Onboarding

Digital identity wallets can support Know Your Customer (KYC) and Know Your Business (KYB) processes by sharing verified information. This can reduce manual form filling and the exchange of copies of physical identity documents.

Key Benefits

Efficiency: Eliminate manual processing bottlenecks. Our solution accelerates the onboarding process, significantly cutting down the time and resources spent on KYC and KYB verifications.

Enhanced User Experience: We prioritize your customers’ convenience, streamlining the verification journey to boost satisfaction and minimize dropouts.

User Sovereignty: Your customers hold the reins to their data, sharing only what’s necessary through selective disclosure. This ensures adherence to data minimization principles.

Fraud prevention: Use information verified by a digital identity wallet as part of your existing risk and fraud controls.

Regulatory Compliance: Our platform is designed to keep you in line with evolving KYC, KYB, and other regulatory mandates, safeguarding your operations against legal risks.

How it works

Initiation: Customers start by clicking an onboarding button on your platform.

Method: They are redirected to Ver.iD to choose their digital identity wallet and continue the request.

Verification: The digital identity wallet asks the customer to approve the requested information.

Completion: The process concludes once your platform has processed the verified information, granting customers access.

Remarks

Digital identity wallets provide a user-controlled way to share verified information during onboarding. Your organization remains responsible for deciding whether that information meets its KYC or KYB requirements.

For implementation details, see the Disclosures documentation.