Go Beyond KYC with Ekata’s Account Opening API

The modern digital terrain demands multiple layers of security to ensure your business’s safety.

In today’s online world, KYC solutions are essential to combat fraud, ensure regulatory compliance, protect customer information, mitigate risks and foster trust. Digital KYC compliance enables businesses to operate securely in the digital realm while safeguarding their interests and those of their customers.

Ekata assists in the challenging process of KYC compliance. In the rapidly evolving online landscape, ensuring the safety and security of sensitive information is paramount. This security is essential as businesses increasingly rely on digital platforms. One crucial aspect of a business’s security framework for security needs and compliance requirements is the implementation of eKYC solution (Know Your Customer).

KYC compliance is vital for finance, banking, e-commerce and other industries that involve online transactions and sensitive data. KYC refers to the verification and authentication procedures businesses employ to verify the identity and credibility of their customers. It consists in collecting and analyzing customer information to ensure compliance with regulatory requirements, prevent fraudulent activities, mitigate risks and establish trust.

By implementing robust digital KYC verification, businesses can combat fraud effectively. Fraudulent activities, such as identity theft, fake accounts and financial scams, can cause substantial economic losses, damage a company’s reputation and erode customer trust.

The challenge is that KYC compliance is often cumbersome to customers and costly to businesses and companies. Ekata comes alongside your business to aid in implementing KYC compliance by mitigating applicants and pre-verifying who needs KYC compliance checks. Ekata’s services verify the authenticity of customer-provided information and documents before they engage in complete KYC compliance checks. Ekata enables businesses to avoid unnecessary delays and saves time and resources by detecting and addressing any inconsistencies or inaccuracies in the initial stages.

Ekata leverages their expertise and technology to enhance the efficiency and effectiveness of their KYC compliance processes. Ekata’s solutions not only aid in mitigating the burden on customers but also assist businesses in optimizing their resources and reducing costs.

By implementing our Account Opening API, customers saw a 60% increase in passive verifications and a 50% reduction in customer account creation drop-offs before the KYC process.

Features and Benefits

Ekata enhances the KYC process by pinpointing high-risk versus low-risk applicants during onboarding.
Unlike the deterministic approach to risk assessment in KYC, AML and OCR, Ekata uses a probabilistic approach to understand digital identity elements and how they link to one another and behave.
Ekata augments your KYC processes by giving financial institutions the confidence to determine the appropriate workflow for each applicant at onboarding (the first touchpoint). This initial touchpoint directs low-risk applicants towards a more efficient workflow, while high-risk applicants are subject to additional verification steps, such as phone calls, branch visits or further regulatory checks.

By pinpointing high-risk applicants, banks with our solution only need to put the riskiest individuals through KYC. This reduces the monetary cost of KYC compliance for businesses.
This workflow also reduces onboarding costs and saves money in the long run by preventing fraud (most notably synthetic identities). Traditional KYC procedures are too static to detect sophisticated fraud.

How our customers experience Ekata

“We get a risk score associated with any successfully created account. Alongside that, we create different thresholds. So, if you meet a higher risk threshold, then you can only perform certain actions on the platform. And if you’re too high risk, you get a message telling you to contact customer support instead of being allowed entry.”

– Darren Cody, Marketplace Studio co-founder

Trust is key

Ekata’s worked within the industry to rise above and create fraud prevention that truly performs.

Best Overall Digital Identity Solution Provider in 2022 FinTech Breakthrough Awards
Ekata APAC recognized as “FinTech of the Year” by AMTD DigFin
Shortlisted at the 2022 SaaS Awards in the “Best SaaS for E-Commerce / E-Shops” category

Ekata’s Account Opening solution was named “Best API – Payments” at Singapore Business Review’s Technology Excellence Awards 2022
Ekata Identity Engine was named a finalist at the 2022 Paytech Awards in the “Tech of the Future” category

Ekata’s Account Opening solution was named “Best API – Payments” at Singapore Business Review’s Technology Excellence Awards 2022

Best Overall Digital Identity Solution Provider in 2022 FinTech Breakthrough Awards

Trusted by over 2,000 Customers Worldwide

Ekata’s AO Solution is accurate, efficient and easy to use, thus reducing fraud, complying with regulations and improving customer satisfaction.

It is built as a comprehensive tool to improve the KYC process. With advanced capabilities, the AO solution assists in KYC compliance. By leveraging extensive data sources, machine learning algorithms and sophisticated analytics, Ekata’s solution provides precise and reliable results. Effectively it verifies and authenticates customer identities, detects potential fraud indicators and assesses risk levels with high accuracy. This authentication ensures businesses can confidently rely on the information to make informed decisions during the KYC process.

Efficiency is another critical aspect of Ekata’s Account Opening API. The solution can process large volumes of customer data and perform identity checks, reducing the need for manual intervention. By pinpointing high-risk applicants, businesses customize the applicants that need KYC compliance. This pre-check creates efficiency and allows businesses to onboard customers faster and optimize their operational workflows.

The solution’s advanced fraud detection capabilities can identify patterns, anomalies and potential red flags associated with fraudulent activities. This proactive approach enables businesses to detect and prevent fraudulent attempts, protecting both their financial interests and the security of their customers’ information.

By streamlining the KYC process, businesses minimize customer friction and deliver a smoother onboarding experience. The seamless and efficient verification process engenders trust and enhances customer satisfaction. Leveraging the capabilities of Ekata’s AO solution, businesses can strengthen their KYC processes, mitigate risks and establish a foundation of trust and security in their customer interactions.