Tartan KYC Suite: Eliminating Technology Barriers from Corporate & Individual KYC

From almost no due diligence to in-depth risk profiling of customers and clients, the iterations of KYC and KYB norms have always kept Financial institutions especially FinTech companies on their toes.

Before the introduction of KYC norms, any individual could easily manage opening up a bank account without any significant check of identity or address proof. A proper due diligence procedure being absent, costed almost nothing to banks then.

However, with the introduction of the Aadhaar card and stricter KYC norms, the cost of customer due diligence was debated to reduce by a large margin. However, with growing digitisation, the blocker of accessing government data for due diligence also became a security nightmare. With the then-current banking systems, the data demanded robust security to prevent tapping.

However, this is not just the story of the Indian Financial market!

To put things into a present global perspective, the lack of secured, automated, and compliant technology for credible KYC and KYB checks creates such a big void in the Financial world, that:

1. FinCEN predicted that customer due diligence will cost banks and their customers anywhere between $700 million and $1.5 billion over the next decade. The stride of impact is so large that the agency used a more “generous” figure of $10 billion.

2. The Cost of compliance for banks is substantial, but the risk of attempting to meet new government regulations with current systems and processes that banks currently have is even greater.

3. The banks and other financial institutions are already spending an average of $60 Million annually on KYC compliance.                    ‍

   
   

From the figures above, it is quite clear that the regular news reports of financial organisations being fined hefty amounts for KYB and KYC noncompliance is not just an intentional mistake, but rather a technological barrier globally.

This is exactly where Tartan’s Global KYB and KYC API suite comes to the rescue. The sector bears the brunt of tighter regulations and mismatched technology levels in use. The exact set of problems that our API suite caters to!

The highlight here is the “Technology Barrier” that causes

1. Anti Money Laundering

2. Data leakage

3. Increased operational cost to organise regular verifications

4. Challenges in maintaining regular due diligence

5. More human involvement & training for KYC risk profiling

   
   

Tartan’s Verification suite ensures

1. Accurate verification based on credible and compliant data source

2. KYB and KYC verifications ensure a TAT of 0.8-1 seconds.

3. No code and low code solutions are available as per your verification needs.

4. Robust Security to ensure no unwanted data disclosure/leakage.

5. Provision of Insightful data for risk profiling and other key decisions.

6. Compliance with all KYC & KYB norms and regulations.

   
   

The process of KYC and KYB becomes seamless through such holistic integration, thereby securing the entire verification journey of customers, through automation, credibility, and most importantly global compliance.

Secure your business with seamless verification with Tartan!!