KYC covers methods used primarily to provide security and increase service efficiency in digital and traditional business processes. As the identification of the current or prospective customer ensures transaction security, the possibilities of fraud and fraud are largely eliminated. In addition, it is possible to say that with an effective identification process, customer loyalty and trust in the business will increase. So, how should the identification process proceed when businesses establish a business relationship with legal entities? At this stage, KYB; In other words, the concept of “Know Your Business” comes into play. Come, “What is PUK, what does it do and what transactions does it cover?” Let's take a look at the answers to your questions!
Know your business, with its shortest definition, is the process of businesses understanding who they are or other legal entities they will work with. At this point, when we talk about understanding who they are, of course, we are talking about the identification and verification process. Today, identification methods are carried out through the identity information and biological data of private individuals. With this method, businesses and public institutions make sure of the authenticity of the people they work with and the legality of the transaction. However, when the person to be identified is not a private but a legal person, it is necessary to apply for different security elements for identification and verification processes.
Proving that the authorized person of the legal person with whom the business relationship will be established is an official part of that legal person, which is essential in KYB. At this point, it is not possible to consider the KYB process separately from the KYC processes. First, the person needs to be identified with the KYC method. One of the first conditions for securing the transaction is the identification of remote services with digital tools. Because there is no way for forgery, fraud and unreal transactions in the identification and verification made by digital means!
The main difference between KYC and KYB; scope in terms of the results of the individual customer recognition process and corporate customer recognition processes. Know your business, that is, the KYB process, is carried out to prevent negative consequences such as money laundering and misuse of financial resources. Therefore, PUK is a much more critical issue. So much so that business identification processes that are not carried out correctly can cause serious threats not only to individuals and individuals, but also to countries.
The entry of my prescription application is realized by multi-factor authentication with electronic signature, mobile signature and e-Government method. This makes it possible for the parties to securely access the information in question. In addition, it prevents the prescription information from being obtained by malicious people.
ArkSigner identity detection and verification solutions create a safe and practical area of use in both KYC and KYB. LiveAuth and LiveAuth Communicator offer a regulatory and fully secure experience in remote identification. In this way, businesses become much more efficient and profitable in their remote customer acquisition processes. Secure ID card readers are also the best choice for onsite identification. These products, which create complete and regulatory solutions in KYC, can be made useful with additional modules in KYB processes.
You can complete your transactions in secure ways by choosing ArkSigner identity detection and verification products for your business or institution. You can contact our team for all the details about the solutions.