Internal Marionette
UX
The KYC (Know Your Customer) process is an essential component of any fintech software platform. It ensures compliance with regulatory requirements and helps mitigate risks associated with fraud and financial crimes. This technical document outlines the flow of the KYC process within the fintech software, focusing on email verification, phone number verification, and identity verification.
Email Verification:
Upon user registration, the first step in the KYC process is email verification. This step ensures that the user provides a valid email address and has access to it. The flow for email verification is as follows:
User registers with their email address.
Fintech software sends a verification email to the provided email address.
The user receives the verification email and clicks on the verification link.
Fintech software validates the link and confirms the email address.
Phone Number Verification:
After email verification, the next step is phone number verification. This step adds an extra layer of security and ensures that the user's phone number is valid. The flow for phone number verification is as follows:
User enters their phone number after email verification.
Fintech software sends a verification code via SMS or automated phone call to the provided phone number.
User receives the verification code and enters it into the fintech software.
Fintech software verifies the code and confirms the phone number.
Identity Verification:
Once email and phone number verification are completed, the final step in the KYC process is identity verification. This step involves verifying the user's identity using official identification documents. The flow for identity verification is as follows:
User initiates the identity verification process within the fintech software.
The user completes the verification form by providing all the necessary information required for identity verification. This includes filling in fields for their first name, last name, country of residence, full address, postcode, and date of birth. Each piece of information is crucial for accurately verifying the user's identity. Once the form is filled out with all the required details, it is submitted for review.
User provides relevant identification documents such as a driver's license, passport, or national ID card.
Fintech software utilizes manual review processes to authenticate the provided documents.
Upon successful verification, the user's identity is confirmed, and they gain full access to the fintech software's features and services.
Admin Panel
KYC Waiting (sub-section)
The KYC Waiting sub-section allows the admin to review KYC information and documents submitted by the User that are pending admin verification. The first 2 levels, phone and email verification, are automated. Personal identifying information must be uploaded by the User and the review process is manual by the Admin.
"+" (button): expands user information and allows the admin to see the user's First Name, Last Name, Date of Birth, Address, City, Country, Postcode, and submitted Document(s)
ID: user ID assigned to the registered user
Email: email address of the registered user
Accept (button): accept the submitted document and the User`s info provided
Reject (button): reject the submitted document and the User`s info provided
Ban: ban the user and document they submitted for identity verification
Document Name: pressing the Document Name defined by the User at the time of document upload opens the document and allows the admin to click, rotate, and zoom on different parts of the document
Main Info (tab): tab section with general user overview and the following admin capabilities:
Email Verified: current status with toggle enable or disable verification status for user email
Phone Verified: current status with toggle enable or disable verification status for user email
Profile Verified: current status with toggle enable or disable verification status for user profile
KYC (tab): tab section with User KYC details and see the following admin capabilities:
State: displays user status as Not Verified / Pending / Verified
First Name: see first name
Last Name: see last name
Date of Birth: see date of birth
Address: see street address
City: see city
Country: see country
Postcode: see postal code
Document Review: documents uploaded by the user are listed on the right section of the KYC tab with corresponding names. Admin can open each in dropdown, click on the document to zoom in on various parts of the document, and rotate the document
The main conditions for the administrator and the KYC (Know Your Customer) flow are as follows:
Verification Process:
The verification process progresses step by step, starting with email verification, followed by phone verification, and concluding with identity verification. This sequential approach ensures a thorough and systematic validation of the user's identity.
To unverify a user, the administrator must follow a specific sequence: identity verification is revoked first, followed by phone verification. However, email verification cannot be undone if it has already been verified.
Withdrawal Restriction Level:
After successful identity verification, the user's withdrawal restriction level is adjusted from zero to the first level. This transition signifies that the user has completed the necessary steps to confirm their identity, thereby warranting a higher level of trust and access within