Introducing the first fully digital end-to-end FICA system

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KYCFactory is the first fully digital end-to-end electronic FICA/AML solution that requires no supporting documents, whether a business is onboarding a consumer or a business.

As a chief provider of customer verification and risk management services, pbVerify understands time is too valuable to spend on onerous KYC processes.

The pursuit of compliance today, particularly in the financial services industry with its stringent regulation milieu, has many businesses troubled. It is something that consumes an enormous amount of their time – not to mention energy and resources.

Perhaps one of the biggest headaches, is the Financial Intelligence Centre Act, (FICA) which came into effect in 2003 after being introduced two years prior, with the aim of combatting financial crimes such as money laundering, tax evasion, and terrorist financing activities.

More recently, in May 2017, even tighter regulation was introduced with the FIC Amendment Act. Essentially, FICA makes sure that institutions know exactly who they are doing business with – i.e. Know Your Customer, or KYC.

Because the pbVerify team understands how valuable time is in today’s business world, we have introduced a revolutionary new FICA product that offers businesses a fast and easy means of ticking all the compliance boxes when building customer-facing onboarding systems: KYCFactory.

Fully digital FICA compliance

Launched this year and developed by our pbVerify software team, KYCFactory is the first fully digital end-to-end electronic FICA/AML (Anti-Money Laundering) solution on the market that requires no supporting documents, irrespective of whether a business is onboarding a consumer or a business.

KYCFactory’s consumer verification comprises configurable, automated processes, including a slick new online 3D liveness test that biometrically matches the person to their national identity document photo, identity data, and alive-deceased data while retrieving their address from over 100 trustworthy SACRRA sources.

Thanks to SigniFlow’s advanced digital signature and workflow automation software, KYCFactory offers businesses the ability to workflow the KYC process, including all requisite information, to multiple people who may need to sign a declaration in observance of the applicable laws.

In accordance with the FIC Amendment Act of 2017 (which accountable institutions had to comply with by April 2019), KYCFactory takes care of compliance for all juristic persons via a brand-new approach to FICA verification – an electronic declaration that caters for Directors, Signatories and UBOs (Ultimate Beneficiary Owners).

Sanctions screening

KYCFactory incorporates pbVerify’s new Sanctions, PEP and PIP (Politically Exposed and Influential Persons) reporting tool, which enables businesses to manually screen prospective clients and perform enhanced due diligence on anyone, from any country.

This service instantly reports on over 2.5 million detailed PEP profiles and detects individuals, organisations and vessels linked to more than 50 risk categories, including Sanctions, Foreign Officials, and State-Owned Enterprises.

The second part of our Sanctions screening service relates specifically to sanctions and embargoes – i.e. political trade restrictions put in place against target countries to maintain or restore international peace and security. KYCFactory automates reporting on business with individuals who pose a threat and are listed on OFAC (The Office of Foreign Assets Control) Mission. Read more here.

Total technology             

In addition to the aforementioned technology that makes KYCFactory the world-class, comprehensive FICA solution it is, other platforms used to authenticate customer identity beyond a shadow of a doubt include:

  • Department of Home Affairs ID Photo Biometric Verification
  • Google Geolocation & Street View
  • CIPC Company & Director Verification
  • SACRRA Address Source Validation
  • Social Media for Business (Instagram, Facebook & LinkedIn)
  • Website Verification (SSL Authentication)

KYCFactory is available via API & integrates seamlessly with business systems, according to individual KYC and compliance management methods and policies.

Say goodbye to time-consuming manual & paper-based FICA processes, and find out how headache-free compliance can be: Give us a call on +27 (0)10 300 4898 or email support@pbverify.co.za.

pbVerify is a registered Credit Bureau in terms of section 43 of the National Credit Act 34 of 2005. Its data-systems, data-security and data-processing protocols are audited annually in accordance with the NCA. pbVerify follows strict ISO9001:2015 quality management processes that are audited and internationally certified by TUV Rheinland Germany. pbVerify engineers are certified in ISO27001 IT Security Management.

REFERENCES

  1. Fic.gov.za – Financial Intelligence Centre Act (Act No. 38 of 2001) [PDF]
  2. SigniFlow – KYC
  3. The Banking Association of South Africa – Financial Intelligence Centre Act
  4. SABRIC – FICA (KYC)        
  5. Law Society of South Africa – FIC Amendment Act published
  6. Financial Intelligence Centre – Who are we?
  7. BBrief – FICA amendments deadline fast approaching
  8. International Compliance Association – What is compliance?
  9. Financial Action Task Force – Who we are

New partnership simplifies company registration process

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company-registration-MalaysiaCompany and domain names can now be registered as one, making it easier for companies looking to manage credit risk to access pbVerify’s full suite of services.      

A recent partnership between three South African agencies, allowing company and domain names to be registered together, has streamlined the process of registering local companies and, in turn, of accessing pbVerify’s suite of verification products.

Earlier this month it was announced that the Companies and Intellectual Properties Commission (CIPC), the ZA Domain Name Authority (ZADNA) and the ZA Central Registry NPC (ZACR) had collaborated to make it possible for new companies to register with the commission and claim a parallel co.za domain name at the same time.

The move will not only give new companies greater control over their intellectual property, it also significantly simplifies the process of acquiring unique online credentials – a requirement for access to many professional services, including pbVerify’s credit vetting products.

Daily online news portal, SME South Africa, cites ZACR CEO Lucky Masilela as saying the three-party agreement enables new enterprises to protect their fledgling online identities. “This innovative offering seamlessly combines the offline and online worlds in a way that provides total convenience and protection for start-ups.”

Credit management services

pbVerify is South Africa’s leading data bureau, offering small-to-medium enterprises (SMEs) and corporates all the information needed in order to make informed, intelligent business decisions to the end of mitigating credit risk.

The easiest way to verify businesses, people and property in South Africa, pbVerify’s suite of credit management services includes business credit checks, CIPC business and director searches, Home Affairs ID verification, SARS advanced VAT verification and bank account verification – among others.

Minimum requirements for companies seeking full access to pbVerify’s services are: a business email address; a business landline number and valid business registration details pertaining to an active business.

Now, thanks to the CIPC, ZADNA and ZACR partnership, companies can quickly and painlessly ensure they are able to tick all the above boxes.

Masilela describes the partnership as a “a fantastic example of domain name space pioneering coupled with out-the-box thinking in the area of public-private partnerships” and says the organisation is looking to launch further services for new enterprises, start-ups and other commercial users in future.Masilela describes the partnership as a “a fantastic example of domain name space pioneering coupled with out-the-box thinking in the area of public-private partnerships” and says the organisation is looking to launch further services for new enterprises, start-ups and other commercial users in future.

For more information on pbVerify’s services call 010 300 4898 or send an email to support@pbverify.co.za.

 

REFERENCE:

SME South Africa – Attention Startups! Company and Domain Names Can Now be Registered Together

 

pbVerify launches new business report

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business credit reportSA’s leading data bureau has added a new B2B product to its extensive suite of credit risk management products.

SA’s leading data bureau, pbVerify, has just launched a new product to complement its existing B2B suite – the XDS Business Credit Report.

The new product will furnish businesses looking to draw business credit reports with instant insight into the existing status of any company that is registered with the Companies and Intellectual Property Commission (CIPC).

XDS is one of South Africa’s leading credit bureaus and, while pbverify has been an XDS partner for many years and offered a range of consumer verification products, the new XDS report is the first business product to be launched on the pbVerify website.

A comprehensive overview and statement of the credit status of any company being researched for credit worthiness, the XDS Business Credit Report is competitively priced and offers all the information (on both the company and its directors) a business requires to make sound commercial decisions.

The information offered in the XDS Business Credit Report also helps businesses prevent fraud by exposing whether any prior legal action has been taken against the company in question. It also gives businesses assurance that the Business and Principal information the company in question has provided, is 100% legitimate.

Below is just some of the information businesses can expect to garner from pbVerify’s new Business Credit Report from XDS:

  • Company CIPC status and information
  • Commercial credit score (with indicator)
  • Auditor information
  • Active director information
  • Business contact information
  • Business banking details
  • Bank Code history information
  • Commercial adverse information (judgements, defaults, etc)

Note: When drawing a business credit report, consent will always be required in terms of the National Credit Act (NCA) and its Prescribed Purposes. Read more about this here.

Want financial freedom? Know your credit status

have-you-pulled-your-credit-report-yetDespite the country’s robust credit information industry, most South Africans do not know what their credit profile actually looks like.

It’s an all-too-common scene: you apply for an account at a retail store, and are taken aback when your application is declined on the grounds of bad credit. As far as you know, you’re the poster child for sound financial management – so what went wrong? Most likely, “as far as you know” is not far enough.

Sadly, even though South Africa has an incredibly strong credit information industry, many citizens are in the dark when it comes to what their credit profile actually looks like.

Earlier this month, local news site News24 cited African Bank executive Alfred Ramosedi as saying that many South Africans were “surprisingly unaware of the importance of a good credit profile”. What’s more, he said, many didn’t even know what a credit profile was – and in instances where they did know, they rarely checked their own personal credit profile.

And yet, the importance of managing your credit status – a task that begins with knowing your credit status – cannot be downplayed in today’s volatile economic climate. As Ramosedi rightly points out, many potential employers nowadays look at job applicants’ credit reports as a means of judging character and level of responsibility.

South Africa’s leading property website, Property24, lists bad credit records as the number one reason banks reject home loan applications, while car finance giant Carfin says the first thing you need to do if you’ve been declined for finance is “Find out why” – i.e. check your credit report. Step number two, says Carfin, is to improve your credit score.

No excuse

 The Credit Bureau Association points out that every single credit-active person in South Africa has a credit profile that shows how they manage their debts and accounts.

Fortunately, if you are a South African who wants to do the smart thing and familiarise yourself with your credit profile, you don’t have to climb any mountains to do so. On the contrary, our country’s credit information industry makes the process next to effortless for you. So much so, that there is really no excuse for not knowing your credit status.

On a scale of 0 to 8, South Africa ranks 7 on the World Bank’s Depth of Credit Information Index – a measure of the availability of credit information, where 8 is the highest level attainable by any country.

Additionally, according to the National Credit Act, every consumer has the right to one free credit report once in a 12-month period from the country’s main credit bureaus, namely TransUnion (formerly ITC), Experian, XDS and Compuscan.

A credit report is basically a comprehensive statement outlining your financial history and standing. It comprises information on your spending and borrowing patterns, how well you meet your financial obligations, general spending and payment trends and contact details. It also lists any judgment you may have against you, as well as any money owed to creditors.

MYpbVerify* – the most versatile personal credit check service on the Net – offers you this and more. The tool not only gives you instant online access to your personal credit report, it also allows you to customise your report with variable information.

MYpbVerify offers various pricing options to suit your needs. Depending on your status and credit history, you can choose either a Basic credit report, or a more advanced (Standard or Premium) report. The latter option includes directorship information, deeds data (properties owned), your personal Compuscan credit rating score and more.

This year, do yourself a great favour – get to know your credit status and start building a good credit profile today. Not only will you never have to fret about being turned down when applying for credit again, you will also be able to take advantage of the better repayment  terms that come with having a strong credit report.

*MYpbVerify™ is an online credit check system designed for consumers in need of quality personal credit check reports. The product offers three different credit reports, all instantly sent via email in PDF format once an order is completed. 

[REFERENCES]        

News24 – Ways to take control of credit

The Credit Bureau Association – http://www.cba.co.za/

The World Bank – Depth of Credit Information Index

Property24 – Why banks reject your home loan

Carfin – Have you been declined for vehicle finance?

 

pbVerify unveils new SARS advanced VAT verification

sars-toolOne of the most advanced company value added tax (VAT) verification means on the market – pbVerify’s advanced South African Revenue Services (SARS) VAT verification tool – is back in operation.

The service was offline for about two months due to a SARS system upgrade, which necessitated reintegration.

This tool gives you the option to search for a company registration number, which will confirm the correct company VAT number associated with that business. Alternatively, you can search by the company VAT number, which will confirm the company name and registration number associated with that VAT number.

This report forms part of the standard pbVerify online product suite and is available after registration to any business.

Click here to for pricing details.

Important to note is that the VAT number search confirms a valid VAT number for a registered VAT vendor or company.

The VAT number result includes:

1. The company’s registered name.
2. The company’s trading name.
3. Registration number. This is the number allocated by the Companies and Intellectual Property Commission (CIPC).
4. VAT Number.

pbVerify relaunches Deeds Search tool

deeds-tool-pbverify

PbVerify’s popular Deeds Search tool has been relaunched and is now more accurate and immediate than ever before.

The relaunch comes after the service had to be put on hold about two months ago, following modifications to the Deeds Office systems that required pbVerify to update certain regions and add new ones.

The Deeds Search tool has been greatly improved, now allowing for live lookups at the Deeds Office – something that was previously not possible. In the past, searches were not live and they were not updated monthly.

The new and improved version ensures absolutely no discrepancies come into play when clients perform the relevant searches. Because pbVerify’s Deed Searches now have direct links to the Deeds Office’s live database, clients are guaranteed the most up-to-date information available.

The pbVerify Deeds Search tool allows you to do the following searches:

  1. Deeds Person Search
  2. Deeds Company Search
  3. Deeds ERF Search
  4. Deeds Farm Search
  5. Deeds Sectional Title
  6. Deeds Document

1. Deeds Person Search

The Deeds Office Person Search provides online information from the Department of Rural Development and Land Reform on property ownership on a natural or juristic person at any of the 10 Deeds Offices in South Africa.

Searches are performed by providing a name or identity (ID)/registration number. Searches are available for one or multiple Deeds Offices (with a search charge applicable for each selected Deeds Office). A batch search facility is also available and can be accessed from the Deeds Office Person Search input page.

A Deeds Person search will yield the following information:

  1. Person information, which includes the natural or juristic registered name and ID or registration number (when available). It also includes the marital status of a natural person at the time of the property transaction.
  2. Property information. All properties owned by the search subject will be displayed, including Deeds Office property description, LPI code (the unique Surveyor General code for the property, used mainly for mapping purposes), title deed number, microfilm reference, purchase price, sale date and registration date.
  3. Contracts. Contracts registered at the Deeds Office are detailed and include antenuptial contracts, interdicts, and notarial bonds.

2. Deeds Company search

A Deeds Company search will return the following information:

  1. Property information. The property information returned includes the complete Deeds Office description, LPI code, extent, diagram deed number and local authority.
  2. Ownership details (individual and juristic with ID or registration number). These include the percentage of ownership for multiple owners. Also included are the title deed document number, purchase price, purchase date and registration date.
  3. Endorsements. Deeds Office endorsements include interdicts, subdivisions, consolidations and bond details.
  4. Historical ownership of the property is noted, including the owner name, purchase price (when available) and title deed document details.

3. Deeds Erf search

pbVerify can convert any erf number into a street address for you – all you need to do is enter the official property description from the Deeds Office (erf or sectional scheme).

How to perform a Street to Erf Conversion:

  1. Select ‘Erf to Street Conversion’ from the ‘Property’ offering on the search Menu.
  2. Supply required search criteria and select ‘Proceed’. WinDeed will return a list of results that matched the criteria provided.
  3. Locate the property in the list and select ‘Search’ to perform a search.

4. Deeds Farm search

pbVerify is able to search for any farm in in South Africa by using the following search criteria:

• Farm name
• Farm number
• Portion
• Registration division

The results you will get from a Deeds Farm search include:

1. Property information.
2. Ownership information.
3. Bond information.
4. Historic document.

5. Deeds Sectional Title

pbVerify can search for any Sectional Title in South Africa by using the following search criteria:

• Scheme prefix
• Sectional title name
• Sectional scheme number
• Unit number

Search results return the following information:

1. Ownership information.
2. Sectional information.
3. Scheme details.
4. Purchase date.
5. Title deed number.

6. Deeds Document

Several kinds of documents are registered at the Deeds Office, including title deeds, bond documents, antenuptial agreements and interdicts. Searching by document number at the appropriate Deeds Office will give you the details of that document and the option to request a document copy.

pbVerify’s new revamped Deeds Search tool is easy to use, accurate, fast and free to register for. You only pay per search and there are no monthly subscription fees or registration costs whatsoever.

As soon as you’ve signed up, you will be able to instantly search for any deeds information you may require through our user-friendly web interface.

Click here for all your Deeds product pricing.

Digital onboarding: Inject true intelligence into your business processes

Digital_onboardingA shift towards paperless business processes is starting to be seen in the business world, and there has never been a better time to take advantage of the host of benefits the move to digital brings, than now.

If your business processes still require customers to fill out paper forms, and you want to do away with this onerous, admin-intensive method, PBSA’s pbVerify digital onboarding systems have a comprehensive and effective – yet painless – solution for you.

Our pbVerify digital onboarding systems enable your business to change paper-based credit applications into efficient online web-based forms that verify the identity of the applicant – in real time – while automatically drawing consumer and commercial credit reports in your back-office system.

This enables you to not only eradicate fraudulent applications, but also to approve quality applications in minutes – rather than days or weeks. The system gives you all the information you need to vet a new customer automatically, while they are busy applying.

With pbVerify, no paper, no print and no manual credit bureau, ITC or CIPC checks are necessary – everything is automated according to your procedures.

pbVerify injects true intelligence into web-based application forms. The system provides real-time quality data via API (Application Programming Interface) on South African citizens, consumers and registered businesses, which can seamlessly plug into any web-enabled application.

The solution is fully integrated with SignFlow (www.signflow.co.za), which enables the applicant/s to sign the application or agreement with a digital signature immediately while online. This not only eliminates time wasted from sending the document to and fro via email for signature, it also increases the success rate on finalised applications.

From burdensome to streamlined

Whether you realise it or not, sending clients applications in the form of Word or PDF documents (even dynamic ones) annoys prospective customers right off the bat – at a stage when you should be impressing them.

The pbVerify digital onboarding solution changes expensive, inefficient, labour intensive and time-consuming processes into a professional, streamlined process that will impress your customers. No printing, no hand-written documents, no scanning no capturing and no time wasted.

Despite a gradual shift to paperless processes, many businesses still use paper and print somewhere in the customer onboarding cycle…Yours doesn’t have to.

For more information on PBSA’s pbVerify digital onboarding systems call 011 516 9400 or email Leon van der Merwe on leon@pbsa.co.za