Today, one of the largest growing industries is digital payment. However, it is still challenging to make it easy to accept these payments. Merchant onboarding has been greatly simplified with digital solutions. Digital solutions help in reducing KYC costs, and with the help of Artificial Intelligence, the merchant risk reduces significantly.
Merchant Onboarding
Acquirers can easily onboard merchants with the help of end-to-end automated application digital tools. Digital solutions prove useful in removing bottlenecks and make the process simple and seamless. Digital solutions provide a customizable solution that helps t automate the application process. AI, optical character recognition, facial recognition are some of the technologies that are used in the video KYC process.
Wallet or Credit Card KYC
When a new customer is brought onboard by a business, the KYC information is collected from the customer so that the business can verify and check the details of the customer. One can differentiate the profiles based on the risk factor. This way, a business can know whether they are onboarding a safe customer or a high-risk customer. It helps you to make your decision based on data rather than assumptions.
You should choose a KYC solution for your business that is fully compatible with mobile/desktop web browsers, tab, or a Native app. Choose an application that complete overhauling through a single application.
You get the following features when you choose digital solutions for KYC:
Digital Business check
Proprietary algorithms allow to reference and check the business name and details against the government and international databases.
Online ID check
Forgery check systems allow verifying merchant user details such as identity documents issued by the government. Artificial Intelligence is used to perform these functions; AI-based Image forensics makes it easy and quick to know whether the documents are real or fake.
Automated Background Risk checks
Powerful algorithms check in real-time; they can check hundreds of data sources within seconds. This includes Negative Merchant Ezmatch DB, AML/CFT, Credit checks, etc.
Digital Income check
It is crucial to use digital methods to estimate and establish income. This includes employer verification, Bank statement, salary slip digitization, income tax returns.
Secure Digital Contracts
Secure digital contracts are required by merchants. Digital contract solutions allow an easy and secure way to sign and obtain contracts. Facial biometrics provides enhanced security.
Modern UI Backend Dashboard
Look for a solution that provides a modern UI dashboard so that risk managers can have a look at the risk assessment of the customer in real-time using proprietary AI algorithms. The solution that integrates all merchant risk information on a single dashboard helps in making fast and accurate decisions so that one can accept or reject a particular merchant.
Final Words
Digital KYC solutions make use of artificial intelligence, optical character reader, and facial recognition techniques to make the right decision. These solutions are great for merchant onboarding as they are quick and effective.
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