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