| # | Name | Score | Description |
|---|---|---|---|
| 1 | iDenfy | 4.9 | All-in-one identity verification platform to onboard more users |
| 2 | Seon | 4.8 | Stop fake users, fraud signups, and risky transactions with SEON fraud prevention software |
| 3 | ID.me | 4.6 | Wallet simplifies how individuals discover and access benefits and services through a single login and verified identity |
| 4 | Onfido | 4.1 | Create trust at onboarding and beyond with a complete, AI-powered digital identity solution built to help you know your customers |
| 5 | Veriff | 4.0 | AI-powered Identity Verification Software |
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Criteria for the best KYC software provider
When choosing the right KYC vendor, the important considerations are based on the vendor’s experience working with identity verification, AML screening requirements, and business verification. Here are the specific requirements for the KYC vendor to be an effective part of the company’s compliance process.
Features of identity verification software
Countries support. Depending on the regions your company onboards customers from, it is essential to choose a provider with compatible countries. Also, there should be an option to specify a blocklist of countries, ensuring that jurisdictions with high-risk scores – would be unavailable during the KYC process or return the blocklist attribute as part of the JSON response.
Document types. The identity verification provider has to provide options for multiple document types in case the user needs to provide a driver’s license or residence permit instead of a standard passport or ID card. Simultaneously, there should be an option to blocklist specific document types.
Liveness verification. With the rise of deepfake technology, it becomes crucial to determine whether the selfie is from an actual human being or manufactured. Two options are typically chosen: passive and active validation. Passive usually requires only a single photo, while active additional facial gestures.
Automated vs Human-Supervised ID Verification. Even the most sophisticated identity verification solution does not guarantee 100% accuracy due to poor document quality or simply human error. Thus the option for the manual review team plays a crucial role in the overall success rate of the KYC process.
Pricing options. If the identity verification provider is too expensive or the pricing is unreasonable, it might not be worthwhile to automate the KYC process altogether. While choosing the identity verification vendor, it is critical to evaluate what exactly is being charged.
AML screening software capabilities
In the best AML providers coverage, we have covered the top 5 AML screening solutions and explained how each of the vendors offers PEPs, Sanctions, and Adverse media screening.
PEPs screening. The correct approach is to provide real-time PEP data and ensure that whenever new findings are available, all 4 levels are identified.
Sanction check. They have to be updated daily and should offer an option to get the source (the URL) of the found dataset. Also, filtering by specific country lists has to be configured.
Adverse media. The software has to provide options from multiple data sources, and context-aware alert reports, which identify whether the company or individual in the news actually had criminal charges or perhaps the company was falsely accused.
Ongoing monitoring. After a successful identity verification process, every individual has to be checked across sanctions and PEPs list, but they also need to be included in ongoing monitoring – with daily changes in the dashboard or Webhook notifications.
Compatibility of business verification software with KYC
Since the 5th AML directive, business verification has become an important part of the KYC process. For business, key requirements are the identification of the UBOs, verification of gathered company information across registry reports, and ongoing sanction checking of the company. There are more KYB requirements, but those are related to the correct business verification process, not necessarily to KYC.
Identity verification check. There has to be an option to generate an identity verification session for all the UBOs, or even shareholders on demand.
AML checks for individuals. KYB needs to provide an automated way to include the shareholders in daily AML monitoring software.
#1 iDenfy
4.9 Average Score · (4.8 Captera | 4.9 G2 | 5.0 TrustRadius)
iDenfy website: www.idenfy.com
With the iDenfy ID verification system, more users can be converted, scale faster, and tackle security challenges with the powerful, all-in-one identity verification, business verification, fraud prevention, and compliance platform.
KYC features of iDenfy
Supported Countries
- 200+ countries and territories;
- Country Block List functionality;
Document Types
- Document types supported (passport, passport card, identity card, driving license, residence permit, visa, military card);
- Document type allowance functionality;
Liveness Detection
- 3D Active Liveness detection;
- Passive Liveness detection;
Automated vs Human-Supervised ID Verification
- Automated ID verification system;
- Hybrid ID verification system (automated system with human supervision);
Pricing Models
- Pay per approved iD verification;
AML features of iDenfy
PEPs screening
- All 4 levels supported;
- Up-to-date data;
Sanction check
- All sanction lists supported;
- Option to select specific lists per country;
Adverse media
- Fuzzy matching;
- Proprietary context-aware algorithm to reduce false positives;
Ongoing monitoring
- Automatically included after successful verification;
- Alerts in dashboard and API;
KYC and KYB features of iDenfy
Identity verification check
- Create verification links and send them via email after the onboarding form is filled;
AML checks for individuals
- Create custom rules, which will trigger AML checks for the company and individual after the onboarding form is filled;
#2 SEON
4.8 Average Score · (5.0 Captera | 4.6 G2 | -.- TrustRadius)
Seon website: www.seon.io
SEON is a cloud-based fraud prevention platform that helps businesses of all sizes reduce the risk of fraud and protect their revenue.
KYC features of SEON
Supported Countries
- 200+ countries and territories;
- Country Block List functionality;
Document Types
- No information was found. Contact SEON directly;
Liveness Detection
- No information was found. Contact SEON directly;
Automated vs Human-Supervised ID Verification
- Automated verification system;
Pricing Models
- Pay per completed verification;
AML features of SEON
PEPs screening
- All 4 levels supported;
- Up-to-date data;
Sanction check
- All sanction lists supported;
Adverse media
- Multiple data sources;
Ongoing monitoring
- Supported via dashboard and API;
KYC and KYB features of SEON
Identity verification check
- Not supported currently;
AML checks for individuals
- Not supported currently;
#3 ID.me
4.6 Average Score · (4.5 Captera | 4.7 G2 | 4.6 TrustRadius)
ID.me website: www.id.me
ID.me is a digital identity verification platform that helps businesses and organizations verify the identities of their customers and employees quickly, securely, and compliantly.
KYC features of ID.me
Supported Countries
- Supported countries are the US & Canada. For more information, contact ID.me directly.
Document Types
- Document types supported (passport, passport card, identity card, driving license)
Liveness Detection
- 3D Active Liveness detection;
Automated vs Human-Supervised ID Verification
- Automated ID verification system;
- Hybrid ID verification system (automated system with human supervision);
Pricing Models
- Pay per completed ID verification;
AML features of ID.me
PEPs screening
- Supported via API;
- The specific lists are not disclosed on the website;
Sanction check
- Supported via API;
- The specific lists are not disclosed on the website;
Adverse media
- No information on the website;
Ongoing monitoring
- Supported;
KYC and KYB features of ID.me
Identity verification check
- Not supported currently;
AML checks for individuals
- Not supported currently;
#4 Onfido
4.1 Average Score · (4.8 Captera | 4.4 G2 | 3.0 TrustRadius)
Onfido website: www.onfido.com
Onfido is a leading global provider of digital identity verification solutions, helping businesses securely verify the identities of their customers online.
KYC features of Onfido
Supported Countries
- 195 countries and territories;
- Country Block List functionality;
- Custom Flows functionality;
Document Types
- Document types supported (passport, identity card, driving license, residence permit)
- Document type allowance functionality;
Liveness Detection
- Passive Liveness detection;
- 3D Active Liveness detection;
Automated vs Human-Supervised ID Verification
- Hybrid ID verification system (automated system with human supervision);
Pricing Models
- Pay per each ID verification;
AML features of Onfido
PEPs screening
- Supported via API;
- Information is of 24-hour recency.
Sanction check
- Supported via API;
- Information is real-time;
Adverse media
- No information about the algorithm and data sources on the website;
Ongoing monitoring
- Supported;
- Included after verification using custom flow settings;
KYC and KYB features of Onfido
Identity verification check
- Not supported currently;
AML checks for individuals
- Not supported currently;
#5 Veriff
4.0 Average Score · (4.0 Captera | 4.1 G2 | -.- TrustRadius)
Veriff website: www.veriff.com
Veriff is a leading global provider of AI-powered identity verification solutions, helping businesses onboard and verify the identities of their customers securely and efficiently.
KYC features of Veriff
Supported Countries
- 200+ countries and territories;
- Country Block List functionality;
Document Types
- Document types supported (passport, identity card, driving license, residence permit)
- Document type allowance functionality;
Liveness Detection
- Passive Liveness detection;
Automated vs Human-Supervised ID verification
- Automated ID verification system;
- Hybrid ID verification system (automated system with human supervision);
Pricing Models
- Pay per completed ID verification;
AML features of Veriff
PEPs screening
- Supported via API;
- Information is real-time;
Sanction check
- Supported via API;
- Information is real-time;
Adverse media
- No information about the algorithm and data sources on the website;
Ongoing monitoring
- Supported;
KYC and KYB features of Veriff
Identity verification check
- Not supported currently;
AML checks for individuals
- Not supported currently;
DISCLAIMER
This information is collected from public sources and vendor websites; it is not our final verdict or opinion. The information, in some cases, could be outdated. You should contact the vendor directly to get recent information. If there is missing information, please contact the website owner.
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