Many of the existing KYC providers for fintech startups rely on credit reports to perform identity checks. Our perspective is that relying on credit reports alone is becoming increasingly problematic given the widespread data breaches which expose the underlying data. Bad actors have access to full name, date of birth, address history, and social security numbers for countless individuals.
We believe that going forward, fintech startups are going to have to have to have increasingly robust KYC programs, which will include an ID checks. Berbix is an effective tool to collect and check IDs instantly as part of a robust KYC program. To that end, we’re currently serving multiple customers in the fintech space with such programs.
Every European challenger bank or fintech I've signed up for an account with (Monzo, N26, bunq, TransferWise) has required an ID document check of some kind, sometimes including taking a video, and there have been multiple providers there.
Actually it has became standard practice in where I live to have government ID check as part of KYC process for these new fintech companies, usually accompanied with a live photo capture.
