Why do Global Financial Markets need Verifer? What does Verifer do?
Situation now:
There are thousands of companies, communities, stock exchanges, etc. in the world that deal with private people’s finances internationally.
These companies must, according to the law, identify the identity of their customers and carry out investigations to avoid money laundering. Today, these companies have practically two ways of implementing the above obligations:
- Many companies have their own team to find out the identity of individuals by requesting a variety of documents from their clients, as well as explanations of the origin of the funds invested.
- Companies may also purchase these services from an external service provider. There are a lot of these service providers, and in practice, they go through the same manual processes as companies that do the verifications themselves.
Problems:
Different countries have different legislation to carry out these remote-verifications and hardly any one knows the differences of the laws of each country. PwC did once guides only about making KYCs in different countries and this manual contains 671 pages of different instructions and differences between countries.
Making KYC is slow and costly, but on the other hand, many countries require that it is not fully automated but is done by a person who is also responsible for the process.
Our solution:
We’ve created a system that meets all these criteria and is even safer and more cost-effective than any of the previous ones. Our platform and the whole KYC, AML and PEP process work in simplicity as follows:
- Our customer downloads either one customer’s data or a mass verification file on our platform. The mass verification file can include millions of names and email addresses and can be inserted in several formats.
- Our customer selects from the list what verifications they wants their clients to do. Options are KYC, AML, PEP and several compliance verifications. (Compliances are used for verifying companies legalities).
- Our platform sends a link to each customer in the list and a request for verification.
- When a customer enters their address first, the platform recognizes both the verifiable and the verification requester’s destination and begins tracking the procedure required for the verification of these countries’ legal requirements for verification.
- When the person to be verified has entered all the necessary information and uploaded all the requested documents, he presses the button from which they are sent for examination.
- Each customer uploaded image contains hundreds of thousands of pixels and our platform goes through every image and identifies if the images are manipulated. Thus, for example, identifying address information is much more reliable than just being verified by human eyes.
- If all the images and answers are sufficient, the application will appear for the verifiable list of our verifiers.
- Our verifiers will open these pre-approved applications individually and either accept, reject or send a message to the customer for any additional information they need.
End result:
Since the verifiers platform is also extremely effective and verifiable data is clearly and quickly opened on one page, it is also their work that is extremely effective. Therefore, we have reached a situation where we can offer our services at much lower prices than our customers would do it themselves.
Don’t forget about our offer!
Verifer is offering 1 month of Free KYC for all companies, read more here: https://verifer.io/kyc_1month_campaign .
Try a month for free. Contact at sales@verifer.io
Let’s discuss on any of our social media channels or telegram:
https://twitter.com/Verifer_io
