How to optimise your KYC and onboarding process with reliable data - Handshakes

How to optimise your KYC and onboarding process with reliable data

For merchant acquirers and payment service providers, optimising your Know-Your-Customer (KYC) and merchant onboarding process is an essential ingredient for success.


Mistakes here can be costly – as onboarding questionable merchants that authorise fraudulent transactions can result in charges and losses that could significantly impact your bottom line.


Regulatory bodies (like the Monetary Authority of Singapore) are aware of these dangers and require robust controls to be in place, so you can detect and deter the flow of illicit funds. These controls include knowing your customer (including beneficial owners), monitoring them, and reporting suspicious transactions.


But effectively implementing these controls takes time, effort and expenses – that companies may not always be able to afford.

The current situation: A lengthy, 7-step onboarding process

According to a 2017 report by Aite Group, merchant acquirers and payment service providers (PSPs) go through a lengthy seven-step process before successfully onboarding each and every merchant.



Is automation the answer? Simplifying your KYC and merchant onboarding process

What if this time-consuming process could be automated? This would make the experience:

    • Simpler and smoother for your merchants
    • More time- and cost-efficient for your team

Also, by integrating reliable corporate registry and capital markets data into your onboarding workflow, you can ensure that merchants complete their applications with accurate and error-free information.

And with this in place, you can choose to build a business rules engine and risk scorecard that will allow a new merchant account to be set up immediately – which is especially crucial for PSPs onboarding multiple small-sized merchants.


The solution: Features that supercharge your due diligence efforts, created from reliable data

At Handshakes, we provide reliable corporate registry and capital markets data across Singapore, Malaysia, Vietnam, Hong Kong and China. This includes key corporate insights such as a merchant’s shareholders, directors and beneficial ownership.

What really sets our data apart, is its ability to instantly uncover connections between individuals and corporate entities – and our capability to highlight these insights in an easy-to-understand visual format. Our LBO algorithm and EPR (shown below) are just two examples of this in action.

Handshakes’ Legal Beneficial Ownership (LBO) algorithm

Our LBO algorithm is able to exhaustively identify a subject’s known connections – both direct and indirect – and use this information to draw a company’s shareholding structure.

These LBO maps are visual, interactive and incredibly intuitive – making it easy for your team to analyse, see connections, and make decisions with, at a glance.

An example of how our LBO maps can visualise connections for your team to analyse.

Our Entity Profile Reports (EPR)

Our EPR is another powerful tool that you can use to gain insights into a company or person’s:

  1. Charges
  2. Probable associates
  3. Recent public disclosures
  4. Past & current directors or directorships
  5. Past & current shareholders or shareholderships
  6. Direct or indirect exposure to regulatory actions


Implementing these solutions into your workflows

Keen on leveraging on our data and solutions to optimise and automate your KYC and merchant onboarding process? You can do so with our Handshakes App or APIs.


You can access the abovementioned tools and data via our proprietary platform and flagship solution, the Handshakes App.


Alternatively, if you prefer to integrate these tools and data into your current workflow, you can procure our APIs – which are available as plug and play solutions, or customised specifically for your needs.