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Fenergo: Reinforcing Identity Verification

Top 10 KYC Solution Providers - 2018

Financial Institutions leverage Know Your Customer, or KYC as it is more popularly called, to obtain information about the identity and address of their customers. While it helps the institutions to find low-risk customers and easily onboard and retain them, the customers benefit from receiving exceptional transactional services. Since KYC consists of collecting and validating data, it is not easy. Some of the challenges include counterfeited documents, difficulty in monitoring transactions due to trade-based money laundering, and so on. Therefore, financial institutions today leverage upcoming technologies such as AI, blockchain, and social biometrics for their KYC processes.

With branches such as machine learning, NLP, neural networks, fuzzy logic, and so on, AI can produce a significant impact on the KYC process. An AI-based KYC system can provide dynamic questionnaire that would adapt to the customer’s responses to come up with follow-up questions. It would also help in reducing KYC profile updates for financial institutions. Adding blockchain to this system can greatly influence the security of the stored data since the information is stored in different locations through distributed ledgers. Additionally, by leveraging techniques such as social biometrics, the person’s footprint gathered through his social media pages can provide information about an individual that might otherwise be unavailable.

By carefully scrutinizing these factors, a distinguished selection panel comprising CEOs, CIOs, VCs, and the Banking CIO Outlook’s editorial board has selected a list of the top KYC solution providers that leverage innovative technologies and strategies to enhance today's KYC processes. These companies offer powerful solutions coupled with innovative strategies that are distinctively prominent in the field.

We present to you Banking CIO Outlook’s Top 10 KYC Solution Providers - 2018.

Company Logo Company Name Company Description
Fenergo A leading provider of Client Lifecycle Management, AML/KYC Compliance and Client Data Management solutions for investment, corporate, commercial and private banks
Janrain, Inc. Making it seamless for banking institutions to know their customers and personalize every interaction
M2SYS Technology Offers a biometric customer and employee solution that prevents fraud and assists the clients in establishing a concrete audit trail of transactions
OrboGraph A premier developer and supplier of intelligent electronic/paper automation solutions recognition solutions, payment negotiability, check fraud detection and compliance solutions for the check processing market
SILO Compliance Provides an easy-to-use compliance application to tackle regulatory requirements
SingleSource Leveraging blockchain technology, SingleSource automates the whole KYC process, providing businesses with verified and attested identity data, whilst giving customers control over their data
Socure Provides a real-time predictive analytics platform that combines machine learning and artificial intelligence and delivers the most accurate and robust KYC, identity verification and fraud risk prediction solution in the market
Visual OFAC Helps companies navigate the complexities of export, trade and financial compliance, and OFAC compliance regulations spanning multiple government regimes
WorldWatch Plus™ by International Screening Solutions A next generation platform that helps banks consider more risk data, work 4x faster, and create a frictionless experience for digital customers
Zimperium A mobile security firm, offering real-time, on-device protection against both known and unknown Android and iOS threats