These unique solutions represent a significant advancement in identity verification, risk mitigation, and compliance, providing a single end-to-end solution for both KYC and KYB onboarding processes.

InstantKYC and InstantKYB are the first KYC and KYB solutions with pre-configured workflows incorporating best practices based on years of experience in numerous industries, including fintech, finance and insurance. They are presented as ready-to-deploy solutions in full compliance with local AML regulations, making it easier for companies to expand easily in other countries.

InstantKYC onboards individuals compliantly by establishing their identities and subsequently performing required checks depending on the country. InstantKYB verifies vital organisation information such as organisation identification number, name, address, legal representatives, controllers and UBO’s and performs a basic screening or a full KYC check on them, to ensure it is safe to do business with them.

“One of the extra features of InstantKYC and InstantKYB is the early fraud detection capability. In an era where fraud is on the rise, we want to empower companies to identify and remove fraudulent actors early in the onboarding process, minimizing risks, costs and losses”, comments Riten Gohil, Digital ID, Fraud & AML Orchestration Evangelist at Signicat. “We have scanned and built flows based on on local AML regulations and requirements to make it easier for companies to be compliant and expand their operations easily”, he adds.

Through this solution, Signicat offers risk scoring as part of the process, where various attributes of the end user are carefully evaluated to detect any fraudulent patterns in the early stages of the onboarding process. If any high-risk indicators are found during this process, the onboarding is interrupted, thus avoiding putting a customer through a process that, in advance, does not meet the established safety requirements.

“KYC and KYB processes are complex because you need to balance compliance requirements, like getting hold of the right customer details, with user experience, or making sure the customer is not scared away. On top of that you want to avoid unnecessary costs,” says Thomas Osinga, Tribe Lead Onboarding & Orchestration at Signicat. “These new ‘Instant’ workflows allow you to re-use the best KYC and KYB practices for a range of countries. They contain the ‘best practice’ remote identity verification methods and validation of data in external registers per country, combined in a pre-made process. As its name suggests, ‘Instant’ means they are available to be used immediately”, he adds.

These products provide efficient integration with numerous vendors through a single API, granting access to a vast database of data points without cumbersome processes. With international coverage across various jurisdictions, companies have a single partner for seamless compliance with local AML regulations, accelerating time-to-market and gaining a competitive edge.

InstantKYC and InstantKYB cater to companies across regulated and non-regulated sectors aiming to integrate risk awareness into their onboarding processes, enhance automation, and streamline international expansion strategies through simplified workflows.

InstantKYC is available in Norway, Sweden, Finland, Denmark, The Netherlands, Germany, Spain, and the UK while InstantKYB is available in Norway, Sweden, Finland, Denmark and The Netherlands. Signicat plans to expand these solutions to additional countries shortly, extending their availability beyond the current markets. Additionally, Signicat offers integration with its Case Manager solution to visualize results seamlessly.