.
4. Privacy concerns: Verifying customer identities often requires accessing sensitive personal information. Ensuring data security while complying with strict Anti-Money Laundering requirements is another hurdle regulated businesses must navigate.

The importance of combining AML and identity verification

Incorporating electronic AML and identity verification into the customer onboarding process is no longer just about meeting legal requirements, it’s a crucial factor in enhancing customer satisfaction.

Recent research from FullCircl discovered that 70% of consumers would consider abandoning the account opening process if it took longer than 10 minutes. Long and cumbersome identity verification processes can lead to customer frustration, damaging relationships and increasing churn rates.

By combining AML verification with cutting-edge technologies like artificial intelligence and machine learning, institutions can streamline the onboarding process, reduce errors, and ensure compliance without sacrificing user experience. For example, automated systems can quickly cross-reference customer information with databases in real-time, flagging high-risk individuals while fast-tracking low-risk ones.

Additionally, improving AML verification of identity procedures allows institutions to onboard customers more efficiently while maintaining a robust risk assessment framework. Faster customer KYC processes mean quicker access to services, which not only enhances satisfaction but also strengthens the company’s reputation for being both compliant and customer focused.

Future trends for AML and identity verification

The future of AML identity verification is dynamic, with several emerging trends shaping the way financial institutions approach compliance and customer identification. Some of the most impactful trends include:

1. Increased use of AI and machine learning: Artificial intelligence is revolutionising the way AML anti-money laundering systems detect suspicious activities. By analysing patterns in customer behaviour and transactions, AI-powered systems can improve the accuracy of risk assessment and reduce the number of false positives.
2. Blockchain technology: As blockchain technology continues to evolve, its decentralised and transparent nature could transform how institutions conduct identity verification. Blockchain’s secure, immutable records could provide a more reliable means of verifying identities while reducing fraud.
3. Biometric verification: The use of biometrics like facial recognition, fingerprint scanning, and even voice recognition is becoming more prevalent in AML verification processes. Biometric data provides a more secure, efficient, and user-friendly way to confirm identities.
4. RegTech solutions: Regulatory technology (RegTech) is a fast-growing industry that focuses on automating and improving AML compliance. These solutions can help financial institutions stay ahead of changing money laundering regulations and identity verification standards, reducing the need for manual intervention and enhancing efficiency.
5. Global collaboration: As financial crime becomes increasingly global, there’s a growing need for cross-border collaboration among regulatory authorities. Financial institutions will need to adopt standardised AML identity verification practices that are recognised internationally to stay compliant and prevent fraud on a larger scale.

How FullCircl can help

FullCircl works with 500+ regulated businesses including tier 1 banks, gambling operators, neo-banks, and challenger brands to help them start smarter, to grow faster with compliance solved.

FullCircl’s clients benefit from combining AML software, KYC software, and identity verification software through a market leading orchestration platform, ensuring that compliance and customer satisfaction remains a competitive advantage and regulation headaches are avoided.

Want to learn more? Book a demo here.

In August 2023 we launched our exclusive SmartBroker facility for BIBA members. Just two months later we announced the integration of SmartBroker into the Acturis platform to deliver an even richer, more contextualised, and super connected data solution.

The facility and integration attracted a lot of attention, with BIBA hailing it as one of their most successful launches ever.

FullCircl + BIBA +  Acturis is a trifecta of success - taking the knowledge, guidance, and experience of BIBA, quantifying this into rules and data insights within FullCircl, and surfacing them to generate meaningful opportunities for growth within Acturis.  

A year on, it seems like a good opportunity to evaluate the success of this venture, and the difference it’s making to the broker community in the UK. Let’s break down the number

FullCircl broker success by numbers

• 20 BIBA members have been onboarded to the facility, most of which are operating with an engagement score of over 70.
• Generation of new opportunities is delivering an average 6.11x ROI.  
• Improvements to data quality are delivering on average 43.9x ROI.  
• Time savings are generating an average of 4.9x ROI.  
• Brokers are achieving typical renewal retention rates of 95% .
• Brokers are delivering 94% faster onboarding speeds.
• SmartBroker is delivering insights on 5.3 million companies per day into Acturis and 3 million email alerts annually, thereby helping democratise access to data
• Brokers are realising £600k+ savings on the cost of compliance.
• CPD-accredited webinars for BIBA members have their achieved all-time highest satisfaction scores of 99.64%.
• Spotting the potential to provide regional brokers with a new way to win business locally without having to rely on referrals, AVIVA worked with us to trial a new Club 100 facility. This gave brokers 6-month paid access to the platform, and demand certainly outstripped expectations. To date 110 brokers have signed up.

Why have brokers achieved so much so quickly with FullCircl?

In the last 12 months we’ve not only democratised access to data across the entire broker landscape.  Uniquely we’ve also helped them prospect with precision, deliver tailored outreach at scale, provide better underwriting submissions, increase client retention, meet compliance duties, and cultivate existing books of business efficiently and cost-effectively.  

Delving a little deeper, FullCircl SmartBroker has helped brokers in a number of key ways:

Efficiently identify and win new customers

Our connected data solution has helped brokers better understand client needs and offer tailored policies and support, as well as the chance to re-examine their total addressable market (TAM) and expand their reach both geographically and demographically. Crucially, we’ve evolved the system directly in response to broker demand. For example, in the last 12 months we’ve made SmartBroker more functional for brokers seeking to attract and retain SME business.  We’ve worked with data providers to help brokers access previously hard to find financial insights that can help them respond innovatively to unmet needs and exposures.

Automation

We’ve saved brokers considerable time by pre-populating forms and automatically enriching them with supplementary data from verified sources. This has not only improved data quality and reduced the administrative burden, but has also allowed brokers to offer faster and more accurate quotes and spend more time doing what they do best - providing advice and service that supports and protects their clients.

Faster onboarding

Our brokers are running automated screening and onboarding checks, to streamline pre-qualification and deliver seamless onboarding journeys that improve the overall customer experience, making it even easier for clients to do business with them. Not only does this reduce manual errors and improve onboarding speeds and experience, but importantly it helps meet compliance obligations.

Customer relationship management

The integration of super-connected and enriched data and insight on companies and the officers inside them into Acturis has helped brokers manage relationships, track interactions, improve in-life monitoring, deliver personalised experiences, elevate renewal rates, and expand upsell opportunities. Brokers using SmartBroker are receiving daily insights about key changes to their prospects and clients, allowing them to provide relevant support and guidance, that cements their status as a trusted advisor.

Improve relationships with underwriters

Enriched customer data is serving to significantly improve underwriting submissions, eliminating knowledge gaps and ensuring comprehensive, full, and detailed submissions every time. As a result, underwriters can assess risks more accurately, and come back with policies that are responsive to individual needs and outcomes. Win-win.

Regulatory compliance

We’ve helped brokers automate regulatory compliance, reducing the risk of penalties and ensuring brokers always cost-efficiently operate within regulatory boundaries. This has been particularly apparent when it comes to adherence with the Consumer Duty regulations and the increasing focus on customer-centric, outcomes-based products and service. Strategic use of the AI-powered tools and data analytics available within SmartBroker has helped brokers deliver a best practice approach without incurring significant financial and resource burden.  

Looking ahead to more broker success

We’re on a mission to help brokers start smarter, to grow faster with compliance solved.  

In the last 12 months we’ve shifted the paradigm of collaboration within the insurance market for the benefit of brokers. Not only are we solving current challenges, but we are also perfectly positioned to support the next generation of insurance broker success.

Don’t risk FOMO. Get in touch today to find out how we can help you drive a new era of broking success.

Conducting an evaluation of the platform has numerous benefits.  

It’s the best way to gather first-hand experience of what using the platform and working with us will really be like.

And it’s also a chance to gain an in-depth understanding of our capabilities in a low-risk environment, within the context of your unique business requirements.

This can help minimise risks, assist with c-suite buy-in, and boost the chances of a successful implementation and ongoing partnership.‍

Benefits of a FullCircl evaluation‍

• Assess the impact of FullCircl on your people and your operations.  
• Measure FullCircl’s performance in real-world scenario.
• Test how strong our data coverage and quality really is.
• Test the customisability of functionality for your requirements e.g. how easy is it to build custom workflows.
• Check you can hit your key KPIs/metrics in a controlled environment.
• Establish proof of value and return on investment.
• Gather vital user experience feedback.
• Test scalability and assess what your future state might look like.
• Measure the operational impact such as workflow efficiency and time savings.
• Evaluate the FullCircl experience – technical support, service, training, resources and so on.
• Assess competitive advantage.

It’s also a good opportunity for us to experience working with you, so we can accommodate any unique requirements in a customised solution.

What does an evaluation with FullCircl look like?

We offer several options – a 4-week pilot, 6-week provisional access, 4-week API trial, and an identity solutions trial. In all cases, a FullCircl trial is a well-planned and carefully executed experience to ensure it meets your individual objectives and goals, and is optimised so you can test the integration and gather quantifiable results.

Stage 1 – Pre-Evaluation

During this stage we will establish what you want to achieve along with your success criteria. This typically involves a series of kick-off meetings, including day-in-the-life calls with potential users where we will determine the scope of the trial, the features to be tested, level of stakeholder and user involvement, resources requirements, KPIs, and more.

Stage 2 – Launch Training

This is an interactive face-to-face session with all stakeholders and users. It includes a full demonstration of the platform, and training for all pilot participants to ensure they are comfortable using the functionality within the FullCircl platform.

Stage 3 – The Evaluation

We will implement the evaluation in accordance with the scope agreed, ensuring users are supported to ensure maximum benefit, and stakeholder decision-making is empowered. During the trial we will collect data on usage metrics, performance against goals, and issues encountered. A mid-point evaluation and weekly calls will also help gather qualitative insights into the user experience and any potential areas for improvement.

Stage 4 – Wrap up and Next Steps

Post-evaluation results in the form of user feedback calls and stakeholder reviews, as well as quantitative assessment of outcomes against the pre-defined goals, will assist in the preparation of a comprehensive report and recommendations for a full roll-out.

A proven process to demonstrate value and drive success

We understand that integrating and managing a new platform can come with it's reservations. That's why our proven process will ensure that your team can not only maximise the value of FullCircl during the trial phase, but throughout your relationship with us.

Results-driven proof of value

To give you an idea of typical evaluation outcomes:

• A leading digital-first bank achieved a 50% uplift in time savings and 5.1 x ROI.
• A tier one bank achieved £250k deal income.
• A well-known high street banking group processed applications 50% faster.
• A leading mobile provider generated £500k in potential pipeline and identified 5,000 new connections.

Here's how FullCircl has generated significant time savings:

• An average of 3.5 hours saved per user each week.
• A total of over 2,089 hours saved per week when extrapolated across a potential user base of 597 FTEs, equivalent to the workload of 52 FTEs.
• Equivalent to over 22.75 days of additional productivity per user per year.
• An estimated savings of over £2.6 million a year.

So how does FullCircl data processing compare to other platforms?

Financial information

• Without FullCircl - 23 minutes
• With FullCircl - 9 minutes (60% time saving)

News insights

• Without FullCircl - 14 minutes
• With FullCircl - 6 minutes (57% time saving)

Audit reports

• Without FullCircl - 11 minutes
• With FullCircl - 7 minutes (36% time saving)

Credit data

• Without FullCircl - 10 minutes
• With FullCircl - 6 minutes (40% time saving)

Website

• Without FullCircl - 20 minutes
• With FullCircl - 8 minutes (60% time saving)

Want to discover more success stories? Check out FullCircl's case studies here.

Howden: A best practice pilot story 

In 2024, global insurance group Howden conducted a structured pilot of the FullCircl SmartBroker platform, including our API integration with the Acturis insurance platform.  

The scope of the pilot included the integration of critical company information and compliance screening within Acturis, with the goals of driving efficiencies in client acquisition and onboarding, as well as the delivery of a consistent client experience across its national branch network.

Quantitative results included a potential 34x total return on investment (ROI) including£2.6 million ROI from enhanced data quality, and £2.9m ROI from process efficiency savings. In just three weeks the pilot demonstrated proof of concept and value in terms of a £250,000 uptick in sales capacity via improved and efficient targeting, the identification of £8.1 million of new pipeline opportunities, the surfacing of £584,000 of total potential premium, and £600,000 compliance process efficiency savings.

Meanwhile, qualitative feedback highlighted the instant benefits to users in terms of data enrichment, efficient record creation, and valuable propensity triggers, as well as huge individual and collective time savings – the equivalent of 18 full time employees.

As a result, Howden proceeded to roll-out the integrated package to its 2,000 Acturis users across the group.

Want to learn more about Howden and FullCircl's partnership? Check out the press release here.

Put FullCircl to the test

We believe an evaluation of FullCircl is always a good idea - we love to be put through our paces. It’s a crucial step in the innovation process, both for you and for us.  

If you’re looking for a new vendor, streamlining your technology stack, or seeking new ways to respond to emerging challenges and opportunities, get in touch with a member of our expert team today.  

We’ll help you determine the right scope, duration, goals, and metrics so you can successfully undertake a well-executed evaluation of our platform and gather the insights you need to secure buy-in and move forward with confidence.

Identity verification is a critical component of Customer Due Diligence (CDD). Whether it’s for banking, online gambling, e-commerce, or other regulated industries, businesses need to verify the identities of their customers to ensure compliance and prevent fraud.

This has created a booming market for identity verification providers that offer various tools and technologies to meet the growing demand. But with so many options available, how can you choose the right identity verification company? In this article, we’ll compare 10 of the top identity verification providers, looking at their services, where they are based, country coverage, technical integration, and notable clients.

What is identity verification?

Identity verification (ID&V) refers to the process of confirming that a person is who they claim to be. In the digital age, this typically involves verifying personal details like name, address, or government-issued ID against trusted databases. Identity verification software and tools help businesses carry out this process, ensuring they are dealing with legitimate users.

Why is identity verification important?

The rise of digital account opening has made automated identity verification essential for businesses globally. Here’s some reasons why:

Fraud Prevention: Identity theft and online fraud are major concerns. By using advanced identity verification technologies, companies can reduce the risk of these threats and deter fraudsters from attempting to infiltrate a business.

Compliance: Many industries, particularly financial services, are required by law to implement identity verification to meet Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Customer trust: Customers are more likely to trust a platform that protects their personal information through robust identity checks.

As a result, choosing the right identity verification company is critical to ensure security, compliance, and trust.

Comparing the top identity verification providers

Please note, this list isn’t ranked and is a randomised list of identity verification providers.

FullCircl

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FullCircl provides a comprehensive suite of services, including KYC (Know Your Customer), AML (Anti-Money Laundering), fraud prevention, and ongoing risk monitoring. Their platform offers document verification as part of their KYC process, ensuring that customers’ identities are accurately confirmed using government-issued IDs and other documents. They also provide continuous monitoring to help businesses stay compliant with evolving regulation and identify potential risks in real-time.

FullCircl brings regulation fully in-step with customer acquisition, creating better business from the start.

Based: United Kingdom

Country coverage: Over 240 countries and territories

Technical integration: API & SDK integration options allowing seamless connection with various platforms, including CRM and other business systems. Web platform for centralised reporting, remediation, and auditability.

Clients: Santander, goHenry, BT, Caxton, Entain, Natwest.

Find out more about FullCircl here.

IDnow

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In IDnow’s words: “We help our clients to move forward with their ideas, providing them with the tools that are needed to succeed and delivering unsurpassed fraud mitigation measures. We understand that regulation and our client’s requirements are constantly evolving, so we evolve with them. We provide an advanced identity verification platform that serves the identity needs of our clients across geographical borders – all to create an even safer digital world and a safer tomorrow. Let’s unlock tomorrow’s possibilities. Together. Now.”

Based: Germany

Country coverage: Global

Technical integration: Flexible API and SDK integration for mobile and web platform, making it easy to implement across various digital channels.

Clients: Hahn Air, Mahle, Solaris, TFBank, Zorrz, Worldline, eToro.

Find out more about IDnow here.

GBG

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In GBG’s words: “Every day we build, collaborate, and partner to create a world where everyone can transact online with confidence. We are GBG, global specialists in digital identity. We enable fast, simple and compliant customer onboarding, reducing the risk of fraud for many of the world’s leading organisation. Working with the best data, the best technology and the best people, we make it possible to balance the growing need for a frictionless digital customer experience with the increasing risk of fraud and financial crime.”

Based: United Kingdom

Country coverage: Global

Technical integration: Offers cloud-based API and plug-and-play solutions that allow for easy and scalable integration.

Clients: ASOS, IBM, Betway, St. James’s Place, John Lewis, HSBC.

Find out more about GBG here.

Persona

In Persona’s words: “We’re building a more human internet. At Persona, we’re humanizing online identity by helping companies verify that their users are who they say they are.”

Based: United States

Country coverage: 200+ countries & territories

Technical integration: Provides low-code and no-code SDKs and API integration that can be tailored to various platform, offering a high degree of customisation.

Clients: Etsy, Udemy, Travelex, Twilio, Dott, Get Your Guide.

Learn more about Persona here.

Northrow

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In Northrow’s words: “Accelerate your growth, safely. Helping regulated businesses reduce the cost, time, and challenges of financial crime and money laundering is what we do. Our software simplifies compliance management so you can focus on what matters: growing and scaling your company.”

Based: United States

Country coverage: 235+ countries & territories

Technical integration: Provides a cloud-based API that integrates easily with CRM and other business tools, enabling seamless adoption.

Clients: Open Banking, Regus, Hargreaves Lansdown, Cashflows, Bankable, Nemean Services.

Learn more about Northrow here.

OneID®

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In OneID®’s words: “Customer identity verification made faster, safer and smarter. Now your customers can prove their credentials using their OneID® Wallet – the smarter way to reuse their bank-based digital identity. With OneID®’s digital identity wallet, customer verification takes just a tap and a few seconds. The fastest way to verify customers is now even faster.

Based: United Kingdom

Country coverage: 200+ countries & territories

Technical integration: API integration with secure, bank-grade encryption, ensuring data is protection at every stage of the verification process.

Clients: Docusign, Natwest, SumSub, Shufti Pro, Nitro, Intesi Group.

Learn more about OneID® here.

Jumio

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In Jumio’s words: “Jumio uses the power of AI, biometrics, machine learning and state-of-the-art liveness detection to help you rapidly convert more customers, stop fraudsters from infiltrating your online ecosystem and get in compliance with KYC/AML.

Based: United States

Country coverage: 200+ countries & territories

Technical integration: Supports a variety of integration methods, including API, SDK, and mobile solutions, ensuring broad compatibility.

Clients: Uber, Monzo, HSBC, Rappi, United, DolarApp.

Learn more about Jumio here.

ComplyAdvantage

In ComplyAdvantage’s words: "The leader in AI-driven fraud and AML risk detection. Improve compliance workload efficiency, reduce false positives by 70%, shorten onboarding cycle time by 50%.

Based: United Kingdom

Country coverage: 200+ countries & territories

Technical integration: Cloud-based integration with flexible APIs for seamless adoption into existing workflows, allowing for real-time updates and monitoring.

Clients: Aljazeera, Allianz, Emprise Bank, Just Eat, Mollie, Plaid.

Learn more about ComplyAdvantage here.

SumSub

In SumSub’s words: “Powering a people-friendly digital future. At SumSub, we believe in a safe, accessible, and inclusive digital future for users and businesses alike. By eliminating fraud and verification hurdles, we aim to create a world where anyone – regardless of ages location, or computing skills – can securely access and use any service.”

Based: United Kingdom

Country coverage: 220 countries & territories

Technical integration: Provides API and SDK integration, with AI-powered automation for fast and accurate verification processes.

Clients: Mercuryo, Italki, TransferGo, Flippa, Bingx, Huobi Global.

Learn more about SumSub here.

Veriff

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In Veriff’s words: “Bringing transparency online. At Veriff we believe that your identity is who you are, it’s your most valuable asset. Therefore you deserve real safety, real protection, real transparency. Veriff is dedicated to keeping transparency at the heart of every online interaction.”

Based: Estonia

Country coverage: 230 countries & territories

Technical integration: API and SDK solutions that integrate smoothly with mobile and web platforms, providing a seamless user experience.

Clients: Monzo, Deel, Bolt, Webull, Starship, Wise.

Learn more about Veriff here.

How to select the right identity verification provider

As the identity verification market continues to boom with new providers being established, selecting the right partner can be challenging. It’s vital that during discussions with identity verification providers you understand several factors to compare and find a partner fit for your business.

1. Service offerings: Understand the types of identity verification offered (document verification, biometric verification, AML, etc.) to ensure you find a partner that can offer the services you need to boost your compliance processes.
2. Country coverage: If you’re a global business, it’s essential to select a provider with broad geographic coverage. Not only do you need to understand countries & territories covered, but also ensure you know data breadth and population coverage.
3. Technical integration: Do you need a real-time solution? How can the providers integrate to your systems and CRM? Try to find a provider that offers flexible options and the ability to test the tech before committing.
4. Industry specific expertise: Certain industries may benefit from providers that have specialised knowledge and features designed for a specific sector. Do they work with businesses like yours and have case studies to prove success?
5. ‍Price: Due to the nature of identity verification being so critical to compliance, price shouldn’t be a major driving factor. However, evaluate certain pricing options, can they be flexible? Can they turn on and off services without having to reintegrate? Is pricing designed to help you scale?

For a full list of considerations when choosing an identity verification provider, check out our Ultimate Buyer’s Guide to IDV here.

In today’s world, where digital security and compliance is paramount, choosing the right identity verification company is crucial for any business. From top identity verification companies to more local providers, there are many options that will cater to different needs and industries. The right choice depends on the services you require, the countries you operate in, and your technical integration needs.

About FullCircl

FullCircl is a B2B SaaS company that brings regulation fully in-step with customer acquisition, creating better business from the start. Its global solutions drive revenue growth, keep risk and compliance in check, and streamline customer onboarding. Its software, delivered through a platform, API, and suite of applications reduces the cost to acquire and serve, clears the way for positive customer relationships, and accelerates profitable growth.

FullCircl was formed following the acquisition by Artesian Solutions of DueDil and is backed by top tier investors including Octopus Investments, Notion Capital and Augmentum Fintech. In 2023, FullCircl acquired W2 Global Data Solutions, strengthening its KYC, AML, Fraud Detection and identity verification capabilities. Today, it serves over 500 customers, 15,000+ web application users, processes over 300 million checks per month and facilitates the onboarding of 200,000+ customers annually.

Want to learn more about FullCircl’s identity verification capabilities? Contact the team here.

In today’s fast-paced digital landscape, the importance of efficient, accurate, and real-time customer onboarding cannot be overstated. One crucial aspect of this process is Know Your Customer (KYC), a standard due diligence procedure that regulated entities must use to verify the identity of their customers.

As the demand for seamless digital experiences grows, KYC automation is emerging as a pivotal solution to streamline customer onboarding processes.

A brief overview of KYC and customer onboarding

Know Your Customer (KYC) is a regulatory requirement that mandates businesses, especially those in financial services, to verify the identity of their clients at the point of account opening.

The process assists fraud prevention efforts, Anti-Money Laundering (AML), and prevention of financial crime by ensuring that businesses truly know who its customers are.

Customer onboarding, on the other hand, refers to the entire process of forming a relationship with new customers. This includes gathering the necessary information, verifying it, and setting up a customer’s account.

Traditionally, KYC and customer onboarding have been manual processes involving physical document verification, extensive paperwork, and a significant amount of human interaction.

Whilst a manual approach to verification works for a small minority of businesses, it is time-consuming when dealing with a significant number of customers, prone to errors, and more susceptible to a poor customer experience.

Challenges of manual KYC onboarding processes

Manual KYC onboarding presents several challenges that can hinder the efficiency and customer experience of the onboarding process:

1. Time-consuming: Manual verification of documents and data entry can take several days or even weeks, delaying the onboarding process and frustrating customers.
2. High costs: The need for dedicated staff to handle KYC checks and the associated admin works increases operational costs.
3. Human error: Manual data entry can be susceptible to mistakes, leading to potential compliance issues and inaccurate customer information.
4. Poor customer experience: Lengthy and cumbersome onboarding processes can frustrate customers, leading to dissatisfaction and potential loss of business.
5. Scalability issues: As a business grows, the volume of KYC checks increases, making it more challenging to scale operations and keep on top of compliance without automation.

What is automated KYC?

Automated KYC involves the use of technology and software to enhance the onboarding process. By leveraging these tools, businesses can automate various steps of KYC, from data collection to document verification and data extraction. Some of the main technologies used in automated KYC include:

KYC software

This typically involves an API integration at onboarding and matches the data inputted by the customer on the onboarding form to data sources such as Credit Reference Agencies, Electoral information, and telco.

Biometric verification

Biometric technology such as facial recognition and fingerprint scanning enhance security by ensuring that the person submitting the documents is the actual individual attempting to onboard.

Optimate Character Recognition (OCR)

OCR technology extracts information from scanned documents and images, converting it into machine readable text and verifying the document itself is legitimate.

Artificial Intelligence (AI) and Machine Learning (ML)

Emerging as a new method to perform automated KYC, AI and ML can be powerful as both can create algorithms to analyse and verify data, identifying patterns and anomalies that may indicate fraudulent activity.

How automated KYC works

The reason why automated KYC has emerged as a more popular choice of customer verification in the last decade is because it works the same as traditional manual verification, but more efficiently and in real-time. A typical onboarding process includes:

1. Data collection: Gathering customer information (including name, address, date of birth, and Government issued ID documents) through digital forms and document uploads.
2. Identity verification: Once the personally identifiable information is entered by the customer, an API integration will send the information to match against data sources and find a match.
3. Compliance checks: If a successful KYC is found, the customer can then move onto the account opening process. If a match is found against a PEP, sanctions, or adverse media list, or if a KYC match is not found, the compliance team can be notified to perform manual intervention and investigate further.
4. Approval and onboarding: If a match successful match for KYC is found in step 3, the customer can be automatically approved and onboarded. If the compliance team must perform a manual intervention, the customer will be notified that either their application has been approved or rejected dependent on the result of the investigation.

If a business is using manual KYC, all the onboarding steps will take longer and require more human input, whereas automated KYC ensures that legitimate customers can complete onboarding seamlessly and reduce the amount of time spent on each verification.

How KYC automation helps business

KYC automation address the challenges presented by manual verification in several ways:

Speed and efficiency

Automated processes significantly reduce the time required for KYC checks, enabling faster customer onboarding.

Cost reduction

Automation lowers operational costs by minimising the need for manual intervention and reducing errors that can lead to costly compliance issues including fines and suspensions.

Accuracy and compliance

Automated systems are less prone to human error as it reduces workload, ensuring more accurate data collection and better compliance with regulatory requirements.

Enhanced customer experience

A streamlined and real-time onboarding process improves customer satisfaction and reduces drop-off rates within the onboarding journey.

Scalability

For businesses looking to grow their customer base, automated KYC can easily scale to handle increasing volumes of KYC checks.

Are there any challenges with automated KYC?

Whilst KYC offers numerous benefits including improved efficiency, cost reduction, and scalability, businesses should be wary of several factors before deciding on changing their process.

Initial investment: Implementing automated KYC software can involve significant investment. It is critical that businesses find a supplier with a favourable pricing model without sacrificing quality.

Integration headaches: Some automated KYC solutions will require complex and time-consuming integrations or won’t be able to work with existing systems. Its vital that during the consideration of a new platform, businesses understand the integration process and how new systems can work seamlessly with other internal systems.

Data privacy: Outsourcing KYC to achieve automation likely means that businesses will be storing customer data in an external platform. Therefore, understand the security measures and data privacy of the external provider should be carefully considered to ensure compliance.

How to transition to automation KYC

Transitional to automated KYC requires careful planning and execution. FullCircl has created the ultimate Buyer’s Guide to IDV & KYC software to help businesses navigate the market. Here’s a step-by-step 4 stage framework to follow:

1. Review the current state of play: Are you using any KYC tools currently? Or are you using too many?
2. The research phase: Not all KYC platforms are built equally. There are many distinct types of vendors out there, each with different solutions, coverage, experience, and costs. It’s vital to do your research.
3. The approach: It’s time to put each vendor through their paces. Understand first-hand experience of the KYC capabilities, features, dashboard, and of course the verification process itself.
4. Decision time: You should now have all the information you need to make an informed choice and be confident you have selected the KYC partner or solutions best places to fulfil your current and future needs.

Want to learn more about the KYC buying process? Download our ultimate guide here.

How FullCircl can help

FullCircl’s automated identity verification platform includes automated KYC in 160+ countries, a full suite of AML checks including PEPs, sanctions, adverse media, and watchlists, fraud prevention tools, and more.

FullCircl is trusted by 500+ clients to support compliant growth, efficient customer onboarding, and innovative use of technology. Interested in learning more? Book a demo here.