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

China’s social scoring system takes the idea of credit vetting to another level

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chinasocialcredit

Picture credit: Kevin Hong

Your credit score makes up a significant part of the whole when it comes to your social status – something we at pbVerify value, and use to promote sound decision making.

 

As SA’s leading credit data bureau, pbVerify knows how important it is – for businesses and consumers alike – to be familiar with their credit history, and well aware of their current credit status. There are good reasons for providing access to credit score information, all of which are aimed at promoting financial health and good business decisions.

The same beneficial system, however, has seemingly seen a more sinister twist, with the well-publicised move by the Chinese government to take it to a whole new level – one that instils fear, rather than protecting the people it is in place for.

We all know about social status and, whether we like to admit it or not, it is important to us. Nowadays we use social media platforms like Facebook, WhatsApp, Instagram and Snapchat to project a certain idea about ourselves to the world around us – a feature these platforms refer to as a user’s “Status”.

pbVerify specialises in one of the most influential aspects or “scores” that make up a personal status – your credit score. While most consumers are all too familiar with what a credit score means, the implications of a negative score and the importance of knowing your score, the system the Chinese government plans to implement over the next few years, in which every citizen is tagged with a social score, sounds like the makings of a science fiction novel.

China’s Social Credit System (SCS), whereby the government plans to rank its citizens based on their social credit, is due to be implemented in full by 2020, although its wheels are already well in motion. It basically allocates each citizen a social score card based on – among other things – their credit history, behaviour, philanthropic contributions and even outlook on life and events. The government will garner this information based on citizens’ accounts and network activities.

Going forward, this social credit score will be used to rank citizens and reward – or punish – them accordingly. Some of the implications include travel bans, exclusion from top schools (for kids of parents with low credit scores) and from certain jobs, slow internet connection, exclusion from hotels, and even registration on a public blacklist.

In development for some time already (reportedly conceived around 2014 in its current form) and set in motion in earnest in late 2018, China’s SCS has already seen millions of Chinese citizens prohibited from travelling, with a reported 1.75 million air ticket purchases, and 5.5 million train ticket purchases denied last year.

While China claims its aim with the SCS is to enhance trust and social stability by creating a “culture of sincerity”, most are less optimistic about the system’s ultimate goal, with many referring to it as an Orwellian Dystopia, and calling it “nightmarish”.

The jury is sure to be out on this one for some time, at least as far as the general public goes. If nothing else conclusive for now, it does go to show the weight social scores – or statuses – can hold.

We are all about empowerment

At pbVerify, we pride ourselves in providing a service that is accessible, easy to use – and above all, beneficial to our customers. Our focus is on empowering our customers every step of the way, by imparting knowledge that enables sound, intelligent financial decisions.

We constantly strive to put the power squarely in the hands of local businesses, to enable them to quickly and comprehensively make informed decisions with regard to the customers they onboard.

To this end, we recently bolstered our TransUnion Business Report with Quick Vet 4 Business (QV4B) – an instant online tool that enables credit vetting decisions in a matter of seconds.

Granting credit to new customers does not need to be a long, complicated process. Read HERE for more on how QV4B can speed up your business’s decision making and credit granting processes, giving you more time to attend to the things that matter most.

For more information or to speak to a pbVerify consultant call 010 300 4898 or email support@pbverify.co.za.

[REFERENCES]

  1. Wikipedia – Social credit system
  2. ABC Australia – China uses social credit surveillance system to ban millions from buying plane and train tickets
  3. Opploans – For people with bad credit, China’s ‘Social Credit’ scores sound like an actual nightmare
  4. Wired – Big Data meets Big Brother as China moves to rate its citizens
  5. Wired – The complicated truth about China’s social credit system
  6. pbVerify Blog – pbVerify bolsters credit risk management portfolio
  7. TransUnion – Quick Vet 4 Business