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KYC verification insights

Evaluate the performance of verification and onboarding processes on your platform.

This feature is in pilot phase. Reach out to your Adyen contact to enable it for your balance platform.

The KYC verification insights dashboard provides valuable data and trends about verification and onboarding processes on your balance platform. You can use this information for the following purposes:

  • Get a comprehensive view of your user onboarding progress, as the dashboard shows success rates and speed of user verification.
  • Quickly identify and address verification issues as they come up to ensure a smooth onboarding experience for your existing users.
  • Use data-driven insights to improve and streamline the user onboarding process for future users.

To view information about the verification process for a specific account holder on your platform, see their KYC summary and timeline.

Access the dashboard

You must have one of the following user roles to view the dashboard:

  • Manage account holders and legal entities
  • Generate and schedule reports
  • Download reports

To access the dashboard:

  1. Log in to your Customer Area.
  2. Go to Insights > KYC verification insights.

The dashboard has two main views:

  • The Overview tab provides you with a high-level overview of the onboarding performance. This includes metrics such as the number of verification attempts account holders have to undergo to complete the KYC verification process, or the number of account holders that are onboarded to the balance platform. By using these metrics, you can monitor the current state of verification and onboarding processes on your platform and track the impact of any interventions made to improve it.
  • The Errors tab provides insight into the number of account holders who faced verification errors during the onboarding, such as submitting incorrect bank documents or missing information. By understanding the nature of these errors, you can take appropriate measures to improve the onboarding process.

To do a more in-depth analysis, including a side-by-side comparison, you can filter the data by location, legal entity type, integration type, or custom date range. You can also share the selected filter view with other people in your organization who have the required user role.

Explore KYC metrics

The following are the KYC metrics you can monitor on the dashboard. Choose either Onboarding performance or Verification errors to review the appropriate metrics.

The dashboard data is updated every day at 3:00 AM based on the Central European Time (CET) zone.

Use these metrics to assess the overall performance of the onboarding process on your balance platform.

Metric Description

Number of account holders

 The total number of account holders who have started onboarding with Adyen.
The metric is calculated as a sum of account holders whose KYC verification statuses are in review, verified, unsuccessful, and rejected.

In review: Account holders whose information are currently being reviewed by Adyen. One or more of their capability verification statuses are pending.

Verified: Account holders who have verified all their information successfully. All their capability verification statuses are valid.

Unsuccessful: Account holders who have verification errors because of incorrect or missing information. One or more of their capability verification statuses are invalid. To complete the verification successfully, all verification errors must be resolved.

Note that when an account holder upgrades from Classic Platforms to Adyen for Platforms, their account is automatically assigned the unsuccessful status until their KYC information is verified. Once the account holder passes the KYC checks and meets the requirements to use capabilities, their status will be updated to verified.

Rejected: Account holders who are not allowed to use Adyen’s services because our KYC verification found issues, like fraudulent activity. One or more of their capability verification statuses are rejected.

Verification attempts

The total number of times account holders fill in and submit their KYC information before getting verified.
When an account holder submits their KYC information to Adyen for verification, it is counted as a verification attempt. The attempt is counted whether or not the verification is successful or encounters errors. You can then filter out the data for both verified and unsuccessful account holders.

First attempt success rate

The total percentage of account holders who were verified successfully the first time they submitted their KYC information.
The metric is calculated by taking the number of account holders whose status became verified on their first attempt and dividing by the total number of account holders who have initiated onboarding, including those who have not yet submitted information and those who received errors.

Median verification time

How long it takes account holders to submit their KYC information and get verified.
This metric shows the time from when the account holder is created and requests the first capability until they pass the KYC checks and all their capability verification statuses are valid.

Use cases

Here are some typical scenarios in which you may find the KYC verification insights useful.

To ensure that your onboarding process is working well and to identify any areas for improvement or potential bottlenecks, keep an eye on the key performance metrics. For example, you can check on the following:

  • Completion of onboarding. To track the progress of user onboarding, you can check the number of account holders that have the statuses in review, verified, and unsuccessful.

    If you have a high number of verified account holders, it means they have successfully completed the verification process and are ready to start transacting on your platform. On the other hand, a high rate of unsuccessful verifications implies that there may be issues with users submitting their data. Then, you can review the verification error statistics to identify and resolve any issues promptly.

    Metrics to analyze: Number of account holders

  • Speed of onboarding. To ensure that the onboarding process on your platform is easy to follow, review the time it takes for users to complete their onboarding. This information can be filtered by location, legal entity, or integration type to identify possible issues.

    Achieving a short Median verification time and high First attempt success rate indicates a clear and accessible user onboarding flow.

    Metrics to analyze: Median verification time, First attempt success rate, Verification attempts

If the Median verification time has increased while the First attempt success rate has decreased, users may have encountered verification errors. To analyze the most common errors experienced by account holders, see the Errors tab.

For example, if individuals are failing to provide acceptable bank documents, ensure that the document requirements are clearly shown in your onboarding flow.

Metrics to analyze: Median verification time, First attempt success rate, Verification attempts, Error types

You can evaluate the effectiveness of any interventions you make over time. For example, in order to resolve the issue with incorrect bank document submissions, you have recently updated your onboarding process with examples of the required bank documents for upload.

To assess the effectiveness of this measure, filter the dashboard data based on the Hosted onboarding integration type and relevant dates. You can then check whether the Verification attempts rate has decreased or if the Median verification time has shortened. Also, check if the number of account holders facing errors during bank account checks has reduced. Either of these three indicators could signal an improvement in the onboarding process.

Metrics to analyze: Median verification time, Verification attempts, Error types

If you have a global operation, you can filter your data by location to compare how well your onboarding process is performing across different markets. You can also filter data by integration type to see whether hosted or API-only onboarding is more effective for your users. You may want to analyze metrics such as the time it takes for users to complete the onboarding process and the number of account holders who experience verification errors in different locations or using different onboarding flows.