Read every onboarding document, not just the ID

KYC (Know Your Customer) verification is the process by which banks, fintechs, insurers and other regulated companies confirm a customer’s identity before opening an account, and then monitor it over time. It usually includes collecting an identity document and a proof of address, checking that the documents are genuine and belong to the person, and screening the customer against sanctions and anti-money laundering (AML) lists. Mindee handles the document step: it reads the documents the customer submits and returns the identity and address data as structured fields. The rest of your KYC process then works from clean, consistent data.

KYC usually requires a government-issued photo ID, such as a passport, a national ID card or a driver’s license, and a recent proof of address, such as a utility bill, a bank statement or a tax notice. For higher-risk accounts or larger amounts, companies may also ask for proof of income or source of funds, such as payslips or bank statements. Exact requirements depend on the country, the industry and the customer’s risk level. Mindee processes all these documents through a single API: it automatically recognizes the document type, extracts the relevant fields, and lets you compare the name and address across documents.

KYB (Know Your Business) is the equivalent of KYC for companies. Before onboarding a business customer, you verify that the company exists and is legally registered, and you identify the people who own or control it. This typically involves company registration documents, articles of association, beneficial ownership information, and the IDs of directors and owners. Mindee extracts the key data from these documents, such as company name, registration number, registered address, legal representatives and the identity details of each person, so your compliance team can build a complete business file without manual data entry.

Customers often abandon onboarding when it asks them to type in information that is already on their documents, or when a document is rejected days later. With Mindee, customers simply take a photo of their ID or upload a document, and the form is filled in automatically in seconds. Blurry, cropped or expired documents can be detected right away, using confidence scores and expiry dates, so customers can fix the problem while they are still in the flow. Fewer fields to fill in and fewer back-and-forth exchanges lead to faster onboarding and higher completion rates.