What is Know Your Customer?
Know Your Customer (KYC) is the process of verifying a customer's identity before establishing a business relationship, required by AML regulations to prevent fraud, money laundering, and terrorist financing.
Overview
Know Your Customer (KYC) is the process of verifying a customer's identity before establishing a business relationship, required by AML regulations to prevent fraud, money laundering, and terrorist financing.
How It Works
Know Your Customer (KYC) is an important concept in modern payment processing. Understanding it helps businesses choose the right payment methods and technologies for their customers.
Relevance to Phone Payments
While know your customer may primarily relate to other payment channels, businesses that accept payments across multiple channels — including phone — benefit from understanding how different payment methods complement each other.
Paytia's platform supports businesses across multiple payment channels. For phone payments specifically, Paytia's secure platform complements know your customer by covering the voice channel where customers prefer to pay by phone.
Frequently Asked Questions
What is know your customer?
Know Your Customer (KYC) is the process of verifying a customer's identity before establishing a business relationship, required by AML regulations to prevent fraud, money laundering, and terrorist financing.
How does know your customer work with phone payments?
While know your customer primarily operates in other channels, businesses that also take phone payments can use Paytia to cover the voice channel securely.
Is know your customer PCI DSS compliant?
Any payment method that handles card data must comply with PCI DSS. The specific requirements depend on how the data is captured, transmitted, and stored.
Related Terms
See how Paytia handles know your customer (kyc)
Book a personalised demo and we'll show you how our platform works with your setup.
Request a Demo