Removing the tension from KYC - compliance doesn’t have to come at the expense of customer experience

Irrespective of the level required - delivery address when purchasing an item of clothing, to full ID details for trading, for instance - the KYC process is defined by two opposing forces.  

First, the requirement for full and complete compliance with local regulations; and by ‘local’ we mean those of the purchaser’s country which - for cross border service providers - could mean multiple jurisdictions, with distinct rules.  

This priority is countered by an equal and - all too often - opposing force; customer experience (CX).  Every brand wants to be compliant, but not at the expense of client (or prospect) attrition due to the nature of the process.   If the resulting experience is so painful that the consumer ends up abandoning the transaction altogether, then no one wins - neither the retailer or the customer.

There is tension at the heart of the KYC process. 

But KYC does have to be the online equivalent of a trip to the dentist; necessary, but an experience that everyone dreads. This is the essence of what we call ‘Deep Payments’; the culmination of next generation technology, local knowledge, and established relationships across the entire transaction process.  

This combination can address KYC tension head on; full compliance with local legislation and an experience that is comfortable and seamless for the end user. 

Our KYC processes, for instance,  automatically validates payer KYC information such as name, document details, date of birth, legal status with every transaction, without the need for a tax number, smoothly and painlessly - for consumer and retailer alike.  This ensures - not just full KYC compliance with the local regulations of the purchaser's country - but minimal attrition (abandoned purchases) in the process. 

While KYC requirements are far lighter for some business sectors than others, for every new market, a new set of variables data points may be required, further adding to the complexity faced by the retailer.  All of which must be obtained and validated from consumers as smoothly and painlessly as possible; whether the retailer is local or offshore, consumer expectations will be the same, and they will gravitate towards experiences that are smooth and - ideally - familiar..

For companies looking to sell cross-border in Latin America, D24 has the technologies to process the most popular and secure local payment processes - from Pix in Brazil to SPEI in Mexico - all backed by a CX that is familiar and comfortable to the end user.

The benefits of a solid KYC process are evident - from local compliance to reduced levels of fraud - but this doesn’t need to come at the cost of a painful user experience . . . . .

KYC doesn’t need to be the online equivalent of a trip to the dentist!  With D24’s deep payment offering based on 15 years in the market, continuous innovation, and established relationships across the entire transaction, that’s good news to consumers and retailers alike.

About D24

D24 is a leading payment service provider that empower companies in more than 27 countries across 3 continents to access comprehensive ‘deep payment’ processing solutions including cards and alternative payment methods. Securely adhering to strict industry governance, and providing access to more than 250 APIs via a single API for seamless integration, our customers benefit from efficient pay-ins and pay-outs with specialized solutions and payment gateways tailored to merchants’ individual local needs. 

Disclaimer: D24’a cross border payment services are not applicable or available in the UK, US, nor further jurisdictions mentioned throughout this publication.