We are proud to announce a new and improved partnership with Veriff, a global identity verification service company that will conduct Know-Your-Customer (KYC) checks on behalf of Plutus in an efficient and cost-effective manner.
What is KYC?
KYC stands for Know-Your-Customer. It is the process of identifying and verifying a client’s identity when they open an account. This is a mandatory step to ensure clients are genuinely who they claim to be, and it helps prevent issues relating to corruption, terrorist financing, and money laundering.
What are the Benefits?
Previously, account creation took just 2-minutes. Our new agreement aims to streamline the process even further so that customers can glide through onboarding in a timely manner. What exactly has changed?
Greater Accuracy
We are now able to perform more detailed pre-assessments on selfies and documents. This increases the pass rate which reduces friction for the user and has a direct impact on the number of customers who make it through the onboarding procedure.
Faster ID Checks
98% of identity checks are automated in a quick and logical fashion which enhances the speed at which customer ID checks are processed. Users are therefore able to navigate through our onboarding process quickly which provides a much more enjoyable experience.
Frontline Innovation
We decided to partner with Veriff as, like Plutus, they are at the forefront of innovation and we have confidence in the technology they have built. Plutus is now able to verify over 9,000 different document types with an average verification time of just 6 seconds and a 95% first-time pass rate.
More to Come…
If you are yet to sign up, with a new KYC procedure implemented, now is the time to do so. We have several exciting plans soon to emerge. Follow us across our various social channels to stay up-to-date with the latest announcements.
For more information on Veriff, visit below:
