5 Replies - 819 Views - Last Post: 14 April 2020 - 04:23 PM

#1 Markanthony13   User is offline

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Implementing Know Your Customer into app onboarding? (eKYC)

Posted 26 March 2020 - 10:14 AM

Hello all,

Not sure if this is the right forum for this post - if not please redirect me.

I am developing an ios app with my brother and it will involve some money transfer between users. In order to be in compliance with state and federal laws, we need to implement Know Your Customer/ Anti-money laundering verification.

So my question here is it better to use a 3rd party vendor to handle this and just integrate with their APIs/Webservices or is there an easier way to do it ourselves that I don't know about..

The biggest thing is in-fact cost for us at the moment. T
he only reputable vendor I can find (Jumio) is pretty expensive ($25K for 12K scans is the minimum)

Has anyone successfully implemented eKYC and if so, what was your approach - it seems like going 3rd party route will save us a huge headache and time developing, but of course for a cost.

Thanks in advance!

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Replies To: Implementing Know Your Customer into app onboarding? (eKYC)

#2 astonecipher   User is offline

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Re: Implementing Know Your Customer into app onboarding? (eKYC)

Posted 26 March 2020 - 02:20 PM

Country? There are many ways to handle money transfer, and KYC is a requirement for bank accounts. Using something like paypal, Apple Pay, or something else is not the same thing as creating a bank account.
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#3 Markanthony13   User is offline

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Re: Implementing Know Your Customer into app onboarding? (eKYC)

Posted 31 March 2020 - 01:24 PM

Sorry for the late reply - I am/ and my business will operate within the U.S.
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#4 astonecipher   User is offline

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Re: Implementing Know Your Customer into app onboarding? (eKYC)

Posted 31 March 2020 - 01:36 PM

You are what? A bank?
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#5 Skydiver   User is online

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Re: Implementing Know Your Customer into app onboarding? (eKYC)

Posted 09 April 2020 - 06:17 AM

It sounds like our OP wants to be another VEMO or Xoom to do money transfers.
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#6 O'Niel   User is offline

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Re: Implementing Know Your Customer into app onboarding? (eKYC)

Posted 14 April 2020 - 04:23 PM

A Google search gives me the following results for p2p payments:


Quote

So my question here is it better to use a 3rd party vendor to handle this and just integrate with their APIs/Webservices or is there an easier way to do it ourselves that I don't know about..


You do NOT want to do this yourself. Outsource this as much as possible to a third-party specialized in financial transactions.

Maybeeee... a more easier approach would be to make your 'own currency'. Let people buy points in your app, one point equalling one euro. Than you can allow them to change points with each other (idk your app, so just brainstorming).
For this a simple Payments API like Mollie would suffice which is a lot simpler than P2P Payments API.
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