KYC is a regulatory process that requires businesses to verify the identity of their customers to prevent fraud, money laundering, and other financial crimes.
Travel companies, particularly those handling large transactions or operating internationally, must comply with KYC regulations to ensure that their customers are legitimate. KYC procedures typically involve collecting and verifying personal information such as identification documents, addresses, and payment details before completing a transaction.
KYC processes can slow down the booking experience if not streamlined. Travel companies must find a balance between complying with regulations and offering a smooth customer journey.
A traveler booking an expensive tour package may be required to provide additional identification and proof of address as part of the KYC process before their payment is processed.
Felloh offers virtual bank accounts to help businesses automatically segregate customer funds. These accounts can be issued directly to your business or to designated trustees, ensuring that customer payments are securely separated from operational funds.
