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Gambling & Money Laundering

Gambling & Money Laundering – How to tackle it?

Posted on | by Signzian

An issue that has been ignored for too long is Money Laundering via Gambling in the casino system. It has now become a recurring issue, as gambling giants like Entain recently received a fine of more than £17 million for violating anti-money laundering protocols. The failure of these big gambling players to clamp down against money laundering not only contributes to the proliferation of criminal activity such as human trafficking and illicit arms dealings, but it also highlights how casinos now serve as a platform for modern slavery.

Money laundering is the illegal process of concealing the origins of money obtained from criminal activities. It is a severe crime, and yet, sadly, many casinos still fail to tackle it effectively. From a lack of proper regulations to inadequate tracking systems, this article will discuss why casinos still need to crack down on money laundering and how they can tackle it. We will also discuss the implications for businesses and what measures should be taken to prevent money laundering in the future.

Money laundering in Casinos

Global gambling-industry financial penalties amounted to approximately $128,913,840 in 2022, up 166% from $48,642,992 in 2021, according to USA-Casino.com. As of October 2022, the UK’s gambling regulator had charged 16 operators $48m (£45m).

Casinos have long been associated with money laundering due to the large amounts of cash that change daily. Despite this, casinos have failed to crack down on money laundering, and the problem seems to be getting worse. 

There are several reasons why casinos have failed to tackle money laundering. A few majors are 

  1. Lack of tracking of the fund source – because cash is often used. 
  2. Lack of AML policies. 
  3. Being located in countries with lax financial regulations makes it easy for criminals to launder money 
  4. Inadequately trained employees to spot money laundering signs and stop the same. 

So how can casinos crack down on Gambling & Money Laundering?

  1. They need to put better policies and procedures in place to prevent it from happening in the first place. This includes proper customer due diligence, robust Know Your Customer (KYC) procedures, and more effective monitoring of transactions. As former US gambling regulator Richard Schuetz spoke with USA-Casino.com and said, “Given the inevitable increase of proliferation of online gambling in 2023, one can expect more regulations, and of course more casino and gambling industry fines”.
  2. Casinos need to do more to train their staff to spot the signs of money laundering. This training should cover what to look for when customers withdraw or deposit large amounts of cash and how to report suspicious activity.
  3. Casinos should consider using modern technology. 

The methods used by criminals

Though casinos have been put under increased pressure to stop money laundering, they continue to face many challenges. For one, criminals are constantly finding new ways to launder money, making it difficult for casinos to keep up. Moreover, many casinos still need to do more to crack down on, leaving themselves vulnerable to attack.

So what can casinos do to protect themselves from money launderers better? For starters, they need to be more proactive in identifying suspicious activity. This means being on the lookout for things like large cash deposits or withdrawals, frequent wire transfers, and patterns of betting that seem designed to evade detection.

Additionally, casinos need to ensure they have robust anti-money laundering policies and procedures. These should include KYC (know your customer) checks, reporting suspicious activity to authorities, training staff on the spot, and reporting red flags. By taking these steps, casinos can make it much harder for criminals to use them to launder money.

The Casino’s responsibility

In recent years, casinos have come under increased scrutiny for their role in money laundering. This is because casinos are often used to clean dirty money obtained through illegal activities.

Casinos have a responsibility to ensure that they are not being used to launder money. However, they have failed to crack down adequately on this activity. This is partly because casinos are often reluctant to report suspicious behavior to the authorities for fear of losing customers or damaging their reputation.

There are steps that casinos can take to tackle money launderings, such as better training for staff, improved customer due diligence, and more substantial reporting procedures. However, more must be done to prevent casinos from being used to clean dirty money.

The challenges of combating Casino’s money laundering

Although casinos are some of the most heavily regulated businesses worldwide, they are still struggling to combat money laundering effectively. The challenges are numerous and include both institutional and operational challenges.

Institutional challenges include that many casinos are owned by large, publicly-traded companies, making it difficult to implement adequate anti-money laundering policies. These companies are often reluctant to invest in compliance because it is not revenue-generating and can be seen as a cost center. In addition, there is often a lack of coordination between regulatory agencies, making it challenging to develop a cohesive strategy for combating money laundering.

Operational challenges include that casinos deal with large amounts of cash daily, making it easy for criminals to launder money through them. In addition, many casino customers are international visitors who may be using illicit funds to gamble. This makes it difficult for casinos to vet their customers and identify suspicious activity correctly.

Despite these challenges, there are some things that casinos can do to combat money laundering better. These include increasing transparency around ownership structures, investing in compliance functions, and developing better customer due diligence processes.

Solutions to tackle money laundering in Casinos

Money laundering is a serious problem for casinos. Casinos must implement better policies and procedures to crack down the same. Here are some solutions to tackle:

  1. Improve Know Your Customer (KYC) Procedures

Casinos need to improve their Know Your Customer (KYC) procedures. KYC is the process of identifying and verifying the identity of customers. This is important because it helps casinos ensure they are not doing business with criminals or terrorists.

  1. Implement Better Record-Keeping Practices

Casinos need to implement better record-keeping practices. This means keeping track of all transactions, both incoming and outgoing. This will help identify any suspicious activity.

  1. Use Technology 

Various technologies can be used to help combat money laundering. For example, casinos can use software that flags suspicious activity. They can also use data analytics to identify patterns of behavior that may be associated.

  1. Cooperate with Law Enforcement Agencies

Casinos should cooperate with law enforcement agencies in order to crack down on. This includes sharing information about suspicious activity with the authorities.

Conclusion

Money laundering is a serious problem for casinos and other gambling establishments, as it has the potential to lead to criminal activities. However, by investing in stronger AML systems and tightening their compliance regulations, casinos can reduce their chances of getting involved in such frauds. Additionally, they should also train staff on identifying suspicious activity and take steps toward improving customer verification processes. By accepting these necessary measures, casinos can protect themselves from being used as vehicles for money launderers while allowing customers peace of mind that all transactions are carried out legitimately.

A more proactive approach can detect and prevent money laundering. This can be done through improved customer due diligence practices and enhanced internal processes such as reporting suspicious activity immediately. With increased vigilance, casinos can ensure they remain compliant with regulations while reducing the threat of criminals using their services for illegal activities.

The latest AML onboarding solutions can help casinos prevent their operations from becoming dirty money laundering channels by tackling common AML malpractice. Technology can be the winning jackpot to clean up casino operations.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

KYC for Online Gaming Platforms

Why Mandatory KYC for Online Gaming Platforms?

Posted on | by Signzian

Mandatory KYC for Online Gaming Platforms – is what the Ministry of Electronics and Information Technology has drafted amendments to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. It states that due to rapid growth in online gamers, mandatory KYC for Online Gaming Platforms & gamers is to guarantee that Gaming Companies adhere to Indian laws and provide users with protection against potential harm.

Gaming has become a part of everyday life for many people, from casual mobile games to more hardcore console and PC gaming. As the popularity of gaming continues to grow, so does the importance of having an appropriate level of safety and security for gamers.

In this blog post, let’s explore what this proposal entails and why it is important. We will also discuss how it may affect both casual and professional gamers.

What is the government proposing for Online Gaming Platforms?

The Ministry of Electronics and Information Technology (MeitY) proposed an amendment to bring online gaming under the ambit of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021

The amendments seek to ensure due diligence from online gaming intermediaries so that users are not exposed to any activities breaching Indian law – such as gambling or betting – and also require a registration mark on all online games registered by self-regulatory bodies.

The Draft Rules

  1. A gamer must be informed of all online games offered by the gaming intermediary, as well as its policy regarding withdrawals and refunds of deposits made with the expectation of winnings. Also, how winnings will be determined and distributed, as well as the fees the user will have to pay for each game. 
  2. There should be a mandatory know-your-customer norm for verification (KYC).
  3. A user will need to be aware of the potential for addiction and the financial risks associated with each game.
  4. As part of the registration process of the game, the self-regulatory body must set up criteria for its content to protect the gamer from harm, including self-harm.
  5. Only games that are approved by the self-regulatory body will be permitted to operate legally in India.
  6. Five members will create the self-regulatory body’s board of directors, with expertise in online gaming, public policy, IT, psychology, and medicine.
  7. It is responsible for ensuring that the registered games do not contain anything that is not in the interest of India’s sovereignty, integrity, defense, security, friendly relations with foreign countries, or public order or that incites a cognizable offense.
  8. The Centre should be informed about the online games registered by all self-regulatory bodies, along with a report detailing the criteria for registering a particular game.

Why is there a need for such rules?

It is for protecting users from potential harm caused by skill-based games. 

  1. Innovation: As online gaming platforms are getting regulated as intermediaries and are subject to due diligence requirements, the online gaming sector will be promoted and innovation will be encouraged.
  2. Women Gamers Safety: Approximately 40 to 45% of Indian gamers are women, which makes keeping the gaming ecosystem safe all the more important.
  3. Because they generate revenue that needs proper regulation: In 2025, the Indian mobile gaming industry is to generate $5 billion in revenue. The industry grew at a CAGR of 38 percent between 2017 and 2020, versus 8% in China and 10% in the US.
  4. Credibility & Transparency: In addition to ensuring greater transparency, consumer protection, and investor confidence, this framework will boost the legitimate domestic online gaming industry.

What are the pros of KYC for Online Gaming Platforms?

The proposed mandatory KYC for Online Gaming Platforms has generated a lot of debate, with some people arguing that it is a necessary step to prevent underage gaming and others asserting that it will infringe on the privacy of gamers. Here, we take a look at the pros of the proposed policy: 

1) It would help to prevent underage gaming & Fraud: The proposed policy would require online gamers to verify their age before being able to play, which would help to prevent minors from accessing age-inappropriate content.

2) It could help combat cheating: By mandating age verification, it would become more difficult for people to create multiple accounts to cheat in online games.

3) It would promote responsible gaming: Making online gamers verify their age would encourage them to play responsibly and not engage in excessive gaming.

Our take

The government’s proposing mandatory KYC for Online Gaming Platforms & gamers is a step in the right direction toward protecting citizens from online threats and fraud. With the implementation of this measure, users can be assured that their identities are secure when engaging with other players or playing games online. It will also help prevent illegal activities such as money laundering and identity theft which have been particularly rampant on gaming websites lately. In essence, this proposed measure could be immensely beneficial for both players and regulatory authorities alike by promoting safety and security in the digital world.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

IVF, Surrogacy & KYC – Importance of Verification in Fertility-care

Posted on | by Signzian

According to Ernst and Young, India’s fertility market and IVF procedures saw a 20% increase during the last five years. But what is such news doing on a fintech page? Shouldn’t this be on a health blog?

Well, as technology spreads across all platforms, it also enhances healthcare. This time, it’s in ways where we not only preserve but create life. But it has many bureaucratic hurdles. Currently, the government has made verification of participants mandatory for any such medical procedures.

Where verification is necessary, Digitization becomes inevitable.

IVF And Surrogacy In India

Compared to the approximately 2.5 million cycles per annum globally, only 0.2 to 0.25 million IVF cycles are performed annually in India. But the future looks vibrant for the sector as the Indian fertility Industry was valued at more than $746 million in 2021. It is projected to reach $1,453 million by 2027 with 5-6 lakhs IVF cycles. In short, the IVF market is growing fast.

On the other hand, estimates show that more than 25,000 children are now being born through surrogates in India annually in an industry worth $2 billion. Hence both alternatives are in high demand in the country.

Why Do IVF And Surrogacy Need Digitization?

Aadhaar card and other identification documents are mandatory to avail of any service at ART/IVF centers. In addition, donors must also be registered with the Pre-Natal Diagnostic Techniques Act (PCPNDT) Cell. Such requirements enhance genuineness in parents who approach clinics for IVF and surrogacy.

But the primary issue with such measures is the hurdles it creates for potential parents. If anything, such procedures make the entire process onerous.

Digitization and technological resources can resolve this with simple and seamless digital tools. Moreover, it can make the process faster and easily accessible. Hence, the adoption of newer methods enhances medical procedures.

How To Digitize IVF And Surrogacy

If any person is looking for IVF, surrogacy, or any other form to have a child and wants to undergo the process, they need to share the Aadhar and PAN, and hospitals must verify the document.

In such scenarios, we can use the Application Programming Interface(API)I resource to process the soft copies of the required documents. APIs can collect and verify if couples seeking IVF are genuine and donors and surrogates and not volatile. With consent, it can also confirm if the parties involved have had any previous medical conditions that must be disclosed.

Additionally, it can be used not solely for Aadhaar verification but also for PAN and other document verifications to create a better picture of the involved parties for the associated hospital or clinic.

Where To Find Help To Digitize

If you are seeking IVF/surrogacy services, opt for the ones offering digitized interaction, as this usually helps maintain a safer approach. In addition, it ensures fortified data and reduces fraudulent practices.

Unfortunately, clinics and hospitals adapting to the technological demand are less in number or too slow at it. If you represent an enterprise that offers such services, you certainly will benefit from our products. At Signzy, we make sure that we provide the apt resources for digitizing your processes. We can make all your verifications seamless and automated.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com.

Signzy e-Sign

Why using e-Sign loan origination can be done quickly & securely?

Posted on | by Signzian

It’s no secret that the mortgage industry is bogged down by paperwork for years. As a result, the loan origination process could be faster and more convenient, leading to lost opportunities and frustrated customers.

But what if there was a way to streamline the loan origination process and make it more efficient? Enter e-Sign loan origination. e-Sign is an electronic signature solution that allows you to sign documents online quickly and securely. 

In this blog post, we’ll explore why using eSign loan origination can be done quickly and securely. We’ll also discuss some benefits of using this technology in your business. So if you’re looking for a way to speed up your loan origination process, read on!

How does e-Sign work?

eSign allows you to electronically sign documents using a computer, tablet, or smartphone. Upload the document to be signed, add your electronic signature, and send it off! There’s no need to print out or fax copies anymore – eSign makes signing documents quick and easy.

Is e-Sign legal?

Absolutely! eSignatures are legally binding in the United States under the Electronic Signatures in Global and National Commerce Act (ESIGN). This means eSignatures have the same legal weight as traditional signatures on paper documents.

How secure is e-Sign?

Very secure! All data exchanged during an eSignature transaction is encrypted using 2048-bit SSL encryption – the same level of security used by banks and financial institutions. Additionally, each document is assigned a unique tamper-proof seal that ensures its authenticity.

What types of documents can I sign with eSign?

You can sign virtually any document with e-Sign, from contracts and agreements to tax forms and applications.

 

Digital Evolution & Better Customer Experience

There are many benefits of using eContract eSignatures for loan origination, including the ability to do so quickly and securely. With eContract eSignatures, businesses can streamline the loan origination process by eliminating the need for paper documents and in-person signatures. This can save time and money while providing a better experience for customers.

In addition, eContract eSignatures are more secure than traditional signatures. They allow businesses to verify the identity of signers and ensure the non-alteration of documents. This can help to prevent fraud and protect businesses from legal liability.

Finally, using eContract eSignatures can help businesses to improve customer satisfaction. Customers can sign documents from anywhere at any time, making the process more convenient. In addition, eContract eSignatures provide a more professional look to documents, which can give customers confidence in your business. If you are considering taking out a loan, an e-Sign loan may be a good option. However, shop around and compare rates before signing any agreement.

How e-Sign Can Benefit Loan Origination

e-Sign can help make loan origination more efficient and secure. Here are four ways it can do so:

1. Automate the loan application process

With e-Sign, you can automate the loan application process by setting up digital workflows. This can save time and reduce errors.

2. Create a paperless environment

eSignatures can help create a paperless environment for loan origination. This can save time and money while also reducing your environmental impact.

3. Increase security

eSignatures add an extra layer of protection to the loan origination process. They prevent fraud and ensure documents are not tampered.

4. Improve customer experience

eSignatures can improve the customer experience by making it easier for borrowers to apply for loans and track their progress online.

The Risks of Not Using e-Sign

There are several risks associated with not using eSignatures for loan origination:

1. Increased Costs: Not using eSignatures can increase the loan origination cost, as paper documents must be printed, signed, and scanned. 

2. Security Risks: Printing and scanning documents can create security risks, as sensitive information could be lost or stolen.

3. Compliance Risks: Some jurisdictions require that certain documents be signed electronically to be valid. Not using eSignatures could put lenders at risk of non-compliance.

4. Fraud Risks: Not using eSignatures could also increase the risk of fraud, as borrowers could sign paper documents without verification.

How to Use e-Sign Safely and Securely

When you use e-Sign to sign a loan agreement, you agree to the terms and conditions outlined in the document electronically. This is a legally binding contract, so you must understand the terms before signing. Here are some tips to help you use e-Sign safely and securely:

Read the document thoroughly before signing. Make sure you understand all of the terms and conditions. If there’s anything you’re unsure about, ask for clarification from the lender.

Only sign documents which have permission to sign. Don’t sign any document that you didn’t initiate or that you’re not comfortable with.

Keep your electronic signature safe. Treat it like you would your physical signature. Please don’t share it with anyone.

Use a secure connection when signing documents electronically. This helps to ensure that your signature can’t be intercepted or tampered with during transit.

Keep copies of all signed documents for your records. This way, you have a history in case of any issues.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

What’s All The Fuss About The Digital Personal Data Protection Bill 2022?

Posted on | by Signzian

The Ministry of Electronics and IT(MeitY) has released the Digital Personal Data Protection Bill 2022, and the government is currently seeking public feedback and consultations. The measure is intended to lay out the procedures and guidelines for data collecting for businesses and the rights and obligations of “digital nagriks,” or citizens.

The measure also establishes severe penalties for breaking any law’s rules, and the Data Protection Board of India—which the new law has set up—will make these determinations. However, board orders may be contested in a High Court.

 

The Data Protection Bill Focuses On Seven Fundamental Principles

The Bill’s explanatory note states that it is founded on seven principles. The first is that organizations must use personal data in a way that is legitimate, fair to the individuals involved, and transparent to individuals.  The second principle states that personal data must only be used for the purposes for which it was collected. The third principle discusses data minimization, while the fourth principle emphasizes data accuracy when it comes to collection.

The fifth principle states that personal information cannot be stored perpetually by default and should only be kept for a specific time. According to the sixth principle, there should be enough protections to guarantee that no unauthorized collection or use of personal data occurs.

Seventh principle: The person who determines the nature, scope, and means of personal processing data shall be liable for such processing.

 

Defining Definitions- What Data Principal And Data Fiduciary Implies

The person whose data is being gathered is referred to throughout the Bill as the “Data Principal.”

The purpose and means of processing an individual’s data are determined by the “Data Fiduciary,” which may be a person, business, government agency, or other entity.

The law also acknowledges that parents or legal guardians will be regarded as children’s Data Principals in cases where they are children, defined as all users under 18.

According to the law, all data by or in connection to which an individual can be identified is considered personal data. Processing is the full range of processes that may be applied to personal data. According to the Bill, data processing would include data collection and storage.

The measure also guarantees that people should have access to essential information in the languages included in the Indian Constitution’s eighth schedule. Furthermore, the Bill stipulates that consent must be obtained from the subject before their data is processed and that each individual should be aware of the specific personal data that a Data Fiduciary wishes to collect and the purposes for such collection and further processing.

Additionally, the notification of data collection must be written in language that is both explicit and understandable. Additionally, people can revoke their consent from a data fiduciary.

 

Two Rights Of Action- The Rights To Erase Data And To Nominate

Data principals can request the deletion and updating of data that the data fiduciary has acquired. If the data principal passes away or becomes incapable, they can also designate a person to act on their behalf.

The measure also grants customers the ability to protest to the Data Protection Board about a Data Fiduciary if they do not receive a sufficient response from the business.

 

What Are The Relevant Data Fiduciaries In Data Protection?

Furthermore, the Bill refers to Significant Data Fiduciaries, who handle a sizable amount of personal data. The Central government will decide who falls under this group based on various considerations, including the amount of personal data collected, the risk of harm, and the potential impact on India’s sovereignty and integrity.

The Bill’s explanatory note states that this category must fulfill additional duties to permit wider scrutiny of its actions.

Such organizations will be required to designate a “Data protection officer” to act on their behalf. They will serve as the focal point for grievance redress. They must also choose an impartial data auditor to assess their compliance with the statute.

 

Financial Punishments And Penalties

The draught also suggests that businesses that experience data breaches or fail to notify customers when breaches occur face harsh penalties. Entities that do not implement “reasonable security safeguards” to prevent personal data violations could face fines of Rs 250 crore.

 

Data Protection For Data Transfer Across International Borders

The measure also permits storing and transferring data across international borders to certain notified countries and territories. 

The memo further states that the Central Government would consider essential criteria before such notification.

Bottomline

The government may also exempt specific enterprises from complying with the Bill’s provisions based on the number of users and the volume of personal data collected by the firm. When doing this, the national startups that complained that the prior version of the Bill was compliance intensive have been taken into account.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

 

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

 

 

 

 

 

Crypto’s Coming Crash: here’s what you need to know

Posted on | by Signzian

FTX, the price of bitcoin (BTC) has tumbled again. It is now about $16,500 – a far cry from the all-time high of $66,000 just a year ago. Why such a significant drop in value? It’s because of the highly toxic combination of exchange (an electronic platform for buying and selling) called Binance.

Binance is a stablecoin (a crypto whose price is pegged 1:1 to the US dollar or another “fiat” currency) called tether – The skilled professional traders running high-frequency algorithms. Unlike stocks, bitcoin can be traded on many different exchanges. But Binance has more than 50% of the entire crypto market, and as a result, it sets the price of bitcoin and other cryptocurrencies

To buy cryptocurrencies, traders must convert fiat money into a stablecoin-like tether. Bitcoin-tether has by far the most significant volume of all products on Binance. Since one dollar usually equals one tether, trading on bitcoin-tether sets the dollar price of bitcoin. But when bitcoin crashes, the entire crypto ecosystem does. 

How did the FTX Crash Happen?

The FTX crash has its roots in the manipulation of tether (USDT), the most commonly used stablecoin. USDT is supposed to be backed by one dollar for each USDT coin, but these claims have not been verified. The primary technique used to manipulate the price of USDT is called “wash trading”. What is wash trading you ask? Easy explanation – you buy and sell USDT simultaneously from different accounts you control.

When you do this, USDT prices go up and down, creating the false impression that there is a massive demand for USDT. For example, a trader buys 100 USD T for $100, then sells 100 USD T for $120. The trader has made a profit of $20, but the price of USDT has risen from $1 to $1.20. This creates a misleading impression that the market needs a lot more USDT, which it may not.

Why Does the Crypto Market and FTX Crash?

In most normal markets, a large number of buyers and sellers set the price of a product. If a product is overpriced, more sellers will offer their product. But in the crypto world, only a few significant exchanges set the price.  No one buys or sells unless they want to make a profit! When a considerable stock exchange like Binance has a high percentage of the market, it can control the price of bitcoin and other cryptocurrencies.

A high-frequency trader can buy bitcoin on Binance, then sell it on Binance again to someone who has just bought bitcoin on Binance. In addition, Binance does not require a trader to buy or sell an entire bitcoin. Instead, the trader can buy or sell 0.00000001 bitcoin, or $0.0001.

What Should Happen Next?

As in any crash, the best thing to do is stay calm and not panic sell. The FTX crash will probably have a similar outcome to the dot-com crash. The time when the internet was still in its infancy, but the companies were still around – just later in their life cycles.

The FTX crash will, however, cost investors a lot of money. But it will be good for the market’s long-term future, as the weak hands will be weeded out. There are no signs of a healthy correction in the crypto market, but these events always take longer than expected. In 2000, the dot-com crash began in March, but the Nasdaq didn’t bottom out until October 2002, more than two years later.

The Bottom Line

The FTX crash is a healthy correction for the crypto market. But given the lack of proper regulation, the extreme volatility, and the high percentage of inexperienced traders who entered the market, the crash could last for a long time.

Nevertheless, the crypto market will likely go through a healthy correction and come out on the other side of a more robust and mature marketplace. The FTX crash was entirely predictable, and it was only a matter of time before it happened.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

KYC Processes

How Specializing Verification Improves KYC Processes

Posted on | by Signzian

Customer onboarding has historically included identity verification. The necessity for ID card verification still exists, but our society has gone digital, changing how we execute identity verification and why we need it. This is where KYC, KYB, And KYCC come into play.

In the past, unless there was a prior relationship, corporate entity verification was handled internally through extensive physical background checks. This made the client onboarding process vulnerable to fraud and bias. The transition to digital did little to change the way things are now. Customer onboarding continued to receive a lot of attention, but Business to Business (B2B) lagged.

Regulations and stringent rules for due diligence have increased protection for all parties while making it more straightforward for banks, financial institutions, and companies to onboard consumers.

Data about customers and businesses continued to be in danger, and fraud increased. As it was up to the enterprises to follow and put these rules into practice, many continued to disregard developing efficient ID validation systems, leaving holes in the onboarding and compliance process.

 

What Makes KYC Verification Insufficient For B2B Processes?

 Know Your Customer (KYC) regulations are centered on specific consumers, as the name suggests. Businesses and other financial institutions were left to decide how to handle their business clients in light of this. Unfortunately, that resulted in lapsed ID verification far too frequently and essentially nonexistent B2B customer onboarding.

Customers and companies alike paid the price for the absence of security standards in the form of an increase in money laundering, fraud, identity theft, malware and virus attacks, hacked accounts, stolen data, and, ultimately, money. As a result, global ID verification and document verification services were considered unneeded unless the customer was considered high-risk, and basic due diligence was the rule.

For complete customer due diligence, there were four crucial elements for KYC verification.

  • Validating identification and documents
  • Identification and confirmation of beneficial owners
  • To create a risk profile, one must comprehend the nature and purpose of customer connections.
  • for reporting questionable transactions and managing digital identities, ongoing behavior monitoring, and transaction screening

These ignored organizational structure, who the significant decision-makers were, and whether or not they differed from the constantly-changing signatories. Additionally, it didn’t consider who had access to the records, international payments, their current clients, workers, or suppliers.

The phrase “Know Your Client” was intended to be more broadly used to refer to corporate organizations than the acronym “KYC.” Sadly, many missed the memo, and firms were left to handle B2B customer authentication until authorities stepped in.

 

What Does KYB Get Right That KYC Doesn’t?

 According to the United Nations (UN), 2% to 5% of the global GDP is laundered annually, and an estimated 90% of money laundering activities go undetected. Therefore, it is evident that KYC verification alone cannot stop this from happening.

The losers in the fight against money laundering and other financial crimes are financial institutions. To offer businesses the same anti-money laundering (AML) regulations and address combating the financing of terrorism (CFT) laws, the Financial Crimes Enforcement Network (FinCen) addressed the oversight of KYC. As a result, it implemented Know Your Business (KYB) in 2016.

With the implementation of KYB, the US Customer Due Diligence Requirements for Financial Institutions (CDD), or the EU’s Fifth Anti Money Laundering Directive (5AMLD), the penalties for non-compliance were raised.

Therefore, it was made sure that everyone made an effort to plan and carry out a KYB verification process. KYB aims to identify Ultimate Beneficial Owners (UBO), reduce the risk of money laundering and other fraudulent acts, monitor and screen businesses against blacklists and greylists, and identify UBO.

 

The Requirements For KYB

Aside from the basic customer due diligence that is part of the requirements for KYB, businesses are required to provide the following:

  • Company name
  • Operational status
  • Incorporation date
  • Company address
  • Business registration number
  • Key management personnel

Institutional and corporate rules and requirements could differ. Some people might need further details for the KYB and KYC verification processes. Names and addresses of board members and other essential decision-makers may also be included in the list of Personally Identifiable Information (PII).

Some companies may require that you comply with AML/CTF regulations before doing business with them. Know Your Customer’s Customer (KYCC) rules may apply depending on the type of your organization.

 

KYCC- Its Relevance For Companies

Banks and other financial institutions understood the rationale for KYCC after the Wirecard crisis in Germany in 2020, but the implementation was different. Trying KYCC without the full compliance of all entities was a headache because certain business entities, including payment providers, had several firms that, in turn, did business and had multiple consumers. It may seem unjust to categorize all Fintech or consultancy firms as high risk at the outset, but that occurs when banks need to determine who your company serves.

Regulators and implementers were able to control KYCC better, prevent the development of other fictitious firms, and lessen the possibility of incorrectly designating enterprises as “high risk” by supporting KYCC with AML policies and automation.

 

The Bottomline

While constant monitoring is necessary for KYC Verification, it is only essential for high-risk businesses for KYB. The continuous problem of finding UBOs might make the corporate onboarding process take two to three months. Financial institutions and business clients experience frustration and hopelessness due to these circumstances.

But effective KYB can solve this issue. That’s why you need a reliable service provider for your processes. You can check out www.signzy.com for more details on the services we offer.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

 

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

Automated KYB- Relevance & Normalization

Posted on | by Signzian

The anti-money laundering software market is projected to reach $1.77 billion by 2023. This means that banks and financial institutions are improving their processes like KYC, KYB, and AML. But we need a closer look at why this is happening, its relevance, and how we can normalize active automation.

Banks and other financial institutions have long been the central focus of all commercial activity. They must carry out due diligence at each stage of the client journey, which is a huge duty. A compromise in that financial system might have financial and security repercussions worldwide in today’s digital age.

Ironically, the least concerning possible problems are fraud and money laundering. As a result, banks may unknowingly assist in funding international terrorism, illegal drug use, and human trafficking. Banks can help KYCC by using increased due diligence techniques in the KYB and KYC verification process to reduce the possibility of onboarding non-compliant organizations.

 

KYB- A Deeper Look And Better Solution

The financial sector is aware of the conflict it is facing. Banks and other financial institutions realized the value of KYB and AML/KYC compliance after being the target of ongoing cyberattacks, scandals, embezzlement, and fraud schemes. Many Small and Medium-Sized Businesses (SMBs) don’t, though. Even some huge organizations disregard AML/KYC compliance due to the expense of onboarding new customers.

Banks are ultimately at risk due to assumptions made by other industries. For example, one company made a hiring decision based only on intuition, believing the position to be entry-level and exempt from intrusive background investigations. HR promoted this employee to a crucial decision-making position a few years later, assuming the background check was completed earlier.

 

Why KYB Should Be Genuine And Effective

Everyone inside and outside the financial industry must contribute to AML/KYC compliance to protect the sector. Companies should not just seek digital KYC verification to avoid fines for non-compliance. Instead, all businesses, from SMEs to major multinationals, should feel compelled by moral and ethical principles to investing in rigorous KYB and KYC verification services.

The secret to stopping fraud and boosting global security is making sure the people you bring on board are reliable. That is why it is crucial for financial institutions to implement an efficient KYB and KYC verification process.

Before beginning a commercial connection, B2B customers and their clients must undergo worldwide ID verification and behavior monitoring as part of the KYB verification process to assess their risk and sustainability.

Businesses and banks make sure that transactions are consistent with their risk profile by doing regular behavior monitoring. In addition, employee records and other important information are maintained secure and current with the help of effective digital identity management.

Knowing a company’s high-risk clients and business partners helps to protect your company’s reputation from being accused of criminal carelessness for facilitating the movement of illegal monies.

 

How to Make Automated KYB and KYC Verification the Norm in Your Business? 

To achieve AML/KYC compliance, developing your KYB and KYC verification procedure is an excellent place to start. Transparency in financial activities can be ensured by adhering to local, regional, and international AML/CFT laws and regulations, including those of the European Union (EU), the United Kingdom (UK), the United States, and others. Concerning ongoing client screening and risk assessment, having quick access to the pertinent worldwide watch lists, spam lists, and sanction lists are helpful.

As previously mentioned, verification for commercial entities can be time-consuming, and even ID card verification is more complex with the proper global ID verification system.

Databases

Your digital KYC verification system must have access to the appropriate databases to swiftly validate IDs and documents, checking watchlists, and evaluate the risk to guarantee that you comply with AML/KYC regulations. Most identity verification service providers can validate customers’ IDs; they do not offer tools for behavior monitoring or document verification services.

Digital Identity Management And Relevant Laws

Data collecting and digital identity management are disadvantages of the DIY method for building your own digital KYC verification system. Businesses occasionally need to remember that there are rules for data handling in addition to using client information to inform customers of impending changes and events. In addition, consumers can maintain control over their data thanks to the Global Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

Act on Protection of Personal Information (APPI), which will have the same extensive effects for third-party data suppliers outside of Japan as the GDPR, has now been implemented as Japan’s equivalent of the GDPR. In cross-border ID verification, these data requirements and digital identity management should be included in the cost of customer onboarding. In addition, providers of identity verification services must also accommodate mobile ID verification.

Identity Verification With KYC And KYC

Combining their current customer onboarding procedure with mobile ID verification is the one grey area where banks and other financial institutions struggle. However, artificial intelligence-powered automated customer onboarding systems may be of assistance.

Providing an automated KYC verification method that detects fraudulent information faster than humans could help close the gap between banks and businesses. In addition, KYB and KYCC should be carried out in unison and with perfect online ID verification as part of B2B customer onboarding.

 

Bottomline

KYB adoption is no longer the issue. Enterprises are looking forward to automation and its normalization for improved identity verification. You can avail of effective solutions for automation at www.signzy.com.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Tokenization of Cards for Payment Security

Posted on | by Signzian

The global online shopping market is growing rapidly, reaching almost 4 trillion in 2020. Unfortunately, customers are relying heavily on online shopping so much that the possibilities of payment fraud and cyberattacks are on the rise. According to research by OpSec Security, 86% of customers were victims of some data breach or credit or debit card fraud in 2020. 

From the statistics, it’s evident that payment security is the need of the hour. As a result, every online business is looking for solutions to safeguard its customers’ data from cybercrimes. 

And this is where the tokenization of cards can help. The fintech industry introduced the tokenization of cards to intensify security against account misuse or data fraud. 

Recently, in India, RBI issued guidelines to secure sensitive information or data for debit and card care transactions through CoF (Card on File) tokenization regulations. 

But what is tokenization? How does it ensure payment security? If you’re new to the term, you’ve come to the right place. This article will help you understand everything you need about tokenization in 2022. 

 

What Is Tokenization?

In the fintech industry, the term tokenization has been buzzing over the last few months. It is the process of replacing or substituting sensitive data with randomly generated, unique symbols, phrases, or keywords known as tokens. 

If you’re a credit or debit card holder, tokens will represent your card’s information like card number, CVV number, and bank details during the payment process. The tokenization process ensures that your payment card details remain secured and don’t get exposed.

The tokenization of payment cards is available in several countries, including the USA, Australia, Europe, and India. This method is also massively used because the PCI DSS ( Payment Card Industry Data Security Standards) has encouraged the adoption of payment tokenization. 

As online data breaches have skyrocketed across the industry, the tokenization method has gained popularity among online merchants. Tokenization provides security against data breaches, reduces red tape, and gains customer confidence. 

The tokenized data is always protected, as hackers can do nothing with the tokens. Also, the merchant doesn’t have to manage their customers’ sensitive data, which results in reduced costs and a low risk of data breaches. 

Paytm, India’s largest payments and financial services company, said they had tokenized over 28 million cards across Mastercard, Visa, and RuPay to secure online payments. 

“Paytm is committed to safe and secure online payments, and in that direction, RBI’s tokenization efforts are a key milestone for the industry. We recognised the need for tokenized cards and implemented the same on Paytm app. We are seeing incredible success, and this will go a long way in bringing India’s payment system online while also making it trustworthy and safe for customers.”– Vijay Shekhar Sharma, Founder, and CEO of Paytm

 

How Does Tokenization Work? 

Before tokenization, you had to enter your credit or debit card details (your name, card’s expiry date, CVV number, and 16-digit card number) each time you made an online payment. Now all these payment details get stored by the payment processor or online merchant’s platform. 

With tokenization, your card details or number will be replaced by a unique token number. Your card network or bank randomly generates this token number. And the card network or the respective bank has API systems to analyze your card and token number, so the payment gets credited or debited to the cardholder’s account without storing any data. 

Here is a step-by-step process that explains the tokenization process of credit cards transaction: 

  1. You make an online purchase with your credit card details. 
  2. The sensitive data of the card is sent to the tokenization service provider. 
  3. The tokenization system tokenizes the card (replaces the sensitive data with a token) and sends it to the acquiring bank. 
  4. The bank uses the token to request authorization from the credit card company. 
  5. The bank secures the original payment information. Once the token supplied by you matches your account number, the transaction will be verified. 
  6. Once your payment is successful, the token will be returned to the merchant. 

In the future, when you’ll again purchase something from the same merchant, there will be different token sequences. This efficient security will boost client satisfaction and conversion rate. 

Source

The popularity of tokenization has increased the use of mobile wallets like Google Pay and Apple Pay. It is predicted that the use of mobile wallets (Apple and Google Pay) in North America is set to increase between 2020 and 2025. 

Wrapping Up 

The tokenization of cards is an example of how technology will impact the fintech industry in the future. That’s why several e-commerce sites and in-app payment apps are adopting this process.

As tokenization of payment cards removes the risk of saving your card details on the merchant site, you can expect enhanced security. 

Even if hackers try to steal the tokenized data, they won’t be able to link the card information with the token. Undoubtedly, it has the potential to lower the risk of data breaches significantly. 

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

Why Open Banking And Embedded Finance Gives An Edge To Fintech Startups Over Traditional Banks

Posted on | by Signzian

Open banking has offered fintech startups the chance to alter the global finance industry by putting financial services at consumers’ fingertips through user-friendly apps and websites on their smartphones and PCs. Last year alone, 2.5 million people were using services that sat on open banking interfaces. This year it’s expected to be more than four million.

The open banking mandate requires banks to share data via application programming interfaces (APIs), making it one of the most significant disruptions to traditional banking in our era. As a result, fintech startups that have been approved can connect to people’s accounts and provide them with a variety of services. In addition, banks no longer possess exclusive rights to data management.

The European Parliament passed the updated Payment Services Directive (PSD2) to support open banking in October 2015. Open banking, which is already well-established and gaining popularity worldwide, has aided in the growth of embedded finance, but is this a risk-free strategy to improve the customer experience?

 

Embedded finance

Embedded finance can energize marketplaces, increase sales, and simplify consumers’ lives. Financial services and fintech are about quick access, simplicity, transparency, affordability, and being able to please your consumers. But unfortunately, because finance is ingrained in everything we do, it is becoming invisible.

Fundamentally, embedded finance incorporates financial services within a non-financial company’s product, such as lending or payment processing. Embedded finance can come in various shapes, including embedded credit, payment, and insurance.

By 2025, embedded finance, according to Lightyear Capital, could generate $230 billion in net new revenue. According to them, the change will be advantageous to businesses that have a “digital mindset” and can take advantage of chances in other financial innovation-related fields.

All Tesla customers who purchase a Tesla have inbuilt insurance, allowing them to drive their new car out of the dealership fully covered and without any additional paperwork. In addition, Uber provides embedded payment, allowing users to access their bank information (with their permission) so they don’t have to enter their credit card information each time they book a ride.

Embedded financing, often known as embedded credit, enables customers to purchase now and pay later (BNPL). Swedish finance business Klarna is a market leader in offering this type of embedded credit. With its “pay-in-four” plan, available in some regions of Europe and the USA, Klarna offers short-term, point-of-sale loans for purchases across its portfolio of shops. This allows customers to divide their balance into four installments to be paid every two weeks.

 

Risks and benefits

Businesses like Klarna help their registered retailers increase sales by dividing payments over time while easing the financial burden on consumers. With its “pay in four” financing scheme, Klarna doesn’t impose interest. However, late payments cost users money. Some of Klarna’s retailers offer more extended repayment arrangements. Retailer-specific interest rates might be up to 25%. Even more, it is charged by some BNPL service providers.

Fintech startups, dubbed “digital loan sharks” in some regions of the world, have drawn attention for charging high-interest rates and using abusive collection practices, prompting more robust controls.

Although any consumer can go into debt, those most at risk are frequently people who live in developing nations, are in extreme need, and have little access to conventional banks. Users of BNPL services run the same risk of identity fraud as users of any data-sharing program. However, banks and fintech startups have demonstrated they can work together to produce a secure and advantageous retail experience for customers when adequately regulated.

The CEO of venture capital firm Dubai Future District Fund, Sharif El-Badawi, is upbeat about the prospects for fintech startups. When the cooperation is at its best, “banks meeting halfway with these startups is truly delivering us—as consumers and businesses—the most value,” says El-Badawi. As a result, we get the security and safety of a bank. Additionally, we get the user experience, as well as bells and whistles, from the startup. “I think the wonderful moment for us as consumers is the extensibility of those two functions together.”

 

The Bottom line

Fintech startups are not going to topple the titan banks overnight. But their threat can certainly not be ignored. As a matter of fact, it should not be perceived as a threat but as an opportunity. This is a sign for all conventional giants to revamp their processes and evolve.

It is time to adopt the digital evolution. Fintechs understand this. So should banks. For this, you will need reliable resources and dependable service providers. That’s precisely what we at signzy emphasize. Check out Signzy’s API Marketplace for more.

 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

 

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

 

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