The term eKYC is used to describe the digitalization of KYC processes and the electronic and online conception of them. The remote, paperless process that minimises the costs and traditional bureaucracy needed in KYC processes is eKYC (Electronic Know Your Customer).

Identity falsification, signatures, and phishing are very common. Completely secure eKYC processes with zero margins for the commission of these counterfeiting offences and related crimes have been developed by specialist companies dedicated to technological compliance solutions.

e-KYC Process

The digital and remote transposition of the traditional KYC process is the eKYC process. In an optimised process, weeks needed for its completion become seconds with a really reduced cost.

The identification and verification of the identity of the customers takes place immediately, helping companies to increase their conversion rate to 84 percent, for example, in the case of eID solutions, and offering their customers a smooth, comfortable and simple experience. EKYC procedures increase customer satisfaction and ensure that from the first moments in which the company has contact with them, customers can make use of the service.

Companies must implement electronic identification processes with a high level of safety and reliability and comply with the rules set out in the AML5 or eIDAS regulations in order to ensure that eKYC processes comply with the same safety standards as traditional identification and face verification.