How to Choose the Best KYB Solution for Your Business

How does a Head of Compliance at a leading Fintech company in APAC approach the task of evaluating and choosing the right KYB vendor for their business? To answer this question, we interviewed a compliance expert with over 17 years of experience in the financial services sector, who successfully designed and implemented her company’s KYB compliance and customer onboarding process from the ground up.

Choosing the right RegTech vendor to partner with as a Fintech business can be a daunting task. The number of solutions on the market seems to be constantly growing and most companies often use the same keywords and arguments to convince their potential buyers.

In this context, it is extremely helpful to gain some insights from the experience of fellow compliance leaders and learn how they approached the evaluation process, what functionalities were most important to them, and what determined them to choose a solution over the others.

Tarini Ponniah, a compliance expert with over 17 years of experience in the financial services sector, designed and implemented the KYC compliance and customer onboarding process at a leading Fintech company in APAC. We sat down with Tarini to gain a better understanding of her evaluation process and what were the key reasons why she chose to partner with Know Your Customer.

I was looking to streamline the onboarding process for a vast range of corporate customers.

At the time, it took us between 24 hours and 15 days to collect all the documents we needed to complete onboarding. Quite often, the documents provided directly by our customers were not up-to-date, and validating them against official records was an unsustainably manual and time-consuming process.

My objective was to find a solution that would get me access to a large number of company registries and official documents from one centralised location, without the need to bother the customer with endless requests for documents right at the beginning of the business relationship. My vision was to combine strong compliance controls, by sourcing documents from their official source, with a better onboarding experience, where the customer is only asked for the information that is truly needed, and the rest of the process is controlled fully by the onboarding and compliance team

After identifying exactly what my requirements were, I distilled them into the following checklist:

The simplest answer is that, by working with Know Your Customer, I was able to quickly bring to life my original vision for a more streamlined and less intrusive onboarding process for our corporate customers.

Our compliance officers are now much more in control of the whole process, as they don’t have to rely on documents being provided by the customer. As a result, the time that it now takes to source documents and identify the shareholding structures of our customers is a very small fraction of what it used to be. And the overall business relationship also gets off to a much better start, as we are not bothering the customer with multiple requests for documents. If all documents are in order, we can proceed to activate their account much faster as well.

About Know Your Customer

Know Your Customer is an award-winning RegTech company specialised in next generation digital onboarding solutions for financial institutions and regulated organisations worldwide.

For teams that are struggling with inefficient corporate onboarding processes, Know Your Customer provides a modular compliance solution that combines the most intuitive digital workspace on the market with unmatched real-time registry data, seamless integrations and smart automation to transform the essence of the compliance function at its core. The products’ modular design enables efficient customisation, as clients can select and implement only the functionalities they really need, all available via Rest API.