We outline the market outlook for identity verification, KYC, and AML in the payment industry — from investment trends and leading companies to recommendations for the players in the space.
What are identity verification, KYC, and AML?
Identity verification, know-your-customer (KYC), and anti-money laundering (AML) solutions verify customers’ identities to protect organizations from malicious attacks and help them comply with regulations.
Features & capabilities
Identity verification, KYC, and AML solutions provide payments leaders with several capabilities, including:
- Customer onboarding
- Biometric verification
- Fraud prevention
- Continuous transaction monitoring
- Customer authentication
- APIs connecting to credit bureaus, global watchlists, government agencies, and other identity databases
Benefits
Identity verification, KYC, and AML companies offer these substantial benefits to payments leaders:
- Reduced cost of delivery
- Increased customer conversions
- Reduced fraud
- Reduced labor costs
- Improved customer experience
- Improved operational efficiency and effectiveness
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