Introduction
At CPAY, we are committed to providing a full suite of products and services for businesses in the payment sphere. In line with our dedication to innovation and security, we are excited to announce that we will soon be launching a new product in our ecosystem: an automated Know Your Customer (KYC) verification service.
What is KYC and Why is it Important?
KYC, or Know Your Customer, is a critical process for businesses, especially those operating in the financial and crypto sectors. It involves verifying the identities of users to ensure they are who they claim to be. This process helps in preventing fraudulent activities, money laundering, and other illicit actions that could have severe consequences for businesses.
Introducing CPAY's KYC Service
Our upcoming KYC service is designed to help businesses comply with regulatory requirements seamlessly while providing a secure and efficient user verification process. Here’s what you can expect from CPAY’s KYC service:
- Document Verification: Real-time document verification. We check the authenticity and validity of the document and verify the user's personal data.
- AML Check: As required by the Prevention of Money Laundering and Terrorist Financing Act, we check the funds and their origin.
- Face Verification: Identity confirmation using facial recognition. We confirm that the customer's selfies match the photo on their documents.
- Address Verification: We confirm residence using an official document such as a utility bill or bank statement, comparing them with the address provided by the client.
- Video Verification: Identity verification by video call. We confirm that the customer wants to be verified and that the documents provided belong to them.
- Financial Viability Check: Verification of documents issued by financial institutions or a lawyer confirming the client's trustworthiness.
- Company Check (KYB): Verification of the company using official documents such as utility bills or bank statements, comparing them with the address provided by the client.
- Ongoing KYC/AML Monitoring: We offer ongoing blacklisting of your clients. If someone gets added there, we will carry out an additional check on the client and notify you.
- PEP Screening: Check the status of the politically exposed person, sanctions, and the person's watch list to avoid working with high-risk people or companies.
- Payment Method Verification: We check the financial document, credit card, or transaction to ensure that the payment has been made by the verified client.
- Tax Verification: We collect the taxpayer identification number from the submitted document and check its validity.
- Source of Funds Check: We check the origin of funds and supporting documents such as invoices, contracts, and payroll.
How CPAY’s KYC Platform Will Look Like and Its Business Model
CPAY’s KYC Platform will be a complete web platform where CPAY’s clients can register and process KYC verification for their users. Clients will be able to create verification forms for their users, including document verification, address verification, video verification, AML, etc. When users go through the verification process, clients will see the status of it: whether the user passes verification or not. Clients will have their own balance on the platform that they need to top up in order to process KYC for their users.
Conclusion
We are thrilled to bring this essential feature to our platform, reinforcing our commitment to security, compliance, and innovation. CPAY’s KYC service will be a game-changer for businesses looking to enhance their security measures and streamline their user verification process.
Stay tuned for more updates on the launch of our KYC service. We are confident that this new feature will provide significant value to our clients and help them navigate the complexities of regulatory compliance with ease.
For more information and updates on our upcoming KYC service, visit our website and subscribe to our newsletter. We look forward to helping you enhance your business operations with our new KYC solution!
