When it comes to knowing your customer (KYC) and keeping your business safe from potential money laundering or threats of fraud, IdentityMind is on the cutting edge of technology and applications offering the solutions for complying with anti-money laundering (AML) regulatory requirements across worldwide jurisdictions.
The IdentityMind platform keeps your business safe by providing you with everything you need to know about the people who want to do business with you. You can avoid the bad guys and keep the good guys coming in at a higher pace, allowing you to stay on top of the changing landscape of your industry. And now, you can get access to all of this through our easy-to-use IdentityMind RegTech Webstore.
The RegTech Webstore and the Plugins
The IdentityMind RegTech Webstore is the easiest way to access and deploy RegTech capabilities in your business.
The centerpiece of the store are the RegTech plugins. Each compliance capability is represented in the store as a “Plugin.” Today through the store you can get access to a KYC plugin, and a variant KYC plugin specific for ICOs (Initial Coin Offerings — ICO Plugin). Future plugins include transaction monitoring for AML, on-demand and bulk sanctions and PEP screening, and bulk load KYC.
Within the store you can choose one or many plugins, and create one that applies to your different functions. For example you can have a version of the KYC plugin per region and/or jurisdiction.
The store offers the ability to configure each plugin to meet the needs of the specific usages of it through a simple drag-and-drop interface. Within the store, developers can learn about the platform and interact with the community of developers that have implemented the store, and get support in real-time from the IdentityMind team that is ready to answer questions about implementation, functionality and pricing. And there’s an easy facility to even schedule one-on-one time to make sure you got dedicated attention.
Furthermore, the store also manages the subscription and payments offering 100% transparency on how much is being used within a specific function, giving clients the ability to get real-time feedback on the cost of their compliance operations.
Easily deploy your solution
Imagine you need to quickly onboard clients and you are unsure what regulations apply to your customers, or how to structure information to balance the user experience, regulatory requirements, and the risk to the business.
The IdentityMind RegTech Webstore offers you a quick way to solve this problem. Within the store, you sign up and select the KYC plugin. Then you create a form, which has all the fields required for the regulatory process and these are dynamic — based on the country (jurisdiction). Through the form builder you can add or customize fields, and even change the labels. You can even apply your own styling to make it look and feel like your own.
Since the forms are hosted by IdentityMind, all you need to do is plug the corresponding URL in your own web application, and suddenly, you can test the whole user experience, confident that the preconfigured rules are adequate to the regulatory process. Lastly, when you are ready to launch your application, you choose the volume of customers you are expecting, either a one time or on a periodic basis, and you set up your payment information. Today the store accepts credit cards, but shortly it will also accept other payment methods, including Bitcoin and Ethereum.
A few lines of code is all it takes to get the plugin up and running on your website, so you can get started without weeks of set up and customization.
Designed to be easy for you to deploy, the plugins fit into your current processes, rather than running alongside in a separate system. Because you can test how the forms work beforehand, you’ll be able to show a proof of concept to internal stakeholders, and know exactly what your customers will see when they come to sign up for your services. When you’re ready, you simply need to pick a subscription level, then plug and play — all through the Webstore.
Deploy expert compliance
Our plugins are preconfigured with the KYC rules so that you are provided with KYC best practices out of the box. From identifying customers’ locations, excluding sanctioned territories, to conducting velocity analysis, we’ve set everything up so that you are meeting the compliance standards you need to meet. You also have the option to incorporate document verification from inside the plugin, so that you can match provided information against official documents from inside the plugin.
IdentityMind provides compliance and risk officers with the default set of rules easy for them to take ownership of the overall AML program.
Create the best user experience
The Webstore helps you design the best onboarding process by making it simple to customize what customers see, as well as what’s happening behind the scenes. You can adjust the look and feel of the form with CSS to match that of your website so customers have a seamless experience.
IdentityMind lets you progressively screen your customers, where additional questions are presented to customers who seem riskier. By doing so, you allow the process to remain sleek for low-risk customers, and collect extra information on those who are suspicious.
When you use the IdentityMind Webstore, you have access to everything you need to create a compliant onboarding process, keeping bad actors out and keeping your venture on track. In a matter of minutes, you can create and test a form underpinned by sophisticated KYC rules and begin accepting customers, secure that you are ticking your compliance boxes. In other words, we do all the heavy lifting you need done to onboard reliable clients in a streamlined manner.