The Paypers releases the Digital Onboarding and KYC Report 2020

Tuesday 25 February 2020 14:32 CET | News

The Paypers has launched its first edition of the Digital Onboarding and KYC Report 2020 to share knowledge on digital onboarding best practices and provide direction on means to fighting financial crime.

When it comes to customer onboarding in the financial sector, 40% of consumers abandon bank applications before they are complete, according to Signicat. Furthermore, USD 1.45 trillion of the global turnover is lost to financial crime, with bribery, corruption, and money laundering being top ‘revenue makers’, says Deloitte.

Also, because of increased processing of transactions online, with only limited customer identification and verification checks being carried out, virtual currencies (VCs) and cryptocurrencies should not be neglected by financial institutions. Regulators agree that VCs give rise to money-laundering and terrorist financing (ML/TF) risks, especially since VCs are not typically regulated financial products under EU law.

For these reasons, The Paypers together with endorsement partners One World Identity (OWI) and Consult Hyperion, plus thought leaders, participating organisations, and top industry players, have drafted the Digital Onboarding and KYC Report 2020.

The report’s chapters focus on:

  • The anatomy of the digital onboarding process

Digital onboarding starts the moment a customer wants to use your products and services and it requires a careful mix of technology and data. But banks and financial institutions don’t always get it right. Experts from Consult Hyperion, ID Crowd, OWI, and not to mention Kaliya Young, leader in the field of Self-Sovereign Identity or Decentralised Identity, delve into what is happening in the customer onboarding process, cross-border digital onboarding, anticipate the future of these processes, and are opened to concepts such as self-sovereign identity and non-conforming identities.

  • Sharing expertise on innovative products and solutions used for digital onboarding


Most often, companies and service providers focus on only one aspect of a customer’s digital lifecycle, whether that is onboarding, validation, or identification, and fail to capitalise on a customer’s full digital engagement potential. Report participants such as HID Global, iDIN, InnoValor/ReadID, Keesing Technologies, LexisNexis Risk Solutions, Signicat, Verimi come up with examples and best practices for outstanding customer experiences at each stage of the digital identity journey.

  • Ways to fighting financial crime with regtech


Analysts predict an increase in client demand for innovative regtech solutions, with a market potential of USD 76.3 bln and USD 10.7 bln in Europe in 2022, according to Deloitte. Innovative companies such as 4Stop, Global Data Consortium, Mitek, Trulioo, Web Shield reveal how artificial intelligence, machine learning, and lately also blockchain can enable businesses to solve money laundering issues and enhance the customer experience, while improving the security of the onboarding process and reducing compliance costs (as people checking documents and re-entering data can be both expensive as well as error prone).

  • The value behind KYC utilities

By aggregating KYC information in a globally recognised, standardised format and providing banks with a centralised database with everything they need, KYC utilities overcome one of the biggest challenges in the compliance space, both for financial institutions and corporates. Either in Europe (Nordic KYC Utility AB), in Africa (Afreximbank’s MANSA Repository Platform), or globally (SWIFT Registry), these registries eliminate the burden of having to deal with multiple sources, contending with outdated data and repetitively reaching out to correspondents.

Besides the editorials, the report displays a second part that includes a comprehensive section of company profiles with details regarding the key player’s core solutions, their business partners, technology, and many others.

With these objectives in mind, we invite readers to share their opinion, to help us spread the message and make the first edition of the Digital Onboarding and KYC Report 2020 a virtual space that encourages dialogue and healthy cooperation among all stakeholders.

Download your free copy of the report here.

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Keywords: ,
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions