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Perpetual KYC

Perpetual KYC for Payment Service Providers

For Know Your Customer (KYC) processes, Payment Service Providers (PSPs) often still manually identify and screen merchants against various risk data sources, while regulatory requirements necessitate that they do this regularly while providing evidence of their actions during initial onboarding and ongoing client monitoring.

This manual approach is time-consuming and susceptible to human errors. To address these difficulties and enhance the effectiveness of KYC processes, a solution known as perpetual KYC (pKYC) has emerged.

Find out how the Owlin platform helps PSPs enhance their pKYC frameworks, allowing teams to save time and focus on risk signals that matter.

Others leveraging Owlin

How Owlin helps PSPs enhance their pKYC frameworks

Streamline Onboarding Processes

Owlin offers PSPs a single solution that helps automize and combine the Client Identification Program and Customer Due Diligence processes. Analysts will be able to check merchants against all relevant databases at once by setting up personalized queries on the entire Owlin database, including:

  • Chamber of Commerce Data;
  • Adverse Media Data;
  • Sanctions Data;
  • State-Owned Enterprises (SOE) Data;
  • Politically Exposed Persons (PEP) Data;
  • Black- and Warning lists;
  • PDF documents;
  • Consumer Reviews;
  • Alternative Data (e.g. financial statements).

Merchant Portfolio Transparency

With Owlin, PSPs can manage their merchant portfolio by ranking it based on various types of risk factors. This allows them to stay ahead of emerging risks and differentiate important signals from irrelevant noise. Whether it’s financial, legal, operational, or ESG-related risks, the Owlin platform enables PSPs to cover large portfolios and conduct detailed drill-downs to assess risk factors accurately.

Real-time Monitoring

In adherence to regulatory requirements, PSPs are mandated to maintain continuous monitoring of merchants even after the onboarding process is completed. The Owlin platform saves queries (set up during the onboarding face) and notifies specialists promptly regarding pertinent risk indicators.

Frequently Asked Questions About pKYC for PSPs

What’s the difference between KYC and pKYC?

In its essence, the KYC process aims to verify identities and establish the authenticity and trustworthiness of entities before entering into any business engagements. It serves as the cornerstone of a firm’s risk assessment, ensuring a clear understanding of potential risks associated with onboarding new customers, suppliers, or third parties. Moreover, KYC involves ongoing monitoring to assess the risks existing business partners pose throughout the relationship. Traditionally, this monitoring occurs periodically at regular intervals, known as periodic monitoring.

Contrasting with traditional KYC, pKYC takes a proactive approach by continuously assessing counterparty risk. pKYC triggers enhanced due diligence (EDD) and investigations whenever necessary through real-time monitoring and event-based alerts. This constant vigilance allows for tracking changes in third-party behavior and circumstances. Offering a comprehensive view of risk across a business network throughout the entirety of a business relationship, pKYC surpasses the boundaries of the initial onboarding phase and periodic intervals. It provides a holistic perspective on risk management, ensuring a proactive and all-encompassing risk assessment approach.

Is Data Enrichment Possible with the Owlin platform?

Absolutely! Users can enhance the existing data by integrating PDF files, creating a comprehensive and centralized source of vital intelligence.

Working Together with My Team: Is it Possible in the Owlin for KYC Environment?

Certainly! In the Owlin for KYC environment, collaboration with your team is seamless. You can annotate and share onboarding cases with your colleagues, facilitating efficient teamwork. Furthermore, your personally created queries can be saved and easily accessed or assigned to other team members.

Creating Audit Trails with Owlin for KYC: Can It Be Done?

Owlin for KYC allows you to generate audit trails of each onboarding case quickly.

pKYC for Payment Service Providers

PSPs can leverage Owlin to enhance their pKYC frameworks. Want to know more about how we do this? Check out our latest blogs and whitepapers:

More about Owlin for KYC

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