KYC is an abbreviation for Know Your Customer and sometimes Know Your Client. KYC is an effective way for banks and other organizations to confirm and verify the authenticity of their customers. Also, it helps protect financial institutions against fraud, money laundering, and corruption.
KYC identifies and confirms the identity of users through reliable sources of documents, data, or information. The market for e-KYC services is booming, and the incorporation of advanced technologies by market leaders in their e-KYC service offerings is propelling it forward. Stick with us as we detail the top 10 players in the e-KYC market.
#1. 63 Moons Technologies Limited
Establishment year: 1988
Headquarters: Mumbai, India
63 Moons Technologies is an Indian company that provides top-notch innovations and solutions in financial markets. The firm specializes in risk solutions, brokerage solutions, and exchange technology solutions. 63 Moon’s e-KYC solution seamlessly integrates with any web portal and accelerates the client account opening process via online KYC.
#2. Acuant
Establishment year: 1999
Headquarters: Los Angeles, United States
Acuant is a leading identity verification and fraud prevention technology services provider. Based in Los Angeles, the company’s engineering and development centers are located in Israel and New Hampshire. Acuant caters to both start-ups and Fortune 500 companies by offering ID capture, facial image matching, and CHIP reading solutions. Besides, the firm addresses regulations like PII and KYC, making it one of the e-KYC market key players.
#3. AU10TIX
Establishment year: 2002
Headquarters: Hod Hasharon, Israel
AU10TIX is an identity verification company that was originally founded as the technological arm of the Dutch general security provider ICTS International. The company was later diversified into civil and commercial markets. AU10TIX provides customer identity verification, fraud prevention, compliance readiness, business verification, and e-KYC services to leading businesses worldwide.
#4. Financial Software & Systems Pvt. Ltd.
Establishment year: 1991
Headquarters: Chennai, India
Financial Software & Systems (FSS) is a globally leading payments technology provider. It is a strategic payment provider for financial institutions, central regulators, governments, and banks worldwide. The company’s payment solutions span reconciliation, insurance, ATM, security, and real-time payments. Besides, the firm is also active in the e-KYC market and e-KYC services to help clients complete their Know Your Customer Requirements and have reduced costs and time.
#5. GB Group
Establishment year: 1989
Headquarters: Chester
GB Group is a leading expert in digital identity. With over three decades of industry experience, the firm provides software and data that helps firms verify and validate their customers’ location and identity. GB Group has a strong portfolio of 20,000 clients, ranging from Asian banks to US e-commerce giants.
#6. GIEOM Business Solutions
Establishment year: 2012
Headquarters: Bangalore, India
GIEOM is an enterprise productivity company that creates software to help firms manage their policies & SOPs, manage risks, and simplify the digital identity verification process. The firm’s solutions are trusted by leading banks across the globe, including the World Bank, Bank of England, State Bank of India, and Euro Bank, amongst others.
#7. IDnow
Establishment year: 2014
Headquarters: Munich
IDnow is an identity-proofing platform that aims at making the connected world a safer place. The platform is a leading player in the e-KYC market and offers a wide range of identity verification solutions to leading businesses worldwide. Ranging from human-assisted to automated, IDnow’s solutions are optimized to ensure the highest security standards. The firm’s product offering includes ICO, crypto, KYC, AML, video identification, and eSign.
#8. Jumio Corporation
Establishment year: 2010
Headquarters: Palo Alto, USA
Jumio is a B2B company that offers end-to-end and identity verification solutions. It uses cutting-edge technologies like AI, biometrics, and machine learning that help businesses achieve rapid conversions, limit fraudsters, and get in compliance with KYC. Leading companies in the retail, travel, digital currency, and online gaming sectors use the firm’s solutions.
#9. Onfido
Establishment year: 2012
Headquarters: London, England
Onfido is an IT technology that makes digital identity simple. It has more than a decade of identity verification, fraud detection, and AI development experience. Onfido has received several accolades for its AI-powered digital identity solutions.
#10. Panamax Inc.
Establishment year: 2001
Headquarters: New York, USA
Panamax Inc. is a leading fintech and telecom solutions provider that offers digital transactions, billing, fraud management, and revenue assurance services. The company also provides Traffic Monitoring Solutions that help regulators garner data related to international and national traffic of operators.
Conclusion
The e-KYC market was valued at USD 447.53 million in 2021 and is expected to grow to USD 1,964.73 million at a CAGR of 22.0% by 2030. The introduction of stringent regulations by governments to prevent money laundering and the growing adoption of digital payment modes are the major factors expected to boost market sales in the upcoming years.