Know Your Customer (KYC) is a crucial element in lending operations – and a unique one at that. Unlike other operational processes, KYC sits at the intersection of multiple critical requirements. It demands that lenders synchronize with regulatory bodies and government infrastructure while carefully balancing their internal risk policies, compliance protocols, and customer experience standards.
For lenders in the Philippines, these KYC challenges are equally complex, with the added pressure of operating in a high-risk digital environment.
Transunion reports that in 2023, 8.3% of all digital transactions by consumers in the Philippines were suspected to be fraudulent. Furthermore, financial services ranked second among industries targeted by digital fraud. Add to this the fast-paced growth in digital lending, and it’s clear that lenders in the Philippines must invest in a robust KYC module that:
- Verifies identification across multiple government databases to meet regulatory requirements
- Flags potential fraudulent borrowers before loan approval
- Ensures minimum friction in a borrower’s loan application journey
First-in-Market KYC Suite with Cross-Verification Against Official Government Database
PowerCred’s KYC verification for the Philippines directly verifies the authenticity of ID cards against government databases. Our automated solution combines intelligent data extraction and real-time database verification, eliminating time-consuming manual processes that delay loan approvals.
Core Capabilities:
- Automated data extraction from KYC documents
- Direct verification against government databases
- Fast and secure authentication that eliminates human error
Supported Documents for Verification:
- Philippine Passport
- Driver’s License
- Unified Multi-purpose ID (UMID)
- Social Security System (SSS) ID
- Philippine Regulations Commission (PRC) ID
- DTI Certificate of Registration for business loan applications
Empowering Digital Lending in the Philippines
By offering a seamless and highly accurate verification system, PowerCred is redefining how lenders in the region approach KYC compliance. Our solution accelerates loan approvals while maintaining strict regulatory compliance, enabling lenders to focus on growing their business.
PowerCred’s onboarding solutions for lenders in the Philippines has helped:
- Slash verification timelines from 7 days to under 10 seconds
- Achieve 98% precision in automated document data extraction, virtually eliminating manual entry errors
- Cut manual verification costs by 96%, significantly improving operational efficiency
The PowerCred Advantage
- Seamless Integration: Quick implementation with your existing loan management systems, with dedicated technical support
- Unparalleled Accuracy: Ensure precise extraction and analysis of borrower information
- Real-time Fraud Prevention: Minimise fraud risk with real-time validation
- Enterprise-grade scalability: Handle verification volumes from alternative lenders to major banks with consistent performance
Join the growing network of Philippine lenders and platforms who have transformed their KYC operations with PowerCred. Book a demo today!
