KYC Software for Community Banks
KYC software automates the Customer Identification Program (CIP) work that BSA requires at every new relationship: verify the customer’s identity, screen against watchlists, and keep records an examiner can reconstruct. US banks spend $59 billion a year on BSA/AML compliance, and at community banks under $100M in assets it consumes 8.7% of noninterest expense, roughly three times the burden at larger institutions.
RAVEN performs CIP verification as part of the same borrower link that verifies income and assets, so KYC stops being a separate workflow bolted onto intake.
Identity verified at the source
Document-based CIP (photocopy the license, file it) satisfies the letter of the rule while missing the modern failure mode: synthetic identities, where a real SSN pairs with a fabricated person and no document is technically fake. The Federal Reserve calls synthetic identity fraud the fastest-growing financial crime in the country, with an estimated $6 billion in lender losses.
RAVEN validates that the name, SSN, and date of birth belong together according to authoritative sources, screens OFAC and watchlists, and flags identity elements that don’t corroborate, before the relationship is booked.
The audit trail is the product
When examiners review CIP, the question is not whether you checked, it is whether you can prove what you checked, when, and against what source. Every RAVEN verification produces a timestamped, source-attributed record: which data came from which provider, what matched, what was flagged, and who reviewed exceptions.
- CIP identity verification against authoritative data, not just documents
- OFAC and watchlist screening in the same pass
- Synthetic-identity signals: SSN issuance consistency, thin-file anomalies
- Timestamped, source-attributed audit log per verification
Frequently asked questions
Does RAVEN satisfy CIP requirements?
RAVEN performs documentary and non-documentary identity verification with full source attribution, which maps to CIP’s verification and recordkeeping requirements. Your BSA officer defines the program; RAVEN executes and documents the verification steps.
How is this different from the KYC module in our core?
Core KYC modules typically run at booking, on data someone already typed in. RAVEN verifies at intake, from source data, and covers the lending side (income, employment, assets) in the same pass, so compliance and underwriting stop duplicating work.
Does it screen for OFAC and sanctions?
Yes, watchlist screening runs as part of every identity verification, and the screening result is part of the audit record.