Know Your Customer
The KYC Service is an advanced identity verification and contact information solution. It helps businesses streamline their customer onboarding process and supports compliance with legal and regulatory requirements. This service enhances customer engagement which helps reduce the risk of identity fraud.
This service best suits businesses that need to verify customers helps improve efficiency and accuracy, particularly in sectors subject to Know Your Customer (KYC) and Financial Intelligence Centre Act (FICA) requirements
The service supports a business’s obligation to conduct its own customer due diligence in accordance with applicable laws.
The benefits at a glance
Key Features
- Multiple Enquiry Options: Choose between Basic, Standard, or Full KYC Enquiry types based on business needs.
- Real-Time Identity Verification: Includes an optional real-time ID check through the Department of Home Affairs.
- Diverse Data Elements: Information includes identity verification, address, employment, and fraud checks, among others.
- Flexible Access Channels: Access the service via an Online Product Portal or API integration.
- Customization: Select the type of data and output that suits your specific business requirements.
How It Works
A business subscribes to the KYC service and provides a consumer's ID number. Depending on the type of KYC Enquiry (Basic, Standard, or Full), the service queries Experian’s bureau database and verifies the identity through periodic or real-time checks. The information is returned via the chosen method and format, providing the business with a detailed report that helps them verify and understand their customers.
