Identity verification is crucial for businesses to know their clients, vendors, and investors. Along with identity verification, it ensures compliance needs according to the country’s regulations and assists in mitigating fraud and risk. Canada is a country where Government laws and regulatory rules are strict against money laundering, terrorist financing, tax evasion, illicit financing, and other illegal activities. In the digital age, companies, and organizations are operating their operations digitally from client onboarding to business transactions.
Identity verification can be done through various identity verification methods like ID verification, document verification, age verification, KYC verification, video KYC, AML verification, business verification, PEP, and sanction list verification. These identity verification methods depend on the business need and what type of verification can fulfil their requirements. Banks, financial institutes, fintech, insurance, cryptocurrency, Forex, and trading are the financial sectors where client onboarding is a regular activity. KYC solutions help to authenticate identities securely and accurately. These financial sectors prefer KYC verification for a quick onboarding process and to comply with Canadian regulations.
Digital KYC is more efficient and reduces operational costs as compared to the traditional KYC verification process which is time time-consuming and in-person verification process. In traditional KYC there are high chances of error prone but digital KYC delivers accurate results. Video KYC Solutions is an advanced version of KYC that helps businesses with real-time identity verification.
How Does Video KYC Help Businesses in Canada?
Video KYC is an identity verification process in which an agent authenticates the identity of the customer on a live video call. Agent authenticates client’s identity with their ID documents along with face matching and liveness detection. Video KYC allows financial businesses to authenticate identities more accurately during the onboarding process. Video KYC helps businesses with real-time identity verification. Banks, financial institutes, fintech, and insurance sectors prefer video KYC verification methods to verify the identities of the customers. It helps during the onboarding process and after the onboarding process for real-time checks.
There are multiple scenarios where businesses get benefits of implementing video KYC solutions into their system to authenticate identities and they are as:
Enhance Security:
Video KYC solutions employ advanced AI and machine learning algorithms that help to detect fraud and ensure the authenticity of documents. It helps to build a robust security system that prevents identity theft and other fraudulent activities.
Improve Client Experience:
Video KYC allows clients to complete the verification process from anywhere at any time. It enhances the customer experience as compared to the traditional KYC process where need to visit physical locations or wait in long queues to complete the KYC process. digital KYC helps for fast and more efficient onboarding.
Ensure Compliance:
Video KYC solutions are designed to comply with regulatory requirements to ensure KYC compliance and prevent form regulatory penalties. Implementing a comprehensive video KYC ensures that businesses meet legal standards while mitigating risks.
Prevent Financial Fraud:
Digital KYC helps to identify and verify business identities securely and accurately within seconds. It ensures genuine identities and if anyone uses any fraud ID documents for the authentication process then it will be a red flag for identity fraud. People who are involved in fraudulent activities use fraudulent documents to commit financial fraud. Digital KYC helps to recognize these identities and prevent financial fraud.
Build Trust:
Video KYC is a more accurate identity verification method that ensures genuine identities. It ensures fraudless business and helps to enhance reputation in the competitive world. Fraud-less reputation helps to build trust for business clients, vendors, and investors.
Secure Business:
Implementing the digital KYC solution can recognize genuine business identities and prevent fake identities. It helps secure business transactions and mitigate risk. Therefore, video KYC helps companies and organizations secure their business.
Conclusion:
Identity verification is significant for financial and non-financial companies and organizations that are operating businesses in Canada. The video KYC verification method more secure identity verification solution that helps with real-time authentication along with accuracy. It enhances security, improves customer experience, reduces costs, and ensures compliance. By embracing video KYC solutions, Canadian businesses can stay ahead of the curve in the market. Therefore, choose the right KYC solutions provider and safeguard your business from fraudsters.
There are multiple KYC providers in the Canadian market, KYC Canada is one of the trusted and reliable KYC service providers for financial and non-financial industries. They provide comprehensive identity verification solutions according to the client’s requirements and provide an API to authenticate business identities accurately within seconds. Last but not least, KYC Canada is a trusted choice for digital KYC solutions in Canada.
