Know Your Customer (KYC)

KYC (Know Your Customer) verification is a regulatory requirement that establishes trust between financial institutions and their customers. It is mandatory for all institutions, and related processes must adhere to a customer identification program (CIP). Without KYC, banks' assets, including those of their valued customers, remain exposed to risk. Instnt streamlines the identity document verification process during sign-up to detect fraud, using automated screening to convert more new users into authenticated account holders.

How To Enable KYC Verification

By default, the Instnt dashboard activates the Know Your Customer (KYC) verification feature when creating a workflow. We recommend keeping this setting as it is to allow Instnt to handle the KYC compliance verification checks. The feature functions seamlessly within your workflow, requiring no integration changes. Our streamlined process, powered by AI-based anti-fraud technology, helps customers complete KYC requirements swiftly.

For KYC, both the National ID (SSN) and Date of Birth are required for the US, but for Canada, only Date of Birth is required. Some of these features have dependencies on the rule selection, and the feature-field relations are detailed in the Fields Dictionary. This rule may vary for the US and Canada. For more information on creating a workflow, please see the Quick Start Guide.


How It Works

KYC (Know Your Customer) verification feature is a sophisticated process designed to verify the identities of new customers, simplifying the onboarding process for institutions while ensuring a secure identity verification process. You can tailor your identity verification infrastructure to align with the compliance requirements of your business. Learn more about Instnt Field Selector.

This feature encompasses fully automated document verification, liveness authentication for authenticating ID documents, biometric authentication using facial liveness, and sanctions compliance screening solutions to expedite critical screening workflows. It complies with SOC 2, privacy regulations, and various stringent security measures.