Igologic – KYC system
It’s used for full analysis and verification of persons and entities, i.e. clients registering in the system
in order to obtain the credibility necessary to obtain access and the possibility of using electronic payment services
offered by banks and other payment institutions.
About the system
The system allows free registration of persons and entities, and verifies registered clients in terms of the risk associated with introducing property values from undisclosed sources and financing of terrorism to financial trading.
KYC provides multidimensional analysis of the client and issues a certificate of his identity or provides warnings about suspected abuse. It is an excellent response to the lack of a unified mechanism for verification and analysis of customer data and their identification in accordance with Polish and EU regulations on counteracting money laundering and terrorist financing. Thanks to the developed functionalities and a number of data protection safeguards, the system enables full verification and confirmation of the identity of the user who wants to use the financial services offered by banks and other financial institutions. KYC is used to support financial institutions and the e-commerce industry in the process of customer identification and registration in one of the most popular sales channels, i.e. on the internet based on blockchain technology. The KYC platform performs irrefutable data authentication and authorization of the customer's identity. The system verifies customer data and content of the documents provided through automatic and integrated connections with external systems, and carries out its own analysis of all attributes and features of the collected data. KYC verifies personal and contact details, identity documents, photos in documents and selfie photos (geolocation of the photo taken, camera technical parameters, IP address and other parameters based on metadata), response times, social media profiles and many other parameters and behavior patterns allowing you to develop a unique user identity profile on the internet. The combination of such developed data allows the identification, classification of customers and unambiguous distinction of customers from fraudsters based on specific characteristics, profiles and behavior scenarios. The KYC system is used for full analysis of verification of persons and entities, i.e. clients registering in the system in order to obtain credibility and confirm the identity necessary to obtain access to the systems of financial institutions and the possibility of using electronic payment services offered by banks and other payment institutions. All natural and legal persons, domestic and foreign, who register in the system are subject to analysis and verification. KYC automatically carries out the analysis and verification of registered persons and entities.
Business processes supported by the system:
- The process of analyzing customer data and sending information on detected fraud
- The risk assessment process of the financial institution
- The communication process of the KYC system and Partner systems
- Partner database management proces
Benefits obtained as a result of system implementation:
- significant increase in the company's reputation and position,
- promoting business operations using marketing automation methods,
- benefits related to the possibility of internationalizing the company's operations,
- gaining the trust of the most significant companies operating in the financial sector, gaining the reputation of a leader on the market of access verification systems for financial institutions.
Additional effects of the system implementation:
Reduction in the number of financial crimes, as a result of which losses are incurred not only by banks, credit institutions, but also by the State Treasury, local governments (as part of such crimes, tax revenues are reduced)
The implementation of the KYC system helps to solve existing problems on the market of financial services, including defined types of fraud. KYC is a response to the lack of a uniform security standard in banks and other payment institutions, which are facing an increasing number of frauds. KYC as a breakthrough solution on the financial services market, revolutionarily protects registered user data and eliminates actions taken by fraudsters by blocking threats such as:
- opening bank accounts based on stolen documents,
- making new payment instruments, i.e. credit cards, loans or other benefits,
- ordering products and services by unauthorized persons,
- takeover of existing bank accounts,
- concluding contracts with telecommunications operators,
- producing documents, i.e. a passport or driving license,
- Identity theft (using stolen identity) and impersonation.
The KYC standard has a positive effect on the development and security of financial settlements on the internet. Implementation brings a number of benefits compared to performing the same tasks manually:
- shortening the customer verification process,
- elimination of errors that may be caused by the human factor,
- increasing the scalability of the system, which allows servicing up to several hundred thousand entities and carrying out millions of inquiries for verification of the identity of own customers and clients of other financial institutions,
- resignation from employing low-skilled employees dealing with manual implementation of business processes,
- changing the allocation of employee resources and directing employees to activities related to the implementation of the company's development strategy,
- reduction of employee expenditure on operating activities related to the implementation of individual services,
- the open system allows for joining further banks and financial institutions,
- reducing the amount of paper documentation and related environmental benefits.
The implementation of the KYC system has the chance to revolutionize the financial services market in the country and then abroad. The solution's innovation lies in the introduction of a new standard for verifying, monitoring and confirming the identity of users on the Internet. The KYC system introduces a unique, previously unavailable solution, which at the same time allows the verification and analysis of user data for own needs and other financial institutions and entrepreneurs.
Call us or write to us, we'll be happy to help.
+ 48 881 202 804
IgoLogic Sp. z o.o
ul. Lwowska 6 /5