How investment platform Symbid automates passport processing for KYC
Talking with the IT-department
Symbid helps entrepreneurs to raise capital. This can be done through various options, including crowdfunding. For anyone who invests money and anyone who wants to receive capital, Symbid needs to start a procedure to know and document the person in question. When Symbid recently carried out a major funding campaign for a healthcare institution, the volume of administrative work involved proved was a big challenge. This was the reason for Symbid to decide that this has to be done differently.
The search for a partner for automatic passport processing was initiated. In Symbid’s modern IT infrastructure, ideally it had to be a RESTful API, which returns the output in JSON. Klippa provides this perfectly. With Symbid, an identification document goes through the same flow internally as before, only this time the document makes an exit via the Klippa OCR API. Within seconds Symbid receives an answer from Klippa, drastically reducing the manual processing time. The manual check remain for compliance reasons, but the data entry work is automated.
On the technical side Symbid was very happy from the start after looking at the API and its documentation. From a legal point of view it has to be right also, especially when we are dealing with sensitive information, such as passports. Klippa has an unambiguous statement in this regard: “We do not store any data”. After processing, Klippa just returns the output via the API and both the input and the result are immediately deleted. Now that Klippa is integrated in Symbid’s back office platform, large funding campaigns can be carried out without delay. Mission accomplished!