Client Onboarding With Real Time KYC


KYC due diligence takes up almost 22% of the entire time during customer onboarding process. Hence the efficiency of the entire process is depending on this sub process. The solution automates the process of validating the LEI and sanctions screening during the customer onboarding process. The solution uses open API to perform these actions in real time. This is expected to result in significant cost and effort savings from a business perspective.

Key Features & Functionality

  • Capturing a client's basic details for onboarding.
  • The client’s details retrieved from the LEI database can be used to validate the details provided during the onboarding process.
  • The sanctions screening status can be used to determine upfront whether the client has had any sanctions imposed on them.
  • The solution is highly scalable should the client decide to include more informational attributes during the onboarding process.
  • In-built mechanism for customer outreach to get any missing documents during the onboarding process.
  • Flexibility to add the onboarding process status and add it to a workflow orchestration process if required.

Benefits & Business Impact

The solution offers several benefits.

  • Real time KYC validation using LEI results in significant cost and resource savings. This offers significant benefits over the most predominantly followed manual verification process which is time consuming and inefficient.
  • Real time sanctions screening to flag customers for whom enhanced due diligence may be required. Again, this being a real time process, significantly cuts down on time and effort involved in due diligence.
  • Hassle free process to initiate a customer outreach that is in-built into the solution. This results in a streamlined process that is not dependent on customer information from other departments.