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We’ve introduced an option to include bank verification as part of the identity verification flow. This feature allows you, as our partner, to more easily collect banking data from registering users, based on your compliance or business requirements. Before enabling bank verification within the identity flow, please ensure that you comply with all applicable regulations that may affect your company. Requiring bank verification is particularly useful in the following scenarios:
  • You want to prevent the onboarding of illegitimate users.
  • Your internal processes require insight into the financial status of potential partners.
  • You operate in a high-risk industry.
  • You need to ensure the user is not involved in money laundering activities.
  • You want to assess a registered user’s financial situation.
  • Verifying bank details is required by local laws or regulatory jurisdictions.
  • You need to perform enhanced due diligence on users.
  • Or in other relevant use cases.
To have the option enabled, please contact our account manager team to agree on specific details via this email: sales@idenfy.com

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How to start using the KYB verification on IDV

Once the option is enabled by our team, it will have to be used on all verifications, meaning that users will have to perform bank verification before finalizing their identity verification. To initiate the identity verification, follow this flow:

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How does it look from the end users’ perspective

When the user receives and opens the link, they will go through the standard identity verification process, with an additional step that may require bank verification. You can preview how the bank verification request appears by reviewing the following flow: