FirstByt’s KYC KYT Services Provider offers comprehensive compliance solutions including AML screening, Global KYC, and KYT. We assist cryptos, wallets, DeFi and other Web3 companies in meeting evolving CFT/AML regulations worldwide.
Compliance Solutions and KYC Processes For Crypto Companies
Ensure that your crypto exchanges and trading platforms are protected, compliant, and safeguarded against potential risks. We focus on compliance while you focus on global expansion and growth.
ID verification
Quickly verify users across the globe. Apply all necessary KYC checks in a seamless flow, designed to combat all fraud types, in all markets. Real-time automated ID verification across 220+ countries and territories worldwide, and 6500+ government documents with 55+ languages supported. That includes proof of address and any documents you need via custom questionnaires. Complex typescripts are easily recognized as well.
Address verification
Seamless onboarding and increased conversion rates with state-of-the-art proof of address verification solution.
Database verification
By leveraging government databases, we ensure seamless and efficient verification, eliminating the need for extensive documentation.
Biometric verification
Utilize technology to perform liveness and Face Match verification, ensuring the authenticity of document holders’ identities.
KYC Crypto Software & Tools
From initial user onboarding to transaction approvals, our solution provides a seamless and reliable verification experience.
Benefits of using KYC as a service
- Cuts costs and boosts efficiency with our KYC Services. Discover more about our products and solutions.
Achieve Unmatched Success Rates on a Global Scale
Robust technology and streamlined processes, we enable seamless user and company onboarding from over 220 countries and territories worldwide.
Stay One Step Ahead with Advanced Fraud Prevention
Streamline your fraud resolution process, track and document cases, collaborate with your team, and gather crucial evidence to strengthen your defense against fraudsters.
Catering to Diverse Crypto Businesses
Our expertise extends to a wide range of crypto ventures, including exchange platforms, decentralized exchanges (DEXs), custodians, wallets, lending and staking platforms, payment services, ATMs, ICOs, and even casinos.
Tailored Compliance Solutions for Diverse Financial Institutions
We work closely with our clients to develop customized compliance programs that align with their business goals while ensuring adherence to the ever-changing regulatory frameworks.
Advanced Analytics Solutions
Harness the power of analytics, designed to track crypto assets and assist you in developing a robust and well-structured AML strategy.
Reporting and Real-time Alerts
Improve your compliance processes with intuitive reporting features, allowing you to effortlessly create KYT (Know Your Transaction) and KYA (Know Your Activity) reports with just one click.
Verify global crypto investors with flexible & scalable KYC solution
KYC compliance solution designed to address the unique challenges of crypto asset regulation and traditional markets. Leverage the digital currency market while increasing conversion rates.
Why choose FirstByt as your KYC Service Provider?
Choosing the right KYC provider for your crypto exchange, upcoming ICO or token sale is a critical decision that requires careful consideration. Here are some key factors to keep in mind when making your choice.
Ready to get started?
Book a demo to see first-hand how our crypto KYC / AML compliance software can tackle your biggest compliance challenges.
FAQs about KYC as a service
What is KYC Compliance Software?
KYC compliance is the process of customer identity verification, ensuring that individuals engaging with financial services are who they claim to be. With the shift toward online interactions, face-to-face verification has been minimized, making customer verification even more important to maintain trust and prevent fraudulent activities.
Why is KYC software compliance important?
KYC compliance software is like having a superhero shield for your business, protecting it from money laundering, fraud, and even funding for terrorist activities. You can detect and prevent illicit activities by verifying customer identities and thoroughly examining their information. Imagine a scenario where a bank uses KYC software to uncover multiple accounts opened with fake identities, signaling potential money laundering.
Where KYC Compliance Is Used?
KYC as a service has multiple use cases. Here are some examples:
- Brokers and Investment Platforms: KYC procedures are essential for brokers and investment platforms to authenticate the identity of investors, comply with regulatory requirements, and prevent fraudulent activities.
- Banking: KYC procedures are critical for opening bank accounts, granting loans, processing transactions, and ensuring compliance with regulatory requirements. Banks need to verify the identities of their customers to prevent fraudulent activities and maintain the integrity of the financial system.
- Fintech companies: They often provide online platforms and services that involve monetary transactions, such as peer-to-peer lending, digital wallets, crowdfunding, and investment platforms.
- Digital assets: Cryptocurrency exchanges and platforms must implement robust KYC procedures to ensure compliance with anti-money laundering (AML) regulations and maintain the integrity of the digital asset ecosystem.
What are the most important features when selecting a KYC software solution?
When selecting a KYC software solution, consider identity verification, compliance management, user experience, integration capabilities, security and data privacy, and scalability.
How is KYC done in crypto?
KYC in crypto is performed similarly to KYC in other sectors, although the focus is primarily on identity verification. A robust KYC process should include:
- Customer verification where personal information like name, address, date of birth, or other data is collected to help prove the potential customer is real and the person they say they are.
- Customer due diligence where the crypto exchange checks to make sure customers are not included in sanctions screening, PEPs screening, watchlists, and other KYC measures.
- Risk scoring/decisioning where they decide if the customer can continue onboarding, if further due diligence is needed, or to reject the application.
- Ongoing monitoring for red flags during the customer’s lifecycle that could indicate potential fraudulent activity.
Partnering with a crypto KYC provider is an effective way to ensure KYC checks are performed accurately and efficiently, streamlining the process for crypto exchange users.
Why is KYC important in crypto?
KYC plays an important role in the crypto industry — the use of KYC by crypto providers helps with building trust, mitigating risk, meeting global standards, and creating long-term viability. Let’s take a closer look at each of these benefits.
- Building trust. At its core, cryptocurrency requires trust, as the entire system operates using decentralized networks that are outside of traditional financial structures. Using KYC procedures can help build trust with users, regulators, and the wider financial community, ensuring that each transaction is actually going to the right person, making identity fraud and money laundering more difficult for bad actors.
- Mitigate risk for investors. Most cryptocurrencies have an initial coin offering (ICO) as well as token sales. Using KYC gives confidence that the funds being contributed come from legitimate sources, ultimately protecting investors from potential scams.
- Meet global standards. Although crypto was born out of a rejection of the traditional financial system, the industry has become more mainstream in recent years. This increase in adoption puts pressure on cryptocurrency exchanges to meet global financial standards, many of which require KYC compliance.
Create long-term viability. In order to gain wider acceptance and adoption, it’s vital for the crypto industry to demonstrate that it can uphold the same standards — like KYC regulations — that traditional financial systems adhere to.
How much does KYC as a service cost?
Popular KYC providers generally offer either a flat fee per verification or a monthly subscription with a certain volume of verifications included in the package. Associated costs such as integration and training should also be accounted for when selecting KYC software. With FirstByt price can start from as little as under a dollar per check.
Suggested:
With FirstByt software suite, we will integrate any KYC provider into your back office, allowing you to start from as little as under a dollar per check.