Verifynow.co.za provides a RegTech platform for South African businesses, offering instant identity verification, KYC compliance, and AML screening. The platform automates the verification process, helping companies in regulated industries quickly onboard clients while adhering to legal standards and preventing fraud.
Funding
Funding not disclosed
Founders
Product
Problem
Businesses in South Africa face challenges in efficiently verifying identities, tracing consumers, and complying with KYC/AML regulations. Manual verification processes are time-consuming, costly, and prone to errors, increasing the risk of fraud and non-compliance.
Solution
VerifyNow is a RegTech platform that streamlines identity verification, consumer tracing, and KYC/AML compliance for South African businesses. The platform offers a single dashboard to verify identities, trace consumers, prevent fraud, and ensure regulatory compliance. By leveraging advanced database integrations and AI-enhanced analysis, VerifyNow automates and streamlines KYC/AML processes, significantly reducing fraud, enhancing security, and ensuring regulatory compliance. The platform's real-time verification capabilities and seamless integration with authoritative data sources ensure instant, reliable results.
Target Audience
VerifyNow targets businesses in regulated industries in South Africa, including financial institutions, that need to efficiently onboard clients, comply with KYC/AML regulations, and prevent fraud.
Features
- Advanced ID Verification: Verifies South African IDs with multiple data points, including biometric verification by matching ID photos with official records.
- Comprehensive Consumer Tracing: Tracks and verifies consumer information through multiple databases and sources, providing recent contact and employer information.
- Business Verification: Provides comprehensive company verification via CIPC, including details of all directorships held by an individual and related company information.
- KYC/AML/PEP Compliance: Checks for criminal records, sanction lists, and PEP status, consolidating worldwide databases for efficient lookups.
- Risk Profiling: Provides detailed risk assessment and credit scoring, including an express credit score based on account information, payment history, adverse information, public records, and enquiries.
- Contact Verification: Verifies and traces phone numbers across multiple IDs.
- FICA Compliance Toolkit: Provides access to tools and materials to ensure compliance with the Financial Intelligence Centre Act, including a Risk Management and Compliance Programme (RMCP) generator.
- POPIA & SOC 2® Compliant: Ensures data protection with POPIA-compliant storage and SOC 2 certification.
- Real-time Verification: Provides instant results for ID and document verification.