KYC Platforms for Banking Reviews and Ratings

What is KYC Platforms for Banking?

Gartner defines know-your-customer platforms as software solutions for banks to verify customer identity, conduct due diligence for assessing risk profiles and continuous monitoring to update customer info and risk status, and spot customer behavior deviations with an aim to ensure legal compliance.

Know-your-customer (KYC) platforms are indispensable tools for banks aiming to maintain regulatory compliance, minimize fraud and streamline the customer onboarding process. These platforms enable banks to perform the following critical tasks: Customer identification program (CIP), Customer due diligence (CDD) and enhanced due diligence (EDD), Continuous monitoring (CM)

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Experian is a global data and technology company, used by people and businesses around the world. Using data, analytics and software, we help with lending practices, fraud prevention, healthcare, and digital marketing. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and more industry segments. We are a FTSE 100 Index company listed on the London Stock Exchange (EXPN) and have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland.

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LexisNexis Risk Solutions is a multi-industry company comprising seven brands. It utilizes innovative technologies, information-based analytics, decision tools, and data management services to aid its customers in problem-solving, informed decision making, compliance, risk reduction, and operation improvement. The brands comprising LexisNexis Risk Solutions cater to different sectors which include aviation, agriculture, chemical and energy, financial services, collections and payments, commercial property, corporations and non-profits, government and law enforcement agencies, healthcare, human resources, insurance, and tax. These brands process data and develop technology solutions to generate insights that can help businesses and government entities. The company is headquartered in Atlanta, Georgia, with offices situated worldwide, and is a part of RELX, which delivers information-based analytics and decision tools for professional and business customers on a global scale.

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LexisNexis Risk Solutions is a multi-industry company comprising seven brands. It utilizes innovative technologies, information-based analytics, decision tools, and data management services to aid its customers in problem-solving, informed decision making, compliance, risk reduction, and operation improvement. The brands comprising LexisNexis Risk Solutions cater to different sectors which include aviation, agriculture, chemical and energy, financial services, collections and payments, commercial property, corporations and non-profits, government and law enforcement agencies, healthcare, human resources, insurance, and tax. These brands process data and develop technology solutions to generate insights that can help businesses and government entities. The company is headquartered in Atlanta, Georgia, with offices situated worldwide, and is a part of RELX, which delivers information-based analytics and decision tools for professional and business customers on a global scale.

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NICE Ltd. is a global technology company specializing in customer experience management software, offering solutions in journey orchestration, workforce management and augmentation, and customer service automation.

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NICE Ltd. is a global technology company specializing in customer experience management software, offering solutions in journey orchestration, workforce management and augmentation, and customer service automation.

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Features of KYC Platforms for Banking

Mandatory Features:

  • Transaction monitoring

  • Workflow and case management

  • Liveness detection and face comparison with ID document

  • Regulatory reporting

  • Third-party data connections to external sources to corroborate ID information

  • ID document assessment

  • ID data extraction

  • Sanctions, watchlist and PEP screening

  • Case investigations

  • Orchestration engine