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How are banks able to combat financial crime while continually enhancing their customer’s experiences? Both challenges provide difficulties not only to banks but to their customers as well. Preventing and correcting financial crimes while giving customers the best experience possible are the main goals of Revitpay just like many other financial institutions. Transactions such as onboarding new customers must be seamless. Operations such as Know Your Customer (KYC) and Anti-Money Laundering (AML) create intrusive obstacles in online transactions.

To provide the best for customers, banks and financial institutions must meet and exceed anti-fraud initiatives. Data-powered banking, the most viable option for fulfilling the challenges of customer experience and anti-fraud, does three main things: it allows banks to identify fraud no matter what form it comes in, access views of potential customers in real-time, and to acquire verified data that pushes the initiative in these operations to their height.

Integrating Identity Verification into Banking Systems

Identity fraud comes in several forms, many of which are challenging to find quickly. Through data theft, hackers steal their victim’s entire identity. This harms not only the individual but also their financial institution. On the other hand, a hacker might create a false identity from previously used data of a true, stolen identity. In this situation, fraud is committed directly against banks and financial institutions.

Due to past technologies that increase the ease of banks’ customer experiences, crimes such as identity fraud have increased. Financial institutions must find the balance between safety and ease of access. Preexisting banking software platforms can be combined with new data-powered identity verification technologies. This is a process that Revitpay uses to enhance customer transactions, prevent fraud, and reduce the chance of financial crime.

The Purpose of Customer Data

Though there is no single source of identity-verifiable data for banks to use globally, effective verification depends on this data. When dealing with customer data, KYC and AML acceptance is mandatory. A variety of measures have been implemented to protect customers and institutions such as the Bank Secrecy Act (BSA) the Fair and Accurate Credit Transactions Act’s (FACTA) Identity Theft Prevention Program, and the Customer Identification Program (CIP).

In response to this, institutions depend on a spectrum of data sources with countless contact records and relevant data from multiple sources. Dependable data is found from data vendors and services, government agencies, and credit bureaus as well as international watch-list data. Sources such as these strengthen real-time identity verification and empower success with BSA or AML objectives. The value of new data systems is seen when fraud risks are continuously identified early in banking relationships. Universal methods such as these guarantee that verified standard data influence almost every facet of banking and transactions. Primarily, this increases the ease of the process of onboarding new customers. Revitpay makes sure data validation happens instantly during each transaction. This creates a smooth process for banks and institutions and enhances the level of service for their customers.

Technology Behind the Data

Perfected solutions recognize and avoid ‘false-positive’ results that stem from incorrect or similar data. They can recognize if institutions are working with S. Jones, Steven Jones, or Stephen Jones? Optimized data software considers these matching difficulties and can adjust to meet the requirements of any financial institution. These include voice and visual options that speed up processes and eliminate the need of verifying identifiable information.

“Proof of Life” in biometrics and Semantic technology (semtech) are vital as more and more financial transactions occur online. Banks need to know if they are communicating with a real person or just an image of someone. These biometrics can understand if a captured image matches the identification photo banks possess. They take the place of time-consuming security questions that customers are confronted with before their transactions. As a form of AI, semtech connects words along with their meanings and visualizes the association among and between data. This creates strong, real-time connections among all the ID verifications within their various lists and records.

Together these technologies not only provide clear validation of identities but can also enable automated credit-checking and flexible anti-fraud processes. These tools help bankers modernize efficiently while cutting costs. In the end, banks can trust in these automated systems to avoid risks to their reputation and financial crimes while still enhancing customer experiences.

Revitpay is a company that focuses on payment processing solutions that utilizes these very technologies. Contact us to strengthen you or your company’s security while enhancing your own experience.