Here at Oval your security is our first priority. With that in mind we understand it’s disconcerting to be asked for personal details or ID when you first sign up to something. That’s why we wanted to explain the whole process, including why you have to verify your identity, and why the KYC process is important to both you and us.
What is it?
KYC stands for Know Your Customer. Its purpose is to allow a company to verify the identity of a customer in order to protect both themselves and their customers against corruption, online fraud, and money-laundering practices.
Introduced in 2002, it is now common practice for all banks and financial institutions, and you can’t use your Oval digital savings account without completing it.
How KYC works with Oval
Because we are a financial services provider, you must complete the KYC before you can access the homepage of the app and start using all Oval’s great features.
Transparency is key to our relationship with you, and we want that relationship to grow and flourish! That's why our awesome dev team have designed our KYC process to be as simple, transparent, and non-invasive as possible. Thanks to them, and our partner Onfido, the whole thing can be done in less than five minutes!
What documents we need from you
We will ask you for two things in order to verify your identity: a valid ID, and a video selfie.
1. Uploading a valid ID.
You can use your identity card, driver's license or passport. During the registration phase you will be asked to select the type of document you want to use, at which point you just have to follow the below steps:
- Select the State/country that issued the document.
- Take a picture of the front of the document and check that the photo is readable and without reflection
- Then take a picture of the back of the document, again checking that everything is easily readable
2. Video Selfie
This is to make sure that you are actually creating the account and that someone isn't doing it for you. To complete this verification process just follow the instructions you see on the screen.
Once you have completed these two steps, you can continue with the process of registering with the app.