BPI

(KYC and Credit Card Processing)

SVI validates clients' IDs for KYC compliance by comparing them to databases of issuing agencies, performing security checks, and checking for consistency. Findings are sent to BPI to update their client database.

Credit Card Processing

Number of Applications: 2,000
Period Covered: Daily

KYC

Number of Applications: 24,000
Period Covered: Monthly

Credit Card Processing and KYC Implementation

Date: Mar 2017

BPI required the processing of the hardcopy documents from a BPI owned central facility where the scanning of the hardcopy documents is performed. Images are then transferred securely to redundant SVI encoding locations. Hardcopy application forms and supporting documents are processed for each credit card application.

SVI also verifies the completeness and consistency of the documents (application form vs. submitted IDs). Incomplete and/or inconsistent applications are regularized by the bank personnel using a web-based app provided by SVI or are re-submitted to SVI for reprocessing.

When BPI started accepting online applications for credit cards, SVI also performs its CROSSCHECK services on the applications. CROSSCHECK ensures that each application is complete, correct and compliant to all the requirements defined by BPI for each credit card application

To comply with the more stringent KYC regulations, BPI needed a system for validating the IDs submitted by its clients. For this reason, BPI engaged the services of SVI to perform manual ID comparison to the voter’s list or to the database of the issuing agency, such as LTO, PhilPost and PRC, and validation of ID security features.

Two types of security checks are performed, general and specific. General security check verifies the expiry date, physical appearance, and comparison with the applicant’s selfie. Specific security checks are done based on the type of ID presented. Consistency checks on nationality and gender are also done. After verification, SVI sends its findings to BPI so as to update their client database