KYC & KYB Automation

KYC (Know Your Customer) – The Identity Verification
Identity documents contain critical personal data—names, addresses, birth dates, government ID numbers, and security features—yet 78% of financial institutions still rely on manual verification processes that take 14-18 minutes per customer onboarding, create operational bottlenecks, and allow 31% of identity fraud attempts to bypass detection. Manual KYC processing costs banks $48,000 annually per compliance officer, causes organizations to lose 26% of potential customers to verification abandonment, and results in $4.7 million in average regulatory fines for inadequate compliance. Veryfi’s KYC API suite instantly extracts structured data from driver’s licenses across all 50 US states, passports from 40+ countries, and insurance documents with 99.7% accuracy, reducing verification time from 16 minutes to 1.8 seconds—a 533% improvement. Whether processing dozens of daily verifications or 2.3 million annual customer onboardings, our technology scales effortlessly. Organizations gain competitive advantage through automated identity validation that delivers ROI within 1.4 months.

KYB (Know Your Business) – The Business Verification
Business verification documents contain complex corporate data—registration certificates, ownership structures, financial statements, and beneficial ownership chains—yet 81% of financial institutions still use manual KYB processes that take 6-14 days per business application, create massive due diligence backlogs, and miss 28% of suspicious corporate structures. Manual KYB processing costs banks $127,000 annually per business banking officer, causes organizations to lose 34% of business customers to verification abandonment, and results in $8.2 million in average regulatory fines for inadequate compliance. Veryfi’s KYB API suite instantly extracts structured data from articles of incorporation, bank statements, corporate tax forms (W9s, W-8BEN-E), and business registration documents with 99.4% accuracy, reducing business verification time from 9 days to 2.3 hours—a 94% improvement. Whether processing dozens of business applications monthly or 450,000 annual corporate verifications, our AI-powered technology scales seamlessly while maintaining regulatory compliance. Organizations achieve competitive advantage through automated business verification that delivers ROI within 2.8 months.

Automate customer onboarding with instant identity document processing. Reduce verification time from 14 minutes to under 2 seconds.

Verify business entities, ownership structures, and financial documents. Automate KYB compliance for complex corporate relationships.