Data bizAPIs

Use Case

KYC Process

Context

  • Client with a digital KYC process
  • Client is a buy-now-pay-later (BNPL) multi-national operation
  • Client is not registered as a financial service provider in Portugal

Challenge

  • Asking too much information on the user results in more drop-offs
  • With a reduced user information package the KYC risk analysis process returns a negative
  • Objective is to automatically obtain, with the reduced package of user information, enough confirmation to satisfy the internal KYC risk process so as it results a positive

BizAPIs Data Suite Platform –NifName service:

With the NifName BizAPIs service, client is able to:

  • Validate if the fiscal ID number given by the user in the BNPL online process at checkout is a valid ID in Portugal
  • Cross-check the ID given by the user with the full registered name the user provided

Results

  • The client’s KYC Risk process went from providing an OK for the operation from around 10% of the requests to over 85% of the requests.
  • Increase of users and operations in BNPL offering