Businesses are continually searching for top-tier KYC providers to assist them in staying ahead of compliance requirements as financial markets become more regulated and the demand for consumer due diligence develops. So who are the main participants in this market? After thoroughly examining the sector, we selected five significant KYC providers who will emerge as leaders in 2023.

But first, let’s go through the fundamentals. 

Understanding The Concept & Importance Of KYC

KYC is a regulatory compliance requirement that compels financial services organizations to verify identities, monitor transactions, and assess the risk of new clients. Financial institutions must safeguard themselves against fraud and noncompliance. KYC verification is frequently performed by a third-party provider who offers KYC software and data services to help businesses streamline their client onboarding process and ensure AML compliance.

5 Best KYC Providers for 2023 

  • Sumsub: Sumsub is a service that assists businesses with real-time onboarding, KYC, and AML compliance. It uses AI-powered automated verification of customer identification papers to detect suspicious behaviors and meet regulatory standards. It can analyze over 6,500 documents from 220 countries and use exclusive and patented technologies to detect the presence of a real person on the customer’s side.
  • Shufti Pro: Shufti Pro is a worldwide KYC supplier that provides AI-driven KYC and AML screening platforms. It is one of the industry’s only vendors that provides ID and identity verification services in all languages and nations. Customers can use their services for a thorough AML screening that includes over 1000 watch lists, PEPs, and sanctions lists. However, their AML screening is confined to screening and does not include any risk assessment technique.
  • Seon: Seon is a KYC provider that offers valuable data points via reverse phone lookup, email analysis, device fingerprinting, and digital profiling lookup tools. It has a robust risk-scoring engine provides consumers with a fraud score and explanations. It also has a quick, frictionless API and a clear SaaS pricing mechanism but does not provide document checking or biometric verification. It is an excellent KYC solution for pre-screening fraudulent customers.
  • Trulioo: Trulioo is an industry-leading identity verification supplier that provides various services to facilitate customer onboarding. It distinguishes itself from competitors with its real-time company verification capability and a huge database of MNOs. However, it has limitations such as inadequate customer service and limited AML measure checks, but it is a popular choice for organizations wanting to quickly verify clients online.
  • Ondato: The KYC solution is designed to simplify and streamline compliance processes, providing tools to check over 10,000 documents in under 60 seconds. It includes identity verification, business onboarding, customer data platform, due diligence, authentication, and virtual branch. It is accessible in 192 countries.

Final TakeawaysCompanies wishing to simplify and streamline compliance activities will find KYC providers an important resource. Companies may check consumer data, stay compliant, decrease fraud risks, get access to global watch lists and databases, improve user experience, and receive real-time notifications when suspicious behavior is detected; This saves time and money, reduces fraud risks, and ensures the safety of both businesses and customers.