Mind- Boggling Features and Benefits of Video KYC

KYC is the process that is used by businesses for identity and address verification. KYC is also beneficial to abide by the anti-money laundering regulations in the banks. Their main aim is to prevent the bank from anti-money laundering activities.

Moreover, we can say that it helps the government industries and customers to prevent fraud activities during financial dealings.

Current Affairs Concerning Video KYC Do you know that on 26 September 2018, the Supreme Court of India struck down the use of Aadhaar based eKYC? On the other hand, RBI (Reserve Bank of India) has revealed some new standards in the same context, including digital KYC. In this scenario, the KYC process has been replaced with the video-based digital KYC; it is totally paperless and can be accessed remotely.

Introduction to Video KYC If we jump into the details, video KYC is an update in the digital KYC technology. It can be done in two ways, either with Aadhaar eKYC, also known as online Aadhaar-based verification, or you can perform that by using a live photo of the customer by making the use of Officially Valid Document (OVD) and his geo-location coordinates. Moreover, documents like OVD or the PAN card are essential for video KYC. Video identification is a fast, convenient, and astonishingly secure process of verifying your customer’s identity online. Furthermore, it can help you to reduce fraud and speed up customer onboarding.

Advantages of Video KYC One of the most outstanding benefits of digital KYC is going paperless. It not only gives monetary benefits to the government but also makes the entire process more smooth and secure. According to the Economic Times report, the Aadhaar-based eKYC has dropped the costs from Rupees 150 per KYC to just Rupees 20.

On the other hand, unlike digital KYC, Video KYC can be accessed remotely, and you don’t need to visit the customer’s doorstep or the nearest access point for the video KYC process. Furthermore, video KYC does not require any wet signatures, which is compulsory in the case of digital KYC.

Innovative Approach of Video KYC In the present time, we have numerous authentication technologies, especially for the KYC process, such as artificial intelligence, blockchain, and even cloud-based API technology. Moreover, these technologies are also worthwhile in the future for the sake of facial recognition for authentication in banking and financial services.

Features of Video KYC Video KYC is an urgent call for banking grade technology, as it helps in meeting the strictest InfoSec regulations and data security requirements.

Signzy Video KYC can be a perfect call for onboarding millions of customers every month SEBI regulated institutions. Some of the mind-boggling features of Signzy Video KYC are listed below:

1.

Real-time PAN verification The video KYC process is similar to the face-to-face identification process. During video KYC, customers need to show their Pan card details for the sake of identity verification and to track the inflow and outflow of their money.

2.

Matching face on ID with face in the Video KYC

Sometimes, criminals steal ID proofs of people and use them in fraudulent activities. But in the case of video KYC, it matches the face on ID with face in the video to make sure it is the same person in the video and on the ID proof.

3.

Video forensics for pre-recorded risk and spoof detection Signzy Video KYC makes the use of Video forensics to reduce the risk of pre-recorded video and spoof detection.

4.

Digital forgery check on the displayed ID proof

Signzy Video KYC goes through with the digital forgery process to check the information mentioned on the displayed ID proof.

5.

Customer identity verification through offline Aadhaar XML Along with video KYC, the Signzy Video KYC solution also makes Customer identity verification by using offline Aadhaar XML.

Conclusion Signzy’s AI-based video KYC solution guarantees Liveliness, Geotagging, Screen capture, Smart Routing, and compression to support low internet scenario.

Source: https://signzy.com/