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eIDV and RiskScreen OnBoard FAQs

What does eIDV stand for?

  • eIDV (or eID&V) stands for electronic identification and verification: finding out who a customer is (i.e. establishing their name and key details) and verifying that information (e.g. by obtaining a valid proof of ID such as a passport).
  • ID&V is the offline process of identifying and verifying an individual for anti-money laundering purposes, often involving considerable amounts of paperwork.
  • Importantly, it is more than simple verification of some ID: rather, it is verification of the individual behind that ID.

What does RiskScreen OnBoard do?

  • RiskScreen OnBoard is a portal and mobile app that allows businesses – or their agents – to capture and verify their customers’ details online, with no need for paperwork or face-to-face contact, combined with a batch screening service. It helps businesses fulfil their regulatory obligation to Know Your Customer (KYC), thereby reducing their risk, and can cut onboarding time from weeks to minutes.
  • Please note that RiskScreen Verify – the eIDV element of RiskScreen OnBoard – is no longer available as a standalone product. Register here for any future product updates (as well as our KYC360 news).

Will my regulator accept eIDV?

  • The coronavirus crisis has encouraged many regulators to clarify their position on eIDV as a compliant mechanism in the KYC process. This article outlines a recent update from the Jersey Financial Services Commission, highlighting that eIDV is one of four potential methods for verifying an individual’s identity. We have customers around the world and work with many regulators – please get in touch if you’d like to discuss this more.

About the RiskScreen OnBoard service

How does RiskScreen OnBoard work?

  • You’ll get access to a configurable web portal which can be kept standalone or integrated within your existing systems (and, optionally, rebranded into your look & feel). Through this portal you can onboard new customers (or review existing ones) and issue requests to individuals to download a mobile app for document scanning and liveness checks. All customer data is fed back into the portal, with verification notes, for onward processing. Batch screening is conducted against data provided by our world-class data partners. Reports are available at all stages of the workflow.

What checks does RiskScreen OnBoard perform?

  • Individuals are subject to ‘liveness checks’ by conducting, basically, a selfie for a few seconds. This uses biometric analysis, facial gesture recognition and motion detection to confirm that person providing the documentation is a) alive and b) the rightful owner of the scanned content.
  • Uploaded documents, such as passports and driving licences, are checked against a series of template checks as well as a library of official documentation from countries around the world to mark them both for veracity and visual relationship to the individual submitting them. This library of documents contains thousands of different document types, and is being continually updated.
  • You can also configure the app to ask for up to nine other documents to be uploaded, according to your own local or business requirements.
  • Non-Latin characters are covered.
  • Prospect screening for individuals and companies is conducted against the data sets from one of our data partners (Dow Jones or Refinitiv World-Check), who set the benchmarks in sanctions, PEP and watchlist information.
  • For the latest information about eIDV and screening coverage, please contact us.

How reliable is RiskScreen OnBoard? Is it auditable?

  • RiskScreen OnBoard uses some of the best technology available, and automatic approval ratings are over 93% for eIDV, far higher than many competitors who rely heavily on a second tier of human checkers.
  • There is a full workflow throughout the checking process, with reporting at every stage if desired. Key customer identity information is securely saved into a Customer Due Diligence (CDD) PDF file and provides a robust audit trail.

How secure is RiskScreen OnBoard?

  • RiskScreen OnBoard is a cloud-based application, with all the security levels you would expect. Please contact us for information.
  • Once downloaded onto a phone, the eIDV app will work for your customer for a short period of time only, and does not capture any photos or ID into the camera roll.

How does RiskScreen OnBoard compare to alternatives?

  • RiskScreen is a Software-as-a-Service (SaaS) product. This means it’s easy to implement, is instantly customisable, and delivers real-time results. We believe it’s far superior to alternatives from web vendors on a number of levels, including the user experience, the operational and technical aspects, and its fulfilment of compliance requirements.
  • Many competitors use considerable manual checking efforts in the background. Our 93%+ approval rating on eIDV means decisions are turned around more quickly and cheaply, and are far less subject to error.
  • RiskScreen OnBoard is fully configurable, allowing you to create multiple KYC journeys to align with your business and jurisdiction requirements, as well as delivering all the benefits you’d expect of being from one supplier, in one package, and under one contract.

What support is available?

  • At RiskScreen we pride ourselves on the quality of our service. Our Customer Success team are here to support you throughout your own onboarding journey, and on an ongoing basis, should you need it.

ISO certification

  • The eIDV element of RiskScreen Onboard has passed phase 1 of ISO 27001 certification and is in the process of completing its phase 2 certification. KYC Global Technologies (operators of RiskScreen) already holds full ISO 27001 certification.

How much does RiskScreen OnBoard cost?

  • At RiskScreen, we charge by searches rather than seats. This open user licence allows you to include as many internal or external users (such as brokers) as you like. For specific pricing – and if you’ve any other questions – please contact us.

This document was last reviewed 3 August 2020 to reflect the migration of RiskScreen Verify into our fully-fledged RiskScreen OnBoard solution.

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