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KYC software solutions for fintech.

For ages, banks have been obliged to know information about their clients. Today we know this regulatory requirement as KYC, and it is an important element in the fight against financial crime — helping a financial institution ensure its customers are really who they are claiming to be.

Veengu orchestrates the KYC compliance workflow so your team can make informed decisions with reasonable onboarding conversion rates.

Fig. 1 · KYC profile · Veengu dashboard

Background

What KYC is, and what it does for a fintech.

A bank typically requested its branch visitor to provide any kind of personal ID and additional information like address and date of birth. Personal or company identification helps a financial institution to ensure that its customers are really who they are claiming to be. Usually, financial institutions such as banks and e-money institutions must identify their customers before carrying out any financial transaction.

KYC and AML processes help a fintech company to understand its clientele better, monitor financial transactions, reduce financial and regulatory risks, and prevent bribery and corruption.

Basic KYC procedures consist of client-identification procedures, that may be followed by further tracking of customer transactions in parallel with risk management and fraud-prevention processes. Manual reviewing of each customer profile by an in-house team proved its inefficiency a long time ago. Today, by utilising document OCR (Optical Character Recognition), face-liveness checks, automated integrations, and decision-making, the KYC process becomes more efficient, quick, and reliable.

Outcomes

What the KYC layer delivers.

Four outcomes the Veengu KYC layer is built to produce — verifiable, screenable, automatable, auditable.

Identity verified

A verified customer profile that can carry company or individual KYB / KYC artefacts, photos and documents.

Sanctions cleared

Screening against PEP, sanctions and negative-media lists at onboarding and on a configured re-screening cadence.

Decisions automated

Multi-step workflows that branch on residency, phone number, risk score or any captured attribute — with manual exceptions where needed.

Audit trail kept

Every KYC action recorded in an immutable audit trail — queryable from the operator back office.

How Veengu supports KYC processes

Five capabilities. One orchestration layer.

Profiles, onboarding flows, workflow engine, sanctions screening, and the monitoring layer that sits behind them all.

Profiles

Veengu platform stores and manages end-user profiles — both companies’ and individuals’. All necessary customer information is stored, updated, and managed within the software. Documents and photos are part of the profile too.

To ensure data protection, some key data fields are not available to all back-office clerks. Field-level visibility is configured per role.

Individual KYC profile sample

End-user onboarding

Veengu provides intuitive user interfaces to capture end-user data — demographic fields, scans of documents, and selfies — as part of self-onboarding, or onboarding via the Veengu dashboard by a back-office clerk.

End-user onboarding may include automated data extraction from documents by a third-party OCR SDK, or address verification via online integration with government services.

Sample of business onboarding — Veengu KYC / KYB software — Step of business entity self-onboarding

KYC workflows and case management

When a request for end-user onboarding comes to Veengu, the system may create the profile automatically. In most cases, the request goes through the configured workflow. The KYC workflow may consist of multiple steps and routes depending on data received with the initial request and data gathered from third parties as part of workflow execution.

Veengu’s workflows engine allows a variety of verification rules to be set up for further automated execution. We customise workflow to reflect the fintech organisation’s policies and applicable regulatory requirements — different flows for different end-user types based on residency, phone number or other parameters.

Any automated processing may have exceptional cases, and the Veengu workflow can also switch to manual decision-making.

KYC workflow setup — Veengu software — Sample of the KYC workflow configuration

Sanctions and PEP screening

Veengu can integrate with providers of PEP (Politically Exposed Persons) lists, sanctions lists, negative-media screening, and others.

We recommend financial organisations connect to online services that gather information from reliable, reputable sources — local or international watch lists, government records and media searches. It helps a fintech identify high-risk PEPs, fraudsters, criminals and terrorists.

Lists PEP · Sanctions · Watch lists

Mode Online · Re-screening cadence

Source Government records · Media

Other KYC features

The Veengu platform can generate regulatory reporting on customer onboarding and perform ongoing monitoring of existing customers.

It’s important to mention that all KYC actions are recorded in an immutable audit trail — the same audit trail used by the rest of the Veengu platform.

Reporting Regulatory · Operator dashboard

Monitoring Ongoing · Event-driven

Audit trail Immutable · Queryable

Integrations

What we integrate with on the KYC boundary.

The KYC orchestrator pulls signal from third-party providers — OCR, liveness, address verification, watch-list screening — and threads them through one configurable workflow.

Document OCR

Third-party OCR SDKs extract structured data from scanned ID documents — passports, national IDs, driving licences.

Liveness & biometrics

Face-liveness checks for selfie capture, biometric matching against the document photo.

Address verification

Online integration with government and utility data sources to verify a customer’s declared address.

PEP & sanctions lists

Online integrations with watch-list providers — politically exposed persons, sanctions, negative media.

Business registries

Lookup of company information from local registries as part of KYB self-onboarding for legal entities.

Risk scoring

Workflow can call an external risk-scoring engine and branch on the returned score.

Summary

Centralise the KYC layer. Make decisions faster.

A financial institution shall have effective verification workflows to make informed decisions with reasonable onboarding conversion rates. Veengu helps fintech to orchestrate its KYC compliance and meet regulatory obligations.

Veengu can help you automate the onboarding and monitoring of your end-users. The Veengu system will centralise all the key KYC functions of gathering documents, data assessment, case management, regular re-screening, and reporting — within one software solution. Your compliance team will make KYC decisions faster and more cost-efficiently.

Your partner in financial innovation

One platform for the regulated layer underneath your fintech.

A comprehensive software suite for different verticals in financial services, configurable to implement your vision with our platform and professional services. Build unique fintech solutions across the world with our modular, cloud-native platform.

Compliance, automated. Decisions, faster. Records, auditable.

Veengu empowers financial institutions with cutting-edge tech solutions. Build unique fintech offerings across the world with our modular, cloud-native platform.

Related platform capabilities

Discuss your KYC scope.

Bring your regulatory licence, target geographies, expected onboarding volume and existing provider integrations. We respond within three business days.

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