Top 10 KYC Solution Providers 2023
The Importance of KYC verification cannot be overstated in the financial industry. To prevent fraud, money laundering, and identity theft, KYC compliance validates clients' identities and evaluates their level of risk. The identity verification market is predicted to grow from $11.1 billion in 2023 to around $38.5 billion in 2033. By using biometric authentication, document verification, and face recognition, however, this complex process enables businesses to collect and confirm customer data.
Technological advancements change the AML & KYC compliance landscape, with innovations such as artificial intelligence, machine learning, and big data analytics reducing human errors. In addition to reducing costs, these innovations have increased the efficiency of KYC compliance. This has opened the door for innovative thinking and the need for digital transformation in the KYC market. With the replacement of physical documents with digital IDs and technology allowing customers to present their identity documents virtually, financial institutions could offer new customers a seamless and faster onboarding process without the need for a physical appointment.
As the KYC solution is flooded with numerous solution providers offering cutting-edge and innovative solutions, businesses are finding it difficult to find the right solution that precisely meets their needs. That is why we’ve developed this special edition for KYC solution providers. The companies listed below were selected by our team of industry veterans, including CEOs and CTOs, and our editorial panel, which includes our editors and researchers.
Company:
Encompass
Management:
Wayne Johnson
Designation:
CEO
Headquarters:
UK
Website:
encompasscorporation.com
Encompass transforms the customer onboarding experience and bolsters Anti-Money Laundering (AML) compliance with powerful Know Your Customer (KYC) automation software. Our advanced technology, unrivaled data coverage, and industry expertise help clients to safely grow their businesses and fight financial crime. The Encompass platform reduces the cost of KYC and improves time to revenue by providing KYC due diligence on demand, powered by intelligent process automation.
Company:
Evrotrust
Management:
Konstantin Bezuhanov
Designation:
CEO
Headquarters:
Bulgaria
Website:
evrotrust.com
Evrotrust is an end-to-end identity and trust solution with AML compliance guaranteed by EU regulation applicable to all citizens across the globe. At Evrotrust, the company created a new trust architecture that brings all the aspects of the ideal solution under one roof. They’ve put great emphasis on the KYC needs of clients in the core market – the European Union, and provide a trust service defined by EU regulation called eIDAS
Company:
FrankieOne
Management:
Simon Costello
Designation:
CEO
Headquarters:
San Francisco, CA
Website:
frankieone.com
At FrankieOne, the focus is on fast, flexible, and frictionless verification and onboarding processes. The platform provides trusted compliance, identity, and fraud detection solutions, catering to banks, fintechs, and other companies in their customer onboarding and protection efforts. This powerful platform optimizes the verification process to ensure safety and security while minimizing risks, thereby maximizing opportunities for businesses.
Company:
GenKey
Management:
Michiel Loeff
Designation:
CEO
Headquarters:
Schaumburg, IL
Website:
genkey.com
GenKey are expert in biometrics. Together with partners, they provide a full range of digital biometric identity products, used by governments, public institutions, and businesses. With over 100 million identities verified, GenKey has a proud reputation in supporting developing economies in their efforts to build sustainable biometric identity solutions. GenKey operates globally, with offices in Europe, Africa, and the US
Company:
Inverid
Management:
Maarten Wegdam
Designation:
CEO
Headquarters:
Netherlands
Website:
inverid.com
Inverid is a leading Dutch technology company specializing in NFC-first identity verification solutions. With a focus on innovation and security, Inverid provides cutting-edge solutions to help businesses verify the authenticity of identity documents and prevent identity fraud. Its flagship technology, ReadID, revolutionizes the way organizations verify customer identities, providing a seamless and secure experience.
Company:
Resistant AI
Management:
Martin Rehak
Designation:
CEO
Headquarters:
Prague, CZ
Website:
resistant.ai
Resistant.ai uses artificial intelligence to help financial institutions improve their fraud, risk, and security capabilities. Resistant. ai solutions can be integrated with existing systems to enhance KYC workflows, increase the productivity of AML transaction monitoring, and provide insights into organized financial crime rings.
Company:
Shufti Pro
Management:
Victor Fredung N
Designation:
CEO
Headquarters:
Burlington, MA
Website:
shuftipro.com
Shufti Pro is an AI-powered digital identity verification solutions provider offering KYC, KYB, and AML services in 200+ countries and territories. It aims to create a secure and safe online marketplace devoid of identity theft and other fraudulent activities.
Company:
Tilia
Management:
Brad Oberwager
Designation:
CEO
Headquarters:
San Francisco, CA
Website:
tilia.io
Tilia is an all-in-one payment platform used by games, virtual world publishers, mobile applications, and NFT providers. With Tilia, users can accept payments, issue virtual tokens, manage in-game purchases, and enable users and creators to earn and extract real money.
Company:
Trulioo
Management:
Steve Munford
Designation:
CEO
Headquarters:
Canada
Website:
trulioo.com
"Trulioo enables high-growth organizations, global banks and Fortune 500 companies international reach to verify more than 5 billion people through more than 450 data sources across 195 countries."