Development of Automated KYC and Property Background Check Microservices for Financial Institutions

The client’s digital platform for real estate investment and lending faces challenges in rapidly verifying investor and borrower identities, as well as conducting thorough background checks on real estate assets. Manual processes hinder operational speed, compliance adherence, and user experience, necessitating automated solutions to streamline these critical background screening procedures in accordance with KYC regulations.

A regulated financial institution specializing in asset-backed lending and real estate investments seeking to enhance operational efficiency and compliance through automation.

• Develop microservices to automate the background verification of investors and borrowers, reducing manual effort and processing time.
• Create systems to perform automated background checks on real estate properties and land plots, ensuring asset authenticity and compliance.
• Integrate third-party data sources to facilitate real-time checks and receive prompt verification results.
• Design scalable, secure, and maintainable microservice architectures to support future growth and regulatory requirements.
• Validate the microservices through testing and deploy MVPs for client evaluation to ensure operational effectiveness.

• API Endpoint for initiating investor and borrower identity verification requests.
• API Endpoint for initiating real estate and land property background checks.
• Integration modules with third-party verification services for identity and property background data.
• Asynchronous message queuing to handle checking workflows and data processing.
• Result collection, storage, and forwarding mechanisms to deliver verification outcomes to the main platform.
• Real-time status monitoring for ongoing background checks.

• Third-party identity verification services for KYC checks
• Real estate asset background check providers
• Land registry and land info databases

• High scalability to handle increasing volume of requests
• Performance targets ensuring response times within seconds
• Secure handling of sensitive personal and property data in compliance with data protection regulations
• Robust error handling and fault tolerance
• Maintainability and ease of updates for rapidly evolving compliance standards

The implementation of automated KYC and property background check microservices is expected to significantly accelerate onboarding and asset verification processes, leading to faster deal execution, improved compliance adherence, and enhanced customer experience. These improvements aim to reduce manual verification effort, ensure regulatory compliance, and support the client’s strategic growth in real estate investment and lending markets.