automated identity verification mercury enriched financial apis

Scale aggressively whilst meeting regulatory requirements

Using _Identity API Mercury Enriched enables clients to fully automate their KYC & AML processes in days, not months or years.

We take all of the hassle out of identity verification by using machine-learning & instant biometric SCA to power _Identity API.

  • Complete UK, European & Australian Coverage
  • Instant biometric SCA
  • Accelerate AML checks
  • Effortless consumer onboarding
  • Seamless KYC process automation
                    

{
  "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"
      }
    ]
  }
}

What is _Identity API?

Built on top of open banking and the fastest financial rails, _Identity API provides your customers with an effortless way to securely verify their identity.

Boost Conversion

Remove lengthy forms and the need to scan multiple documents, enable users to verify their identity using existing bank authentication and a fingerprint or face ID.

Increase Speed to Market

Focus on building great products, not maintaining your infrastructure. Our systems are built for scale and operate with 99.9% uptime.

Bank Grade Security

Our APIs are open banking and PSD2 compliant across Europe ensuring secure access to the financial system.

                    

{
  "customer_key": "wCx9mJ8nz1zr5AtB",
  "name": "john doe",
  "auth_type": "AFFORDABILITY",
  "account_id": "56c7b029e0f8ec5a2334fb0ffc2ffacz",
  "liability_value": 1000
}

Built for Developers. Built for Scale & Speed

We turn complex financial algorithms & infrastructure into simple API calls to save your team thousands of development hours.

Build quickly, scale effortlessly and go-to-market in days not weeks using Mercury Enriched APIs.

Identity Verification API Frequently Asked Questions

Automated identity checks enable companies to verify and onboard new customers at scale in real time.

_Identity API from Mercury Enriched makes it effortless for clients verify consumer identification.

Advantages of automated identity checks:

  • This makes the onboarding process a lot easier and faster, which can help avoid losing new clients. In fact, modern solutions enable users to get verified within a couple of minutes or less depending on the complexity of the onboarding procedure.
  • It can be easily scaled without hiring the whole local compliance team. Entering new markets will be simpler with automated checks.
  • Easy and secure storage of sensible data provided by customers.
  • Documents are verified with the help of modern technologies; MRZ recognition, OCR, and machine learning are some examples.

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

Ready to get started?

Talk with one of our Financial API experts today