KYC has never been so easy & fast!

6 November 2019


Our new device making it possible to verify automatically and confirm the identity of your customers is now available!

Your customers are more and more demanding, and one of the main challenges is to provide them with the most intuitive digital experience possible. Our growing partnership with Onfido, experts in identity control and document security, allows us to make the crucial step of KYC even more fluid and automated.


What is KYC?

KYC, or Know Your Customer, is the name of a procedure, introduced by the ACPR (French Prudential Authority), which requires companies to collect and analyse the information needed to know their customers and partners in order to protect them against the risks of fraud, money laundering and terrorism financing (AML/CFT).

Marketplaces must therefore submit all their sellers to KYC. The same applies to a crowdfunding transaction: here, each participant (investors/lenders/donors or project leaders) must have their identity verified and validated before their payment account can be approved.

But don’t worry, this formality, a badge of sustainability when it comes to your business, is mainly the responsibility of the payment service provider.

Lemonway has a solution for ensuring your customers’ payment experience smooth? Validate their payment account in real time!


What will automated KYC change?

Lemonway, by deepening its partnership with Onfido thanks to OCR Technology, is now able to read the digital documents provided, extract the necessary information and check if they match the information on the associated payment account. Once the documents have been validated, the payment account is approved in a few seconds. It is now possible to pay automatically without having to leave the website to finalize the transaction! This facilitates the internal management of the partner and communication with its users. The latter will no longer even need to send long email loops at each step of the transaction. Your conversion rate is significantly improved, as your customers can sign up and make their first payment within a minute!

Note that automated KYC only concerns the verification of individual accounts. Corporate accounts are always subject to Lemonway’s “classic” KYC solution, which can take anywhere from 2h to 48h depending on the option chosen.


Our tips for successful automated KYC :

When creating a payment account, Onfido automatically reviews the various identification forms. Once they have been validated, the account will also be automatically validated and ready to receive payments.

The automated KYC lends a new dimension to the internal processes and user experience of your marketplace or crowdfunding platform:

  • an even smoother user experience
  • an increase in the conversion rate,
  • streamlined internal processes for communicating with users

In short—everyone wins!