KYC Checks
In order to comply with the BACS regulations, any organisation that collects
Paperless Direct Debits must carry out a bank account and sort code check as a
minimum requirement. Additionally, Lateral Payments Solutions offers clients a
bespoke Know Your Customer (KYC) service to guard you further against the threat
of Direct Debit fraud.
The Lateral Payment KYC system automatically references UK and international
data sources to identify potential fraudsters, and validate account details.
Acquiring Banks insist that online customers are verified for fraud prevention,
anti-money laundering and where relevant age verification purposes.
At Lateral Payments Solutions we know the potential cost of fraudulent
transactions as well as the cost of carrying out individual KYC checks on
customers. We have made sure that our system is built to help you keep those
costs down. Our flexible system lets you decide the levels of ID checking that
you need to perform to meet your business requirements.
Direct Debits have for a long time been viewed as being at a fairly low fraud
risk compared to most other payment methods. But, recent reports have indicated
that Direct Debit fraud is on the increase, and an appropriate level of KYC
checking is vital in order to protect your organisation.