How and why Tide gets to know you – KYC explained
Your time. It’s the single most important thing for any business, which is why we’re always looking for ways to give it back to you. We’ve already launched the world’s fastest business loan to help your business grow in record time, as well as created direct connections to the biggest accounting platforms on the market so that you can say goodbye to hours of manual uploads.
Setting up your account shouldn’t take all day, either. In the time it takes to traverse a bank’s nightmarish phone system, you could have a fully-fledged Tide account up and running, ready to do business.
When you open an account with us, we’ll ask you a few questions so we can get to know you and your business better. These checks are often referred to in banking as Know Your Customer (KYC).
KYC is an important step in our relationship with members, as it helps protect them against illegal activity like fraud and money laundering. The information we collect will be used to confirm your identity and get our relationship off to a good start.
To save you from filling in frustrating forms, we keep the information we ask for to a minimum. After taking a photo of your ID and a selfie, our clever computers run dozens of checks to make sure that we’re creating an account for the right person.
Sometimes, we might need to get in touch to ask a few extra questions about your business before we can open your account. This extra information helps us get a better understanding of your business and makes it easier for us to protect you from financial crime.
We may get in touch if we see things that look unusual. For example, you might deposit £10,000 into your account as a deposit for a new car. We might check with you on where the money came from, and confirm what you’re looking to use it for. Keeping our members safe is our top priority – and so if we can’t be 100% confident that an account or transaction is authentic, we may temporarily pause your account.
Hopefully this will give you a clearer understanding of what we do to keep you safe, and why we’ll occasionally need to ask for some extra information. We’re always looking for ways to keep this to a minimum, so that we can give time back to you for what really matters.