ProgressSoft’s Electronic Know Your Customer provides financial institutions with a 24x7 digital solution to remotely identify and verify customers, whether individuals or businesses, cross-check them and analyze the risks they pose to the financial institution.
The solution utilizes advanced technologies including Artificial Intelligence (AI) and Machine Learning (ML) to deliver digitized prompt assurance that the customer is who they purport to be, whether they are on premise or remotely.
Full Regulatory Compliance
PS-eKYC integrates with national directories, identity management providers, e-government bureaus and global sanctions list including Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT) and Politically Exposed Person (PEP) among others to ensure full regulatory compliance.
Image Processing Technologies
PS-eKYC utilizes advanced image processing technologies that include Optical Character Recognition (OCR), Machine-Readable Zone (MRZ) and Optical Mark Recognition (OMR) image analysis, extraction, transformation and detection techniques to conduct accurate face recognition and matching capabilities as well as text recognition from presented documents.
Artificial Intelligence & Machine Learning
PS-eKYC applies sophisticated AI and ML techniques that optimize image processing, enhance the face recognition process efficiency and ensure that PS-eKYC only gets more intelligent with time.
PS-eKYC utilizes open Application Programming Interfaces (APIs) to integrate with financial institutions’ existing channels and backend systems such as Customer Relationship Management (CRM), Customer Information Files (CIF), content management systems, mobile applications, web portals and more.
PS-eKYC comprises modular components of the registration process including multi-factor authentication, customer profile, document verification, face verification, address verification, business profile, tax and legal declaration, signature capture and consent verification.
PS-eKYC offers secure end-to-end communication for exchanged transactions that is compliant with the latest technologies in the security arena including Public Key Infrastructure (PKI) encryption, hashing algorithms, digital signatures and certificates, and more international standards and principles.
PS-eKYC comprises a database that holds all customer eKYC information, with the capability to introduce other types of database records such as logging, data sets and model building according to financial institutions’ needs.
PS-eKYC provides three types of front-end applications including a mobile application, web portal and administration portal that are seamlessly connected with all PS-eKYC components via the solution’s open APIs.
Expands geographic coverage without the establishment of new branches
Alleviates risks and manages lists such as AML, CFT, PEP, etc.
Guarantees full compliance with the country’s rules, regulations and requirements
Eliminates costs related to customer onboarding as well as operational and overhead costs
Provides new profitable opportunities to serve low income customers and secure new market shares
Achieves brand differentiation to attain new customers while retaining existing ones
Enhances customer convenience and satisfaction as well as staff productivity