In line with a push for Digital India policy, central bank and regulator Reserve Bank of India has introduced a significant amendment in its policy to allow banks to use video-based KYC (Know Your Client) as a choice to set up a customer’s identity.
This means a great relief for tonnes of banking and non-banking corporations, wallet service providers, and several other NBFCs regulated by the top bank, who sought to reduce their costs by huge margins, in the wake of slow economy. The arrangement permits an official of the monetary establishment to remotely vet a client’s personality through PAN or Aadhaar cards and few series of queries. The operator will likewise need to guarantee that the client is physically present in the country by recording their geo-coordinates.
Further, the starting point of the video call must be from the domain of the concerned bank and not from an outsider source, for example, Google Duo or WhatsApp video call. Obviously, the bank has to ensure that the quality of the network connection must be adequate and of fairly good quality.
Business correspondents and other outsourced operators have not been allotted permissions to perform video KYC and just authorities from regulated elements would have the option to do the remote onboarding. Having said this, the process also will not be fully automated and will use facial recognition as the so le mode to establish identity. However, the authorising agent can make use of the latest technology.
Permission to perform video KYC was a long-standing industry demand for several years as many players, especially fintech start-ups and digital NBFCs, have been mowed down by the costs of physically reaching out to customers in remote locations where they lack branches or too remote to reach.
The guideline and how Accura Scan can be of a great help!
The notification drafted out the point by point process through which the video confirmation will be done by the regulated firms. This would incorporate randomized arrangement of inquiries to mitigate spoofing, liveness checks the candidate to guarantee there is no extension for utilization of fakers. Additionally, the whole procedure should be encrypted to guarantee assurance from malicious attacks.
For all these firms, good news is that Accura Scan has already have these features covered under its capabilities including KYC Onboarding and liveness check with face recognition. Banks can use a biometric facial recognition will enable you to carry out entire ID verification. Now, we know your next concern. Was the person himself present while doing the transaction? or submitting KYC documents? or while opening the account remotely? Here is where Liveness check feature of Accura Scan will be a perfect fit.
Moreover, as far as documents are concerned, Accurascan app scans bulk documents rapidly. So, instead of wasting time by typing or writing down customer details or taking out printouts of the same, install Accurascan on your mobile and scan with a tap.
Additionally, Accurascan app has a web SDK/API which can be used to integrate with existing apps of the bank (if any) or the bank can enhance the features of the Accurascan app with it (if required). The web SDK/API is tool kit for adding extra features or for customizing it as per the requirements. Thus, with this tool kit, the user can have a wide scope of a tailor-made app.
Lastly, With Accura Scan you can scan ID Cards, Passports, Driver’s Licenses, Visas and other Identity Documents in just a few seconds with Face Biometrics and 3D Liveness Check for Remote, Real time User Authentication. You can also drop a mail at connect@accurascan.com or visit this link https://accurascan.com/download