Know Your Customer Compliance is becoming increasingly important for businesses around the globe. Having this process not only helps you know your customers but also protects your business from fraud, money laundering, and other illicit activities while preserving your compliance status.

If you are looking for a KYC software provider that is feature-rich and modern, you are at the right place. In this article, we will explore the top 10 KYC software providers in the market and their features so you can find the best ones for your business needs. But before that, let’s start with a brief overview of KYC.

What is KYC?

A Know Your Customer software helps you build and deploy processes that assist in verifying customers, monitoring transactions, and complying with anti-money laundering laws across the globe. These software products have access to global identity databases and perform document checks with biometric verification support to provide accurate verifications. Having a good KYC software for your business is important as it protects you from fraud and prevents regulatory issues and fines.

Having known about KYC, now is the time to look at the top KYC software providers in the market.

Top 10 KYC Software Providers

1. ChainIT

ChainIT provides global identity verification and document verification services to support your business’s complex KYC needs. It uses next-generation verification solutions that makes onboarding customers across the globe faster and secure.

Whether you want transaction monitoring, biometric authentication, or real-time AML screening, ChainIT’s comprehensive KYC AML Compliance solutions provide everything in a cloud-native and API-first approach.

2. Jumio

If you are looking for the latest solution that leverages AI and machine learning models to perform digital identity verification and support your KYC process, you should definitely look at Jumio. It integrates with apps from various industries like banking, travel, online marketplaces, gaming, and many others.

Jumio’s KYC platform combines automated ID document verification with biometrics and a robust AML screening engine that protects your business from malicious users. Moreover, it is a global platform and supports ID verification workflows for government-issued documents of more than 200 countries in real-time.

3. Trulio

Trulio’s GlobalGateway platform offers real-time automated identity verification, biometric, and business details verification under a single software product. This platform helps both B2B and B2C businesses to verify their customers of all types through a single process on the same platform. Its platform is highly secure and has been ISO-27001 certified since 2015.

Trulio also offers powerful and scalable APIs that can be integrated with your apps to perform real-time and automated identity verification for users around the globe. By using their APIs, you can perform verification for more than 5 billion users and 700 million businesses across 195 countries.

4. Fiserv

Fiserv is an American software provider that assists in fintech transactions like credit, debit card processing, loans, electronic bill payments, and many other things. It also offers robust financial crime risk management platforms, which help businesses in reducing financial crime by integrating KYC and compliance capabilities.

If you are looking for a robust platform that combines transaction monitoring, customer due diligence, and risk assessment capabilities into a single platform, Fiserv is a pretty awesome choice. It also integrates with existing banking infrastructure seamlessly and helps you leverage the latest KYC methods for your business.

5. Finclude

If you are in the EU and want a solution tailored for EU countries with compliance to GDPR and PSD2 regulations, you should definitely check out finclude. Finclude began its operations in 2018, and since then, it has grown to support 12+ countries and 100+ banks across the EU. As it is based in Dublin, Ireland, it also understands EU laws much better and complies with all major regulations.

The company offers verification, creditworthiness, affordability, and many such assessments for customers in real-time. With finclude’s APIs, you can verify customer records across the EU, and also access income, source of funds, and other such details for your customers for banking or credit KYC.

6. LSEG

LSEG World-Check is one of the oldest KYC screening software on this list. It has helped customers across the globe for the last two decades, and it's still growing strongly. The platform is an API-first solution that delivers structured risk intelligence data to your applications in real-time, helping them take KYC decisions faster and mitigate risks.

World Check has access to some of the largest datasets, and it covers politically exposed persons, state-owned entities, global sanctions list, global regulatory and law enforcement lists, and many other data points. By combining all these datasets, you can comply with global KYC screening, anti-money laundering, corruption, and other regulatory laws through a single platform and workflow.

7. Thomson Reuters

Thomson Reuters Clear is a public records verification tool that assists businesses in verifying identities, preventing fraud, and detecting risks early on. The platform has access to various public and private identity datasets and leverages them to provide accurate KYC records and details for any user interacting with your business.

It also offers advanced analytics driven by AI and machine learning models, so you have complete knowledge about your workflows, and get suggestions to improve them too. This platform is used across industries like finance, law enforcement, retail, manufacturing, and many others, and its identity verification services are completely customizable too, so that they meet your business requirements better. 

8. iDenfy

iDenfy started its operations in 2016, and since then, it has helped numerous businesses by delivering technology-first KYC and AML solutions. Their global identity verification and fraud prevention platform prevents cybercrime in real-time and protects businesses.

The platform uses biometrics, business verification, and many other verification approaches to offer a secure KYC process for its customers.

iDenfy also provides one-time links for KYC flows, which are more secure and have fewer chances of customers stopping the KYC process in the middle. This approach makes onboarding faster and secure for every business.

9. Onfido

Onfido is an identity verification services provider that offers no-code, AI-driven, and multiple verification approaches to enable secure and compliant onboarding for customers across 195+ countries in the world. Whether you want to reduce fraud or comply with global regulations of KYC, Onfido’s software solution can be a great addition to your tech stack.

Onfido also offers SDKs to integrate with your business code easily and offer exceptional identity verification services to everyone. Moreover, it has access to global databases to help in KYC, AML, and PEP screening for every business.

10. Sanction Scanner

If you are looking solely for an Anti-Money laundering solution to complement your KYC process, you should check out Sanction Scanner. It started its operations in 2019 and quickly scaled to providing services across 70+ countries.

The platform offers real-time AML screening, transaction monitoring, fraud detection, and customer risk assessment so that your business is safe from fraud and is compliant with regulations.

Conclusion

Having known about the top 10 KYC software providers, you are now in the perfect space to evaluate each solution head-to-head based on your business needs, and shortlist solutions that provide customizations to suit your business’s complex KYC workflows. Most of these solutions provide customization options, and they are global solutions, so you can rely on them to work with users across the globe and deliver a safer KYC process for your business.