Trust is central when it comes to moving money. That’s why we designed the KYC process to happen at onboarding. Minimize risks so you can focus on your service. With an industry-leading 90+% approval rate.
Sila’s KYC API comes integrated with the U.S. banking system to get you up and running faster than ever before.
Sila regularly conducts OFAC screenings, SARs filings, KYC and KYB compliance reviews and goes through regular periodic bank compliance audits.
Our code and expertise come automatically in our KYC API, helping you to manage risk and stay fraud protected.
We offer a simple KYC decision process that allows for easily selecting the configuration that will best suit your brilliant idea.
Companies who connect to the U.S. banking system must verify their customer’s identities. In this case, Know Your Customer (KYC) verifies individual identities to keep U.S. financial users secure
You may have heard of KYC previously as Customer Due Diligence (CDD). KYC financial compliance is actually encapsulated under the USA Patriot Act (2001), along with Know Your Business (KYB), the customer identification program (CIP), and Anti-Money-Laundering (AML) regulations.
Financial compliance (KYC, KYB, CIP, and AML) is essential for keeping the U.S. banking system, the Fed, and NACHA secure and U.S. financial customers protected.
There are a number of compliance requirements businesses need to follow when using KYB in a financial app. For Grow and Scale plans, you’ll need to be incorporated in the U.S. and each of your end-users will need to pass SSN verification or EIN verification. Learn more about pre-qualification for KYC API access
When a high-quality photo (i.e., no blur, no cut-off corners, no blocked text, no glare, and high resolution) of a supported document is uploaded, most KYC applications are approved within minutes. Some applications can take up to 24-72 hours to process.
For businesses, KYC costs depend on the level of identity verification you require. You can view our levels here. Our pricing page has the most up-to-date information on prices and services available at different tiers.
At this time we only support U.S. bank accounts and credit unions. It is possible to use our API in conjunction with international money transfer APIs such as Corpay, Currencycloud and Thunes.
Upon providing the required information, a user will either be approved successfully, rejected due to wrong information, rejected due to missing information, or not approved. If the information matches the system, which occurs in 90% of cases, the customer is approved almost instantly.
There are times when the customer will be asked to provide additional documents. The appropriate documents might include pay stubs, passports, and birth certificates, which will then be manually reviewed by Sila’s compliance team.
Check our blog titled, “Know Your Customer (KYC): What is it and why is it important?” to learn about best practices with this process. Keep in mind we take care of this for you as part of our KYC API
With real-time access to the developer console, Sila customers can check in on active KYC verifications and manage approved users.
Our KYC API is designed for you. It includes everything you need for identity verification, including user management consoles, white-label, and customer support. Create your first KYC app in our developer console and see what all the fuss is about.