In 2020, the process of identifying clients of financial institutions underwent significant changes due to updated regulatory requirements. In the spring of that year, the National Bank of Ukraine authorized banks to conduct client verification remotely, and by July, Resolution No. 107 was adopted for non-bank financial companies.
For the convenience of users and potential partners, the Portmone team implemented remote video verification, which allows contracts to be signed online and cooperation to begin within just a few days — without paperwork or office visits.
What is video verification?
According to current legislation, video verification is a process of confirming a person’s identity via a video call conducted between a potential client and an employee of a financial institution. Video verification involves identifying and recording the individual and their documents, and it is considered equivalent to in-person identity verification.
When is video verification required?
Video verification is mandatory for establishing contractual relations with our financial company, in particular when you enter into an agreement or change your representative. This is necessary to confirm your identity and verify your personal data.
Can I refuse video verification?
If you do not wish to undergo video verification, you can confirm your identity by personally visiting our office with your passport and identification code. However, this option is less convenient, since video verification allows the process to be completed remotely with minimal time spent.
How does video verification work?
Video verification is carried out through a video call using the Zoom platform. During the conversation, our employee will request certain personal information, such as:
- taxpayer identification number (TIN);
- date of birth;
- passport details;
- registered address;
- mobile phone number;
- the purpose of establishing contractual relations with Portmone.
What is required for video verification?
To undergo video verification, you will need:
- a stable internet connection;
- a good quality camera and microphone;
- passport, TIN, and phone;
- a quiet place with good lighting.
The presence of third parties during the verification is prohibited.
What should I do if the video connection is interrupted?
If the video call is interrupted or an air raid alert is announced and you are forced to take shelter, the procedure will need to be restarted once the reason for the interruption has been resolved.
Additional requirements according to the procedure of video verification
— Video verification must be conducted in real time and cannot be interrupted. If interrupted, the process must be restarted from the beginning.
— The institution must obtain the client’s explicit consent to conduct video verification, including consent to capture document images.
— During video verification, the client’s documents are checked for forgery, damage, and consistency of the photo and data.
— In case of suspicion of third-party interference or suspicious client behavior, the employee has the right to request additional documents or information.
Conclusion
Video verification is an important element of modern financial procedures that ensures safe and quick client identification. It significantly simplifies the process of establishing contractual relations and, thanks to modern technologies such as Zoom, makes the verification process accessible and straightforward for all parties involved.
