KYC stands for Know Your Customer, and it is a regulatory policy that requires financial institutions and other businesses to verify the identity of their customers before providing any services or transactions. KYC helps to prevent identity theft, fraud, and money laundering. There are different ways to perform KYC verification, such as eKYC and Digital KYC. In this article, we will compare and contrast these two methods and highlight the benefits of Accura Scan, a leading provider of global digital KYC, identity verification and customer onboarding solutions.
e-KYC stands for electronic KYC, and it is a paperless online method of verifying the customer’s identity using their national identity number. A national identity number is a unique identification number issued by the government to every citizen of a country. eKYC allows customers to authorize the government to share their name, age, gender, and photograph with the financial institution using biometric authentication or OTP authentication. Biometric authentication involves scanning the customer’s fingerprints or iris, while OTP authentication involves sending a one-time password to the customer’s registered mobile number. eKYC is fast, convenient, and secure, as it eliminates the need for physical verification and document submission.
Digital KYC is a general term that covers various formats of online and remote identity verification using optical character recognition (OCR), which reads, analyses, and verifies data using biometric information. Digital KYC can be done in different ways, such as video-based eKYC, OCR-based eKYC, or face biometrics-based eKYC. Video-based eKYC involves a representative checking the customer remotely via video call and asking them to show their identity and address proof documents, such as national identity card, passport, driver’s license, etc. OCR-based eKYC involves scanning the customer’s documents using a mobile app or a web browser and extracting the relevant information automatically. Face biometrics-based eKYC involves capturing the customer’s face image using a camera and matching it with the photo on their identity document or national identity card.
The main difference between eKYC and Digital KYC is that eKYC depends only on the national identity number as the source of identity verification, while Digital KYC can use other documents as well. Another difference is that eKYC requires the customer’s consent to share their data with the government, while Digital KYC does not involve any third-party data sharing. Moreover, eKYC has some limitations in terms of the maximum balance and transactions allowed for an e-KYC account, while Digital KYC does not have such restrictions.
Accura Scan is a leading provider of global digital KYC, identity verification and customer onboarding solutions that offers both SDK and WEB API for easy integration with any platform or device and works offline as well. Accura Scan provides a comprehensive suite of features that make it stand out from other digital KYC solutions in the market. Some of these features are:
– ID Scanning solution: Accura Scan can scan and extract data from any ID document using OCR and MRZ technologies that are fast, accurate, and reliable. Accura Scan supports over 3000 types of ID documents from more than 200 countries and regions.
– Face Biometrics: Accura Scan can capture and verify the customer’s face image using facial recognition algorithms that ensure high security and accuracy.
– 2D / 3D Liveness Check: Accura Scan can perform liveness detection using 2D or 3D methods to prevent spoofing attacks using photos or videos. Also our solutions can perform active or passive liveness checks depending on the level of security required. Active liveness check involves asking the customer to perform some actions such as blinking or smiling, while passive liveness check involves analysing the customer’s natural movements without any prompts.
– Quick Checkin: Accura Scan can enable quick and seamless check-in for customers at hotels, airports, events, etc. by scanning their ID documents and verifying their identity.
– SDK Works offline as well: Accura Scan SDK can work offline as well as online without compromising on performance or quality.
– ID Forgery Detection: Accura Scan can detect forged or tampered ID documents using various techniques such as hologram detection, microprint detection, UV detection,
– Fingerprint Biometrics: Accura Scan can capture and verify the customer’s fingerprint using a fingerprint scanner or a mobile device.
– Face Match: Accura Scan can match the customer’s face image with the photo on their national id card to ensure identity verification.
– Age Verification: Accura Scan can verify the customer’s age through a selfie and match it with the date of birth mentioned by the client while filling their details. using their date of birth from their ID document. This is especially useful for complying with the guidelines that are required for dating, matrimony and gaming sites.
To sum up, eKYC and Digital KYC are two methods of online and remote identity verification that have different pros and cons. eKYC is quick, easy, and safe, but it depends on the national identity number as the only source of identity verification and has some restrictions. Digital KYC is more versatile, thorough, and trustworthy. Accura Scan is a leading provider of global digital KYC, identity verification and customer onboarding solutions that offers both SDK and WEB API for easy integration with any platform or device. Accura Scan provides a wide range of features that make it superior to other digital KYC solutions in the market. Accura Scan is the best choice for any business that wants to enhance its customer experience, security, and compliance with digital KYC solutions.