Our _Identity API makes automating consumer identity verification checks effortless.

It has been designed to ensure clients are always compliant & also save weeks of development time and cost.

_Identity API Workflow

• Client generates a new _Identity API session request with their consumer identity they would like to verify
• End-user is sent an authorisation session link via SMS
• End-user provides access to their bank account via Open Banking
• End-user session & involvement ends at this point
• _Identity API algorithms use AI to analyse end-user financial data KYC & AML approved consumer identity
• Client is returned _Identity API analysis in JSON/Application format

{
  "success": true,
  "message": "Affordability data",
  "code": "200",
  "data": {
  "success": true,
  "message": "Account verification successful",
  "code": "200",
  "data": {
    "verified": true,
    "account_holder_name": "John Doe",
    "match_score": 100,
    "report": [
      {
        "verifiable": true,
        "currency": "GBP",
        "provider_id": "mock",
        "account_type": "CURRENT",
        "account_holders": [
          {
            "name": "John Doe",
            "verified": true,
            "match_score": 100
          }
        ],
        "display_name": "TRANSACTION ACCOUNT 1",
        "iban": "GB08CLRB04066800003435",
        "swift_bic": "CPBKGB00",
        "account_number": "10000000",
        "sort_code": "01-21-31"
      }
    ]
  }
}
}

KYC means Know Your Customer and sometimes Know Your Client.

KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time.

In other words, banks must make sure that their clients are genuinely who they claim to be.

Banks may refuse to open an account or halt a business relationship if the client fails to meet minimum KYC requirements

Why is KYC Essential

KYC procedures defined by banks involve all the necessary actions to ensure their customers are real, assess, and monitor risks.

These client-onboarding processes help prevent and identify money laundering, terrorism financing, and other illegal corruption schemes.

KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification.

Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks.

In case of failure to comply, heavy penalties can be applied.

Short Video About KYC

• Consumer Lending – Automate regulatory & compliance consumer verification whilst using accurate historical financial AML & KYC documents from their primary bank account.
• Real Estate & Housing –  Instantly verify consumer identity using accurate historical financial AML & KYC documents from their primary bank account.

Anti-Money Laundering, otherwise known as AML is a set of laws and compliance procedures, these aim to protect financial institutions from criminals using financial systems to launder money from criminal proceeds.

Short Video About Anti-Money Laundering (AML)

PSD2 otherwise known as, The Revised Payment Services Directive,  is a European regulation for electronic payment services.

It seeks level the playing field between banks and non-banks, using the democratisation of data to increase competition & innovation.

Short Video About PSD2

Do clients have to assess affordability separately from creditworthiness?

Chapter 5 of the FCAs Consumer Credit sourcebook (CONC) outlines a requirement for clients to assess the creditworthiness of a customers. This is the customer’s ability to make repayments as they fall due, covering both affordability & creditworthiness.

So in essence, no – clients should be assessing affordability in a parallel with credit worthiness.

Does the FCA define how clients should check affordability & creditworthiness.

The FCA does not clearly define how clients should check the affordability & creditworthiness of customers.

The scope of all affordability assessments should cover the type and amount of credit, alongside the customer’s financial position.

A client is required to make a ‘reasonable’ assessment of a customer’s affordability & creditworthiness, our _Affordability API automates this process and provides with with a accurate historical & present assessment.

Do I have to use a credit reference agency (CRA) to make a creditworthiness assessment?

There is absolutely no requirement for our clients to use CRAs to make creditworthiness assessments. The Mercury Enriched _Affordability API provides the most accurate representation of a customer present & historic affordability & creditworthiness.

Short Video About FCA Consumer Credit Regulations