Know Your Customer or KYC is crucial for businesses for fraud prevention, and this becomes even more pertinent when it comes to the finance sector and eCommerce. KYC checks help identify money launderers, tax evaders, and other criminal activities.
Companies that do not comply, not only run the risk of exposing their business to fraud, but they also risk being deemed complicit, which may result in hefty fines and possibly further prosecution.
Furthermore, robust due diligence, executed with full data privacy compliance, bolsters a customer’s trust in the company’s operations and helps with their reputation. Moreover, when it comes to fintech or eCommerce, reputation and trust are key to growth and success.
Challenges faced by fintech and eCommerce when it comes to e-KYC
With the surge in fintech and eCommerce, there has been an increase in online frauds as well. According to a recent report released by Fenergo, in 2020, financial institutions in the Asia Pacific and globally racked up more than USD 10.6 billion in penalties related to non-compliance of Know Your Customer (KYC) other important regulations. In APAC alone, organisations accrued more than USD 5.1 billion in penalties as regulators crack down on poor behaviour from financial services firms.
One of the main challenges that fintech companies face when it comes to KYC is that the regulations keep changing constantly and it can be hard to keep up. For regional players, it becomes even more complicated as different countries might have different regulations. In such scenarios, compliance becomes difficult and non-compliance can cost money, reputation and sometimes even the entire business.
Another issue is that when using fragmented tools for verification, the process can be complicated as well as expensive. And, last but not the least, with these challenges if the KYC process becomes too complex and bumpy, customer experience is affected and businesses end up losing valuable users.
This is where reliable, easy and efficient identity verification becomes crucial in an increasingly digital world. As such, Japan-based TRUSTDOCK is leading the way in holistic e-KYC solutions for seamlessly facilitating trusted business relationships and transactions for fintech and eCommerce companies.
Helping businesses with innovative and customisable e-KYC solutions
Launched in 2017, TRUSTDOCK makes e-KYC easy and efficient for growing companies and their customers. Their centralised e-KYC API platform offers scalable local compliance; they have the local expertise and operational commitment in each country with local teams on the ground, localised products and KYC as well as data privacy regulation compliance.
Furthermore, their single modern API portal makes integration simple and cost-effective for businesses by eliminating the need to develop their own technology or hire an internal verification team. Plus, TRUSTDOCK has a superior UI/UX that offers an intuitive and stable verification process encouraging more users to complete the process. In a nutshell, TRUSTDOCK’s comprehensive digital identity verification solutions meet the standards required for security, compliance, customer experience, and scaling.
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Available to businesses at a one-time onboarding fee and a flat monthly maintenance fee plus variable verification fee, TRUSTDOCK’s solutions are simple, transparent and cost-effective. From design to development and testing, the entire onboarding cycle is quick and takes just about a month or two.
Another advantage with TRUSTDOCK is that their innovative e-KYC solutions are customisable to address a business’s specific KYC and CDD needs for secure, expedited regulatory or commercial compliance.
● TRUSTDOCK App is ideal for companies serving their customers on both websites and apps and looking to fully outsource eKYC with simple integration.
● TRUSTDOCK Web is suitable for companies serving customers exclusively on a website and looking for browser-based KYC solutions.
● TRUSTDOCK SDK is for businesses focused on mobile apps and looking for KYC solutions within their apps. They plan to release this in quarter 1 of 2021.
TRUSTDOCK is already a trusted name and has received financial backing and support from the likes of Sony Innovation Fund, Mitsubishi UFJ Capital, Mizuho Capital, and SMBC Venture Capital. They have a rich clientele, including Transferwise, Softmap (Bic Camera Group), and Altoa (ORIX Group) among others. Having verified over 2 million identities in the last two and a half years, TRUSTDOCK is among the leading e-KYC providers in Japan.
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With fintech and eCommerce on the rise in Southeast Asia post-pandemic, TRUSTDOCK is looking to expand into the region with a keen focus on Singapore, Thailand, Indonesia, Malaysia, the Philippines and Vietnam. TRUSTDOCK believes in the ethos of collaborations and invites key stakeholders in the industry keen on working on this technology with them. They are also actively looking for investment partners to help with their expansion plans and to build further on the technology.
To learn more about TRUSTDOCK’s products and services and to connect with them, visit https://e27.co/startups/trustdock-inc/
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This article is produced by the e27 team, sponsored by JETRO
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