Know Your Customer (KYC)
The ‘Know Your Customer’ Policy, regularly alluded to as ‘KYC’, is an obligatory structure for all banks and other money-related foundations utilized for client ID process.
To agree to global guidelines against tax evasion and psychological oppressor financing, fortified Know Your Customer methods should be executed in the main phase of any business relationship while enlisting another client;
Banks, as a rule, outline their KYC arrangements consolidating the accompanying four key components:
- Customer Policy;
- Customer Identification Procedures;
- Monitoring of Transactions;
- Risk management.
KYC begins with the straightforward errand of watching that clients are who they state they are. In the monetary part, this includes the confirmation of a client’s personality through reports including, for instance, a national ID Document.
For some this is still basically a paper-based check; for others, it’s a computerized procedure that includes confirming that a personality report is certified or notwithstanding going further to verify the holder of the archive using extra biometric checks, for example, facial or unique finger impression acknowledgment.
A computerized ID confirmation process empowers a bank to naturally catch client statistic information which can be incorporated into big business frameworks like a CRM to streamline the client onboarding process, lead further due constancy and hazard evaluation and if vital connect to outer assets to audit for PEPs (Politically Exposed Persons).
Money related establishments are likewise required to keep up records on exchanges and Information got through the Customer Due Diligence measures. These necessities ought to apply to every single new client and furthermore to existing clients based on materiality and hazard.
KYC is a noteworthy component in the battle against monetary wrongdoing and tax evasion and client ID is most basic as it is the venturing stone to all the more likely perform in different phases of the procedure.
There are those among us who have a burning desire to create that just can’t be satisfied until they have a finished project that they are ready to show off to the world. Some of us build things, some of us make art, and some of us create video games.
A lot goes into making a compelling video game that people want to play day in and day out. Online games require good servers that can communicate back and forth quickly and of course gameplay that’s worth stopping to see. Any online game requires online accounts so people can save their progress as well as have something consistent to come back to.
So, this requires tracking a user’s subscription status and their account information as best as possible. It also means you need to ensure there are safeguards against other people gaining access to their account. This means you need to be able to verify that whoever is trying to access the account is who they say they are. This is best accomplished with software known as digital KYC.
What is Digital KYC?
The KYC part of the name stands for Know Your Customer, and the digital part is simply because the entire process is done online.
So, the crux of digital KYC is being able to authenticate the identity of anyone trying to access a particular account. It is excellent for any game that has a user’s financial information connected to it as it will keep their information safe as well as keep all of that data easy for you to manage.
The Benefits of Digital KYC
Digital KYC is the way forward for many online video gaming companies since it takes all of the guesswork out of keeping their customer’s data secure.
Many high profile data breaches have hit the headlines in recent years, which has made many consumers much more careful about who they trust with anything connected to their bank account.
People look for any signs that your payment processing system is rough around the edges and for some people it only takes one minor error for them to be scared off completely.
Proper digital KYC will ensure that financial information is securely collected & stored which protects both your user’s money as well as your reputation.
KYC not only helps you validate user identity, but it also makes for a much more streamlined process when they initially sign up. Instead of difficult to maneuver web pages that aren’t clear any good KYC software will allow for a quick & painless exchange of relevant details and then your user is on their way.
If you make an online game, you are going to want to get paid. If you want to get paid, you are going to want to make sure people are comfortable with the idea of giving you their payment information.
Going with digital KYC allows peace of mind for your user base so they can enjoy their game instead of worry about any potential data breaches.