A stylized picture of a magnifying glass looking at ID documents for KYC purposes.

Keep Your Compliance: The Fintech’s Guide to KYC

Knowing Your Customer – It’s the key success factor for any business. 

But not only sales managers and marketing agents need a good idea about who sits on the other side of the online shopping cart or B2B contact form.

KYC, meaning Know Your Customer, is as much a regulatory requirement for fintech companies and financial institutions. After all, laws oblige them to verify the identities of their clients. The goal: Prevent fraud and constrain the service access of users, who don’t fulfill certain standards of credibility.

But Know Your Customer policies are not just boundaries. They also act as competitive factors. KYC yields insightful data on one’s own services and customers.

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A stylized smartphone showing an different emoney business options, from governmental to payment applications

Building Your Own Emoney Online Business

Prospects and Challenges

In the modern economy, digital payment processes have become a key business factor. Electronic money is transferred across virtual wallets all over the globe at second intervals — or even quicker. Who can build and innovative emoney business quickly, can carve out a niche for themselves.

“Fast-pacedness, however, is not the only reason behind the rise of ewallets and payment software. Profitability also plays a huge role. According to statistics by McKinsey, shifting their customers from traditional offline to digital accounts can save an enterprise up to 90 percent in service costs. Consequently, mobile and online payment solutions are in high demand. In 2016 the Statista Digital Market Outlook predicted an increasing growth rate for the mobile payment sector. 63% within 5 years, to be exact.

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The Compliance Factor in FinTech

FinTech – or – It takes more than a few lines of code and an API to crack the bank-dominated world open.

We started online payment systems and eMoney wallets all the way back in 2001. Looking back at the past decade and the development that took place in the financial technology sector during this time, with certainty we can tell: Now is the right time to be in FinTech! All eyes are on FinTech startups – but not just on the innovations it brings. Regulators are watching the innovative startups closely as they fall into the trap of underestimating “The Compliance Factor“ one after the other.

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