Paymix Pro simplifies the onboarding process and saves new customers a lot of time

Process and Results

Part of the KYC customer registration process includes mandatory biometric identification, a Liveness test. For the end user, it should be a quick, simple and reliable procedure. And for the compliance officer, it should be a handy tool that generates a report with a file confirming that the person who took the selfies is alive.

Also, as the company works with high-risk countries potentially prone to document forgery, the software solution should focus on the validity and authenticity of ID documents.

Previously, Paymix used to directly correspond with the customer. To do this, the person had to have the Identity documents certified before sending them over to Paymix. For example, the customer would first go to a notary or equivalent to have copies of the documents certified/notarised, and then send original certifications in paper form. The operator would then check and enter the data into the system manually. This process slowed down the speed of opening new accounts. The problem worsened during the Covid, when it became more difficult to certify documents offline.

This cumbersome task has fallen away with the GetID verification process:

• For the regulator, verification of ID document, face match and Liveness meets the verification requirements
• For the company, this has brought significant savings in staff time previously spent on manual verification
• For customers, a smoother and faster registration

The entire testing and integration process took about two weeks, from introduction to the service to final testing.

In conclusion, Finance Incorporated Limited, together with GetID, implemented a modern technological solution which resulted in a win-win situation. Customers got an easy and reliable way to register, while the company fulfilled the KYC obligations in line with the specified technological standards, saved money and freed all participants in the process from manual routines.