Choosing the right eKYC solution provider can be hard, given that there are so many of them; each offers different features and focuses on different niches.
You may ask “how about developing an eKYC solution myself?”. But, as we have pointed out in this article, buying a ready-built eKYC solution from an independent provider can be more beneficial and economical than developing one from scratch with your in-house team.
In this article, we discuss the 6 most popular eKYC solution providers. We will not range them by quality since each vendor has its strengths and weaknesses. Instead, we will focus on their unique selling point, so that you can decide which is the one you're looking for.
Table of Content
- KMS Solutions - providing all-in-one eKYC solution for banks and financial institutions
- Jumio - eKYC solution providers for a wide range of industries
- IDnow - eKYC technology vendor with unrivaled data security
- ShuftiPro - providing affordable eKYC solutions with great user experience and security
- Acuant - a leading eKYC solution provider in Anti-money laundering (AML) and compliance
- Innovatrics - eKYC solutions with market-leading biometric technologies
1. KMS Solutions - providing all-in-one eKYC solution for banks and financial institutions
KMS Solutions is an eKYC solution provider that focuses on banks and financial institutions. Their solution allows users to automatically verify and extract data from images and documents with near-perfect accuracy.
Integrating Optical Character Recognition (OCR), Face Matching, Liveness Detection, and Artificial Intelligence (AI), KMS Solutions helps businesses build an end-to-end digital onboarding experience. With KMS Solutions’ eKYC, it takes users only a few minutes to verify their ID online. After that, customers will have their accounts immediately without having to visit physical branches.
To ensure regulatory compliance and fraud detection for clients, KMS Solutions has connected its eKYC solutions to central databases of CIC, Personal Income Tax, and Social Security.
According to KMS Solutions, clients can adjust their eKYC’s False Acceptance Rate (FAR) to suit their needs. The adjustable range is from 1/10.000 to lower than 2%. This flexibility helps businesses strike a balance between data security and usability during the onboarding process.
Moreover, their eKYC is composed of a Microservice architecture. This makes it easier for clients to develop new features or integrate the eKYC solution into their existing products.
This eKYC solution is a part of KMS Solutions' Modern Banking (MOBA) platform, an end-to-end package of technologies that helps banks digitize every facet of their business.
2. Jumio - eKYC solution providers for a wide range of industries
Jumio is another eKYC solution provider that leverages AI/ML and biometrics. Their solutions are designed for a wide range of use cases and industries. Whether you are in banking & finance, government, gaming, healthcare, education, hospitality,..., Jumio’s eKYC solution can meet your needs.
Jumio’s clients report that their solutions are intuitive and smooth, and most of the time return quick results. User experience is balanced with security as it doesn’t take too long to upload the required documents/images. In addition, Jumio’s eKYC solutions can pull accurate information even if the IDs are a bit blurred.
However, the pricing of this eKYC solution provider is comparatively high. Overall, Jumio is better-suited for big companies with big bucks than for startups with low scale.
Another consideration is that Jumio’s eKYC solutions are reported to be sensitive to lightning. It sometimes makes users redo the verification process even if the light is not bad.
Overall, Jumio’s solutions are among the best, and you should put them into your consideration.
3. IDnow - eKYC technology vendor with unrivaled data security
IDnow is a Germany-based eKYC solution provider. Coming from Europe, which is the origin of the General Data Protection Regulation (GDPR), IDnow is just peerless when it comes to security. Thanks to its focus on data protection, IDnow particularly received positive feedback from the European banking sectors and others that have high concerns about security.
IDnow has three main eKYC products: IDnow AutoIdent, IDnow Videoldent, and IDnow Bankldent.
IDnow AutoIdent is their flagship eKYC solution. It takes only a few minutes to verify users’ ID, with up to 90% conversion rates. Likewise, IDnow VideoIdent is an AML screening solution via video chat, whereas IDnow Bankldent is for ID verification via bank transfers. These 3 all have intuitive user experience and are suitable for mobile, tablet, and desktop.
IDnow does not make their pricing public. They offer free demos and encourage potential clients to contact them for further consultation.
4. ShuftiPro - providing affordable eKYC solutions with great user experience and security
Focusing on identity theft protection, ShuftiPro is an eKYC solution provider that offers affordable SaaS products. Their specialties are in KYC and AML compliance, business verification, AML screening, …
They offer reasonable pay-as-you-go and monthly commitment pricing; the latter costs only about $1.5 to $3 per verification. The more you verify, the less you have to pay.
Despite their relatively low pricing, ShuftiPro is competitive in both user experience and security of eKYC. On average, their solutions can complete the verification in 30-60 seconds with a remarkable 98.67% rate of accuracy.
With AI-based algorithms, ShuftiPro is serving companies in banking, insurance, healthcare, real estate, education,...
ShuftiPro’s customer service is great also with 24/7 live support. Clients report having them reply instantly when they need help.
5. Acuant - a leading eKYC solution provider in Anti-money laundering (AML) and compliance
Acuant is an eKYC solution provider specialized in Identity verification and Anti-money laundering (AML) technologies.
Acuant's uniqueness is in its focus on the compliance aspect of eKYC solutions. If you need an eKYC solution provider to help you comply with regulations and ensure your due diligence practices, Acuant is your ideal partner. They have a team of multilingual experts to support you on KYC regulations and compliance in different countries.
Moreover, their solutions have AI/ML to ensure accurate results and reduce human intervention as much as possible
One downside of Acuant is that they require additional software to be installed on your system.
6. Innovatrics - eKYC solutions with market-leading biometric technologies
Innovatrics is a provider of biometrics-based eKYC solutions for governments and enterprises. If you want to know what world-class biometrics technologies look like, Innovatrics is your ideal candidate. Their algorithms are recognized as market-leading, with the unmatched 99.98% accuracy rate. This has brought them over 20 awards.
Their solutions include ABIS (biometric identity management), DOT (digital onboarding), SmartFace (Facial Recognition Platform), OEM Solutions (fingerprint and facial recognition platform).
Innovatrics provides modular architecture for all of its eKYC products, making it easier to customize, add additional modules, or upgrade when necessary. Their ready-built Open APIs enable you to integrate with other systems to avoid vendor lock-in. Leveraging Innovatrics’ top-notch fingerprint, facial, and iris recognition technology, you can verify your customers without compromising security.
It’s clear that no eKYC solutions are similar. The one that offers end-to-end solutions usually come with steep prices. On the other hand, those that claim to provide affordable products may have limitations in customization or integration, which are a must to scaling.
To evaluate eKYC solution vendors, you must first know what features you need. Then you can go to review sites such as Clutch or G2 to learn what customers say about their products.