Over the years, studies and business experts assert that a business that is driven by its customers is more likely to grow than a business that is only out to yield more profits. This is owed to the fact that customer-centric businesses tend to study the needs of their customers, either through a survey to infer the best way to improve their products or services. This helps the business to earn the confidence of its customers, thereby growing the business with a good profit margin.
On the other hand, businesses that lean towards making only profits without understanding the expectations of their customers may see the trust and confidence of the customers waning, which could portend the loss of customers, and in turn, a drop in profit margin.
One major feature that businesses like fintechs, banks, digital payment platforms, and other financial institutions need to uphold is the identity management of their customers or users, as the case may be. These entities are data-driven, especially when it comes to customer transactions that require personal information and verification of identity. Hence the need to have a robust method of integrating an identity management API that would help businesses to track the data and transactions of the customers.
KYC (know-your-customer) framework is the best method to adopt in this regard as it enables businesses to stay compliant with regulations that border on data gathering and data sharing, and which also helps the business in its operation of providing the best services to its customers.
Across the world, it is now very important for various financial institutions and other businesses to integrate KYC and AML practices into the operation of their business to have a good understanding of every customer – to track every transaction of customers with the business.
Are you thinking of how to integrate KYC tools into your business while staying compliant with the existential regulations that govern it? Then Fincra’s identity management APIs are for you. A business, irrespective of its size, integrates KYC into its system to enable the detailed knowledge of its customers and ensure safe transactions that are devoid of possible theft or fraud.
Types Of Fincra Identity Management APIs
1. BVN Resolution API
A bank verification number (BVN) is crucial to making transactions with, banks, and other financial institutions in Nigeria. A BVN is a unique 11-digit code that verifies the identity of every bank customer for KYC purposes in Nigeria. This means that a BVN can be traced to someone, which could help in tracking the transaction history of the BVN owner.
Therefore, financial or payment institutions can integrate Fincra’s BVN API into their payment portal to enable them to keep and track the transaction record of their customers. This API is useful in achieving KYC purposes to have a better understanding of your customers through the verification of their BVN to validate their identity as the true bearer of the BVN.
The integration of Fincra’s BVN API would help businesses to easily detect fraud that could lead to the possible theft of funds of their customers while remaining compliant with the regulatory requirements. Therefore, businesses can be guaranteed a safe transaction with their customers when they integrate the BVN API from Fincra into their payment system.
2. Account Verification API
Over the years, there have seldom been cases of money transfers into the wrong accounts, which sometimes poses a bit of difficulty to revert the fund to the original account. However, Fincra’s account verification API has made transfers simple and safe for businesses as their customers can make transfers without an error of payment. As such Fincra eliminates payment errors for businesses.
Every business can integrate Fincra’s account verification API to enable its customers to verify and confirm the account number of their recipient, including the name to prevent sending money to the wrong account. This API tends to improve the reputation of the business in terms of safe payments, which spells an increase in the customer base and profit margin for the business.
Benefits Of Integrating Fincra Identity Management APIs For Businesses
1. Fraud Prevention
There is a proliferation of different payment portals – either for banks, fintechs, or other financial institutions, and these platforms have also become a hotbed of scammers spying to maliciously attack vulnerable customers’ accounts. But the integration of the Fincra BVN API or even the account verification API into these financial platforms would restrict unauthorized access to customers’ accounts that could lead to a breach and possible loss of funds.
The APIs would mitigate the complaints of customers about a suspected loss of funds which might impugn the reputation of your business.
2. Payout Optimization
Your business customers tend to enjoy a seamless payout process when making transfers from their account to a recipient account. The APIs integration enables your customers to have the account history of some of their beneficiaries – which speed up subsequent transfers to the same account. It also keeps and tracks the transaction history in your customers’ accounts.
Conclusion
Fincra provides robust identity management services for businesses that seek to earn the trust and confidence of their customers while guaranteeing safe transactions and compliance with KYC regulatory requirements. This portends growth for the business.
However, it is important to know the best approach to integrating these identity management APIs into your system. This is why it is crucial to create a Fincra account and let us help you with the KYC process for your business.
