Electronic Know Your Customer (eKYC)

Overview

Persistent’s Know Your Customer (KYC) application enables banks to meet KYC requirements thereby facilitating the customer onboarding process. It captures customer information, categorizes customers, and supports the collection of documents for verification and other KYC requirements.  The application covers three primary elements of a bank’s overall KYC program:

• Customer Identification Program (CIP)
• Customer Due Diligence (CDD)
• Enhanced Due Diligence (EDD)

These processes help the bank control compliance risks associated with Bank Secrecy Act (“BSA”) and Anti-Money Laundering (“AML”) regulations.The application can also be integrated with legacy systems.

Key Functionality and Features

• Integrates with Melissa Data for address verification
• Leverages RPA for driver’s license verification
• Provides forms to capture critical data and documents to validate information
• Routes for EDD based on certain risk factors e.g. politically exposed person (PEP)