Category: Banking

Welcome to our specialized banking category, an expertly curated space where we delve into the exciting world of digital transformation sweeping across the banking industry. Our insightful articles explore a multitude of facets that are actively shaping the future of banking, from the disruptive force of cutting-edge technologies to the shifting paradigms of customer expectations.

As the terrain of the sector undergoes continuous evolution, it becomes increasingly crucial for industry professionals, enthusiasts, and observers to keep abreast of the latest developments and trends. Our in-depth articles serve as a resource, providing valuable insights into how traditional banking institutions are navigating the transition to the digital age, and how emerging fintech companies are spearheading innovative solutions that are redefining the industry’s contours.

Our coverage encompasses a wide array of topics, from the convenience and the ubiquity of digital payments to the transformative impact of regulatory technology and the paramount importance of data security. This comprehensive exploration offers our readers a panoramic view of the digital banking ecosystem. Our overarching objective is to equip our readers with a nuanced understanding of the challenges that lie ahead, as well as the opportunities that digital transformation brings to the fore.

So, immerse yourself in our curated content, enrich your knowledge, spark meaningful conversations, and stay ahead of the curve in this digital banking era. Join us in exploring the captivating world of this sector where the only constant is change. Welcome to the future of banking, with us!

How do banks digitally verify your online identity?

Posted on | by Signzian

Data breaches and identity fraud continue to be a primary security concern for banks and fintechs . They have harmful financial ramifications for banks. They can also damage the reputation of institutions around the world. As technology advances so do the fraudsters’ methods of theft and deception. Banks need to provide online identity verification service to their users to fulfill regulatory obligations and manage risk.

First, banks have to ascertain that you are who you claim to be. Second, they have to determine that you aren’t a terrorist or involved in crimes like money laundering.

This first step in the traditional KYC process in banks is manually verifying the identity of a customer. This could prove to be the weakest link in a bank’s KYC process. Why? Because it is the most vulnerable to human error.

Fulfilling compliance obligations like Anti-Money Laundering (AML) checks & Combating the Financing of Terrorism (CFT) is not easy for all the entities. Common hurdles are:

  1. A lack of resources
  2. Negative effect on customer experience
  3. Maintaining strict standards of data security

Online identity verification is a suitable solution for all these problems. It fulfills regulatory requirements and provides a secure and seamless user experience. The method is efficient and can easily practice robust data security.

Transitioning to Online Identity Verification

Total identity fraud losses reached $16.9 billion (USD) in 2019 according to Javelin’s 2020 Identity Fraud Survey. It is an annual comprehensive analysis of identity fraud trends. To prevent the instances of such crimes, financial regulatory authorities are setup. Examples include the Financial Action Task Force (FATF). Also, local regulators have set up KYC and AML compliances that businesses are encouraged to adhere to. These regulations enable businesses to carry out proper due diligence for their customers. This can be easily done by properly analyzing customers’ documents to verify their identity. This also helps reduce the probability of fraud and scam. This KYC procedure was mostly done with in-person verification (IPV) by banks, financial institutions, and government offices. However, this was a time-consuming ordeal. Currently, the process is seamlessly done with the help of AI driven online identity verification systems.

Now you can conduct your business via your computer and cell phone. In the meantime, the bank or business representative can authenticate your identity. It can detect stolen personal identifiable information and forged synthetic ID documents. This can be done with technology like image forensics.

Capture, Extract, Verify, Screen, Result

How does it work?

  1. Identity documents are uploaded in real-time. The software detects the document and extracts relevant information from it using AI-based OCR extraction.
  2. The data is then analyzed to detect fraud. Next, the name is screened. This determines if the individual poses higher risk from a Money Laundering or Reputation Risk Perspective.
  3. Once the checks are done, a result is procured within minutes.

Document Verification

Detailed customer attributes can be verified through government issued identity cards and documents. They can be a permutation or combination of the following:

  • Personal Credentials (Name, Number, Age, Date of Birth, and more)
  • Nationality & Immigration Status (Residence Country, Place of Birth, Sponsor, Citizenship and more)
  • Documentation for Demographic Information (Tax Numbers, ID Number, Birth Certificate Number, Domiciles and more)
  • Employee Data & Employer Registration (Employer ID, Year Of Registration, Permit Type, Invoice Details and more)

The types in which these can be falsified are:

Illegitimate documents: These documents are completely fake. They consist of characteristics like missing holograms or other set standards. These form the essential parts of a legitimate version of that document.

False documents: This document is originally owned by another person. The fraudster tries to utilize it to authenticate himself.

Modified documents: This signifies an ingenious document which has been altered. This is where the fraudsters change the font and writing style to manipulate the system.

The online identity verification software can distinguish between all sorts of duplicate documents. Ex: fake, illegitimate, and counterfeit documents. The digital document verification is about 98.39% accurate. Much more precise than traditional manual document verification. It also saves time and resources, allowing customers to verify themselves in the comfort of their homes and offices within a few seconds.

Databases & negative lists

The next step after document verification is a background check for AML compliance. A name is screened against multiple sources and databases to reveal anything suspicious or risky. The sources can be:

  • Government Databases

A person is accurately identified by tallying information on their ID and publicly available government databases. A PAN card database is maintained by the central government. Aadhaar data is centrally based, with the central database resting with UIDAI. For entities, databases exist like the Registrar of Companies maintained by the Ministry Of Corporate Affairs. There are databases according to profession for Chartered Accountants, lawyers, government officials etc.

  • Negative Lists

Negative database APIs are used to see if the name appears on any black lists.

  • AML/ CFT

As per Reserve Bank of India guidelines, banks are required to ensure that before opening any new accounts, proposed customers do not appear in the United Nations’ List under Security Council Resolutions (1267) and the terrorist lists circulated by RBI. Other lists include Interpol Most Wanted, Central Bureau of Investigation, Lists issued under other Resolutions by the United Nations. The FATF blacklist or OECD blacklist is furnished by the by the FATF of the Organization for Economic Co-operation and Development (OECD) from 2000, and highlights the countries which OECD judges to be non-cooperative in the global initiative against money laundering and terrorist financing, dubbing them as “Non-Cooperative Countries or Territories” (NCCTs).

  • Sanction lists

Financial sanctions form a crucial aspect of the global fight against financial crime and are harnessed by governments across the globe to restrict or prohibit trade with foreign targets which are involved, or suspected of being involved, in illegal activities. Governments and financial authorities globally maintain a diverse range of targeted sanctions lists. An example of a sanctions list includes the United States’ Specially Designated Nationals and Blocked Persons (SDN) List.

Some other examples include:

UN Security Council Sanctions

The Security Council maintained by the United nations can authorize action to maintain or restore international peace and security under Chapter VII of the United Nations Charter. Sanctions measures, under Article 41, constitute a wide range of enforcement protocols that do not involve the use of armed force. Internationally, these sanctions also constitute AML/CFT regulations.

Her Majesty’s Treasury Sanctions List

The HM Treasury Sanctions List possesses the demographics (and other identifying information) of individuals/entities who are subject to UK regulations. Those sanctions comprise freezing of assets and market access restrictions — these are in tandem with UK AML/CFT policy. They are designed to curb criminal behavior from regimes around the world.

Bureau of Security & Industry

The Bureau of Industry and Security (BIS) is a security agency under the jurisdiction of the United States Department of Commerce. This organization specializes in issues involving national security and high-level technology. The primary objective for the bureau is helping stop the proliferation of weapons of mass destruction, as well as enhancing the growth of US exports.

Interpol Most Wanted List

The International Criminal Police Organization, commonly known as INTERPOL, is an international organization that facilitates worldwide police cooperation and crime control. Headquartered in Lyon, France, it has seven regional bureaus worldwide and a National Central Bureau in all 194 member states, making it the world’s largest police organization.INTERPOL maintains a most wanted database and this can contain millions of records with information on individuals such as names and fingerprints; stolen property such as passports and vehicles; and weapons and threats such as firearms.

Central Bureau Of Investigation

The Central Bureau of Investigation (CBI) is one of the primary investigating agencies of India. The organization falls under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions. The agency is renowned for investigating several economic offenses, special crimes, charges of corruption and other high-profile cases. Similar to Interpol, the CBI database also contains criminal information pertaining to AML/CFT data.

Signzy adheres to the above mentioned global sanction lists along with hundreds of other databases, making our products and solutions globally compliant.

  • PEP (politically exposed persons) lists

In financial regulation, a politically exposed person (PEP) denotes an individual who has been entrusted with a distinct public function. A PEP ideally is a higher risk for possible involvement in bribery and corruption by virtue of their position and the influence that they may possess.

  • Panama Papers

11.5m files from the database of the world’s fourth-biggest offshore law firm, Mossack Fonseca, were leaked in 2016. The International Consortium of Investigative Journalists (ICIJ) revealed with the documents how the rich and famous exploited secretive offshore tax regimes. With AI-based screening profiles from the data can be cleansed, and curated, revealing entities with negative information. A risk profile can then be created from the information.

Why is such a list important?

If a client possesses an offshore company, it’s quite possible that they are doing so to avoid taxes — or, even worse, so they can hide the flow of potentially illegal money. This could result in non-compliance and reputational risk. Financial institutions can decide if they want to accept the customer. If accepted, the client would be placed in the high-risk segment, with advanced due diligence.

Adverse Media & Negative news

This can include going through TBs of data from online sites, printed media sources to expose any negative news on the entity or individual.

Benefits of an Online Identity Verification system

  • Automated document forensics with accurate results
  • Real-time analysis with results within seconds
  • ID verification for one or more types of the connected device (mobile, tablet, kiosk, PC)
  • Facial recognition to match the photo on the ID with the person presenting the card
  • Faster enrollment using automatic form fill/pre-fill using ID data
  • Integration with back-office for audit optimization

AML at Signzy:

WorldWatch Risk Screening APIs: This API covers background checks and risk screening through AML/CFT, Politically Exposed People. It also conducts Negative Media checks for individuals as well as entities globally. This data is refreshed every 24 hours. This is because the search results are the most up-to-date information. The data is available from over 8000+ watch lists and sanctions sources globally. The APIs also include monitoring facilities to receive regular alerts.

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.

 

 

Investing In Mutual Funds- Volatility & The New Digital Experience

Posted on | by Signzian

Months into the pandemic, we have adjusted to social distancing and self-quarantine norms. The past few months were harsh and difficult and we have come a long way but the future still looks murky.

With unemployment rates at a high, people are already under the fear of pay cuts and layoffs. Personal finances have taken a massive toll on people.

While news of increasing recovery rates can be considered as a silver lining, there is no doubt that the economy is struggling to stay afloat.

Market volatility is something that an investor deals with on a regular basis. But, the ongoing situation has made them scratch their heads over the future of investments.

Mutual Funds In Times Of Market Risk — Still ‘Sahi hai’?

Mutual Fund companies have been active with their outreach programs for quite some time now. In 2017, the Association of Mutual Funds in India (AMFI), launched a campaign under the tagline ‘Mutual funds Sahi Hai’ to educate people about mutual funds. This was a part of the investor awareness outreach program. The aim of the campaign launched was to bust myths and encourage investors to opt for mutual funds as their potential investment options.

While the campaign did help gain the trust of people and brought around 50 lakh investors in a single year, Mutual funds are still considered risky and hard to understand by a huge number of people. And uncertain times like this further add to the fuel.

The nationwide imposed lockdown, the uncertain future of an economy already in turmoil, and the volatility of the markets have contributed to growing concerns of investors. Should they invest more, sell-off, or wait till it gets normal?

Market Volatility: A Minor Setback In The Long Term Picture

Reports indicate that Mutual Funds investors must not panic as the ongoing situation will not last forever and things will ease out eventually.

Indian Institute of Technology-Hyderabad did a study on Mutual Funds which said “Nonetheless, there is no need for Mutual Fund investors to panic as long as the net asset value (NAV) of their investment drastically does not die out in this ongoing first quarter of FY 2020–21,”

While the economic slowdown may plant seeds of doubts in investors’ brains, it is important to keep one’s cool and look at the long term prospectives. The markets will eventually start giving better returns.

Reports by Arthikdisha show that the mutual fund industry has proven to be effective in wealth creation. With an average return of 12 to 15 per cent in the past 10 to 15 years, investors can rely on long-term returns.

Experts tell investors to focus more on their financial plans than the changing demographics of the market. This would help them make wiser decisions about their investments.

Wealth Creation In Crucial Times Through Investors’ Glasses

According to AFMI, the contribution of SIP rose to Rs 100,084 crore in the fiscal year 2019–20 as reported by Bloomberg Quint. In a highly unpredictable market, investors look for a safer route for wealth creation. The rupee-cost averaging through a SIP in uncertain markets reaps better long-term benefits. As the purchase is made consistently for a greater period. Thus, on average providing lesser risks and better returns to the investors. Investors aim to diversify and balance the risks and uncertainties of the market. Hybrid funds, STP or Systematic Transfer Plans, Large-cap funds help them do that.

For a long time, completing formalities involved the investors to fill out lengthy forms. The Know Your Customer (KYC) process required investors to visit the bank, produce the necessary documents and wait in queues. While many organizations did try to ease out the process, in-person verification was a must. The onset of the pandemic posed its own set of challenges to both the institutions and the investors.

How Adaptive Have Financial Institutions Become?

The outbreak of the virus continues to trouble citizens across the globe. Many institutions have adopted precautionary norms to function in a safe manner. Many fund houses have allowed employees to work from home in containment areas. Those working in offices are taking mandatory measures. Regular temperature checks of employees and visitors are one such measure. Institutions use infrared thermometers for this. Regular hand washing, availability of sanitizers is a must. These measures ensure responsible communication in times of crisis.

Ensuring An Efficient Digital Experience

In the wake of the crisis and a nationwide imposed lockdown, several mutual fund houses moved the KYC (Know Your Client) procedure online. While some representatives still went to the client’s house to get the in-person verification (IPV) done, others allowed the clients to get the IPV done through a video recording.

However, each fund house may have different procedures making the situation unfavorable and confusing for the people. To standardize the process, the Securities and Exchange Board of India (SEBI) released a clarification on the KYC norms.

  • The intermediaries carry out the online KYC procedure through their apps. Along with the bank and PAN details, personal details can be recorded. This includes the customer’s photograph, name, address, the mobile number.
  • Video IPV can be done through the apps while the clients can upload a signed cancelled cheque online.
  • As far as verifications are concerned email and mobile numbers can be verified by OTP generation. Aadhar and PAN can be verified through UIDAI and income tax department respectively. Digilocker can also be used to verify documents. The investor can then digitally sign the KYC form and submit it.

How Signzy is helping build the future?

Through our tech-enabled solutions, Signzy intends to offer financial institutions futuristic operational assistance. Our Algorithm Risk Intelligence aims to provide a satisfactory background check. Digital real-time KYC, Digital signature for KYC, Biometric signatures, Digital contracts are some of the key features of our products. Through our AI solutions, our system is equipped to meet strict data security requirements to help financial institutions function smoothly.

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.

 

Simplifying CASA In Banking With Digital KYC

Posted on | by Signzian

Digital KYC verification has made CASA banking really simple. Let’s understand how….
A current account savings account (CASA) is a combination of the features of savings and current accounts. It enables customers to keep their money in the bank. It provides very low or no interest on the current account. For savings accounts, banks provide an above-average rate of interest.. A CASA functions like a normal bank account where funds may be withdrawn at any time.

Most banks provide CASAs to their clients for free. In some cases, a small fee may be levied, based on certain minimum or average balance requirements. A CASA tends to be a cost-effective method for a bank to raise money. This is a more suited alternative to issuing term deposits like fixed deposits (FD). FDs offer higher interest rates to customers.

Financial institutions prefer the use of a CASA as it generates more profits. The interest paid on the CASA deposit is less than on a term deposit, the bank’s net interest income (NII) is higher. Thus, CASAs can be an effective source of funding for banks.

Banks and regulators have focused on eradicating terrorist funding and money laundering. The objective is to prevent financial terrorism related activities. It’s impossible to transfer funds around the world and within a country without using a financial institution. As such, banks have increased their efforts to prevent, detect and report suspicious transactions. These include financial transactions that are connected with money laundering and terrorist financing. Digital banking KYC verification is a critical component to anti-money laundering efforts.

Need For KYC In CASA WorldWide

India

As per RBI regulations on KYC, the objective of KYC/AML-CFT guidelines is to protect banks or Financial Institutions (FIs). This prevents them from being used by for money laundering or terrorist financing activities. KYC procedures also enable banks and FIs to know and understand their clients. This helps in their financial dealings better, and so manage their risks prudently.

KYC is a fundamental part of the banking process. KYC regulations are non-negotiable and non-optional. This applies to retail banking as well as corporate banking,

In simple terms, KYC in CASA involves four essential steps:

  • The customer identity: This can be Individual, Partnership, Sole Proprietorship Firm, Company, or LLP
  • The business’ address: The registered address where business activities are being carried out. For instance offices, factories, depots, or warehouses
  • Statutory registration: The business is compliant with various statutory registrations under RoC, Income Tax, GST, etc
  • The legality of the business: Whether the business is legal as per Indian laws.

The KYC process in banks is elaborate and time-consuming. This is because it involves a lot of documentation, compliance checks, and background verification. The process can take 2–3 weeks to be completed and also imposes an enormous cost to banks and FIs.

Although it is a legal mandate for banks and FIs, conventional KYC methods provide a miserable experience for customers. Banks and FIs have switched to technology to enhance the KYC processes. Ideally, customer interaction and contact is barely needed for KYC. This is due to the fact that most data are available on the public domain. Asking the customer to submit the same data inevitably delays the process.

USA

In 2016, the U.S. government passed a rule which mandates banks to verify the identities of beneficial owners of legal entity clients. These include corporations, LLCs, partnerships, unincorporated non-profits and statutory trusts. Beneficial owner information is necessary for an individual. This is applicable for individuals with an ownership stake of 25 percent or more equity interest.

If you’re a beneficial owner of a legal entity, the following personal information must be furnished that includes:

• Full legal name

• Date of birth

• Current residential address

• Social security number (SSN) or other government issued identification number for US citizens

Banks and other financial institutions must procure this information. This is because it’s a regulatory compulsion. It attempts to prevent, detect and report money laundering and terrorist financing activity.

For instance, while opening a new account and collecting key KYC information, a bank may find through open source record checks that an individual/business had defrauded innocent investors previously, or was part of a global criminal network. This information may hint that this potential client could be an elevated money laundering risk.

Europe:

Over the past few years, there have been several high-profile cases of alleged money laundering. These have increased the attention of the general public and regulators alike. This has subsequently been a result of the penetration of illicit funds and fraud into European societies. Existing AML requirements are continuously adjusted to better prevent such tactics.

The evolution of customer expectations is adding higher imposition on organizations. Delivering seamless, fully digital and mobile experiences is becoming compulsory. The unprecedented situation that has been inflicted by the coronavirus pandemic in 2020 is an added setback. This is also setting new standards on the pace of digital transformation in KYC compliance.

To address these challenges, the EU has introduced a number of more stringent financial regulations over the last few years. This is to potentially tighten the enforcement powers across the bloc. — the European Commission’s Action Plan released in May 2020.

The extensive penetration of money laundering practices can be seen in European societies. News stories such as the Panama and Paradise Papers is critical in this context.

A number of regulations have been mandated to address the general issues. This is done on the basis of the challenges which the financial sector had undergone for the previous ten years. In particular:

  • The Fourth, Fifth & Sixth Anti-Money Laundering Directive (AMLD4, 5 & 6) are aimed at counteracting the extensive penetration of money laundering in the societies. This can be done by introducing more thorough checks. Moreover, better cooperation between countries, as well as harsher criminal liabilities are crucial.
  • The Payments Services Directive (PSD2) entices customer-centric innovation in the banking world. The focus is on preventing payment fraud and misuse of electronic financial tools;
  • The updated Markets in Financial Instruments Directive (MiFID II) is another important regulation. It is driven by the necessity for more transparency in financial investment operations;
  • The General Data Protection Regulation (GDPR) was the EU’s response to the general public’s request. It was passed to regain control over personal data and identity.

KYC Methods In CASA For Banks

For framing KYC policies, banks must follow the RBI guidelines. Every bank, has to consider the following major aspects:

a) Customer Acceptance Policy–

To make sure that explicit guidelines are applicable to the acceptance of customers.

b) Customer Identification Procedures–

To efficiently identify the customer. This helps to verify his/her identity. This can be done with reliable, independent methods of documents, data or information.

c) Monitoring of Transactions– This policy observes the standard activity of the customer. It can then mark transactions that fall outside the regular pattern of activity.

d) Risk management– Establish appropriate protocols as well as implicate their effective implementation.

As part of the Know Your Customer policy, a Customer/user may be defined as:

  • A person or entity that possesses an account and/or maintains a business relationship with the banking institution
  • The person on whose behalf the account is maintained (i.e. the beneficial owner)
  • Beneficiaries of transactions which are carried out by professional intermediaries. These can be stockbrokers, Chartered Accountants, or solicitors etc.
  • Any person or entity involved with a suspicious financial transaction. This can have significant impact on reputation or other risks to the banking institution. For instance, a wire transfer or issue of a high-value demand draft as a single transaction.

Going paperless — Digital KYC verification

The immediate benefit of a paperless form of KYC is the decreased costs for performing KYC. Video KYC brings in the additional benefit of being completely remote. This is because digital KYC still requires a visit either to the customer’s doorstep or a touch point.

Video KYC in particular thus presents a significant advantage for achieving scale. It has become a crucial factor in the success of fintech initiatives for financial inclusion. This is primarily because it delivers a cheaper method for achieving compliance even in remote locations.

Several fintech companies have introduced new-age digital identity and authentication technologies. They serve the purpose of KYC compliance. These utilize Artificial Intelligence, Blockchain and cloud-based API technology, among many others. Some of these have already been applied in other sectors, like the use of digital KYC verification to open mutual fund accounts.

The amount of data and related analysis projects a scope for new ways in which the data can be leveraged. Some instances include:

– New age risk mapping

– Using machine learning for false positive screening

– Using robotics for dealing with huge volumes of content and unstructured data

The scope for innovation has huge potential. It is a primary reason why the RBI’s regulatory sandbox has specified a focus on digital KYC technology. For starters, the Reserve Bank Of India should mandate digital KYC to become remote as well.

In the US, KYC started with the introduction of the Banking Secrecy Act (BSA) in 1970. This act was developed to control drug trafficking by keeping an eye on black money transactions. Subsequent AML regulations were developed on the basis of BSA in 2001 in the form of the USA Patriot Act which was implemented in 2003.

Later, following BSA, many other regulators introduced KYC and AML Regulations. This was done on regional and international levels.

Digitization of KYC — Major Amendments In Banking Regulations

As a measure to implement digital KYC verification, the finance ministry as well as RBI has introduced several amendments over the last 2 years. The Reserve Bank of India (RBI) acts as the regulatory authority for banking in India. The amendments also ensure that digital KYC verification  meets regulatory requirements.

  • In May 2019, RBI announced important amendments to the Master Direction on KYC. This included updating its list of documents eligible for the identification of individuals. The KYC details apply to banks and other regulated entities. It helps them understand their customers and their financial transactions better. This, in turn, helps them better manage their risks. As per the RBI notification. banks can carry out Aadhaar authentication/offline-verification of an individual. This can be done only when he/she voluntarily utilizes his/her Aadhaar number as ID.
  • The Ministry of Finance (Department of Revenue) has introduced digital KYC by amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. It said in a gazette notification dated 19 August 2019. Digital KYC means capturing live photo of the client. It also captured officially valid documents. It also permits capture of Aadhaar for offline KYC verification. (To know more about the offline KYC rules, click here )
  • In January of 2020, RBI amended the KYC norms allowing banks and other lending institutions to use VideoKYC. This move will help them onboard customers remotely. VideoKYC, which will be consent-based, will make it easier for banks and other regulated entities to adhere to the RBI’s KYC norms. (To know more about VideoKYC norms, click here )

Regulatory Authorities Around the Globe for KYC

The following highlights the major regulators around the world. They develop, recommend and implement KYC and AML compliance around the world:

FATF (Financial Action Task Force) is a global authority. It gathers and analyzes money laundering and terrorist financing data from across the globe. It gives regulatory guidelines based on its findings. It has 190 member countries.

FinCEN (Financial Crimes Enforcement Network) is a bureau of the USA treasury department. It collects the financial transactions data. It uses this data for financial crime mitigation and international level.

FINTRAC (Financial Transactions and Report Analysis Center) is a regulatory authority in Canada. It analyzes the financial crime data and works on the detailed implementation of KYC and AML rules in Canada.

FINMA is a financial regulatory authority in Switzerland. It oversees banks, insurance companies, stock exchanges, etc. The authority oversees KYC/AML regulations. This applies to all the institutions liable for regulatory compliance.

Europol is a EU authority that works on anti-money laundering and mitigation of financial crimes like terrorist financing.

Major updates in Global KYC/AML Laws

Amendments in Canada’s PCMLTFA rules

Canada introduced changes to its KYC and AML regimes to collaborate with the global regulations of FATF. It amended its PCMLTFA rules. FinTRAC, is responsible for the nationwide implementation of these rules. Digital KYC will be conducted in the manner of scanned copies of documents that can be used for KYC verification of the customers.

The USA expanding its Counter-Terrorism Powers

The USA has transformed its KYC rules to combat increasing money laundering and terrorist financing. It expanded its counter-terrorism powers. It now targets international financial institutions around the world. These culprits are responsible for aiding the terrorist groups working in the U.S. Recently it filtered three Korean groups. These are namely, Bluenoroff, Lazarus Group, and Andriel. They were responsible for the global cyber attacks on financial institutions.

UK MLA Amendments

The UK introduced amendments to its KYC and AML regulations to expand on an international level. The Money laundering Act (MLA-2017) allowed UK-based businesses to practice the MLA rules in their international affiliates.

The EU 5AMLD and 6AMLD

The EU introduced its Fifth Anti Money Laundering Directive (5AMLD) in 2018–19. 5AMLD limited the transaction and deposit limit on the prepaid cards. If the card holder will deposit or make a transaction of above EUR 150 the prepaid card provider will have to run KYC and AML on its customers. The amount is EUR 50 for online transactions.

6AMLD is an improved endeavour to normalize AML/CFT regulations in the EU region. 22 predicate offences are provided in the official journal of 6AMLD.

FINMA gave banking certificates to Crypto Banks

FINMA and Swiss regulatory authority issued banking certificates to pure-play cryptocurrency banks. Tight KYC and AML regulations are imposed on these banks.

Real KYC & VideoKYC For CASA

At Signzy, we have developed 2 proprietary Digital KYC products. They offer the perfect solution for onboarding savings and current accounts — Real KYC & VideoKYC. Here are some benefits:

  • ‘Free of Cost’ Process: RealKYC verification is not liable to charge any extra amount to the customer. A company or institution may need to pay automation costs of installing verification systems for the long-run.
  • Faster processing: The RealKYC service is an automated online process. This implies that KYC information can be transferred in real-time and does not require any manual intervention. The paper-based KYC process can be delayed for days and go up to weeks to get verified. Using the RealKYC process reduces this to just a few minutes to verify and issue.
  • Account opening in less than 2 minutes: Signzy’s VideoKYC product is capable of onboarding a new CASA account in less than 2 minutes.
  • End-to-end encryption for VideoKYC: This feature makes all calls made to officials for verification secure, with zero chance of your data being compromised.

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.

 

Making KYC Digital For Mutual Funds In India — Landmark SEBI Guidelines & The Way Forward

Posted on | by Signzian

The onboarding process for Asset Management Companies (AMCs) is among the most complex of all client-facing activities. Reams of documentation are exchanged between a client and the investment management firm. It is then distributed throughout the organization. Most of this requires approvals, signatures, and validations.

Digital onboarding requires finalizing legal agreements, Know Your Customer (KYC) and Anti Money Laundering (AML) activities. It also involves opening client accounts on multiple systems and transitioning incoming assets. Each of these activities engages multiple groups throughout the organization. Examples include client service, legal, compliance, and operations. Without well-defined and coordinated procedures, this could lead to errors. Ex: misplaced information, breakdowns in communication, and duplicated efforts are likely. The right-hand needs to know what the left hand is doing in order to properly manage all the hand-offs and moving parts.

Benefits of improving onboarding:-

  • Ability to generate fees sooner.
  • Increased potential to cross-sell, additional products, and services.
  • More referrals from clients due to a positive experience.
  • Reduced client turnover.
  • More efficient resource allocation.
  • Better views into process status.
  • Fewer mishandled communications and handoffs between the team.
  • Measurable efficiency through metrics.
  • Faster addition of new products and services.

Why Digital KYC? The Need For Digitization Of KYC In Mutual Funds

  • At present, investing in a mutual fund requires a second round of KYC. This is also true even for customers who have completed KYC in their bank accounts. The procedure involves the submission of identification and address proofs along with photographs. The distributor or adviser must physically meet the customer to conduct ‘in-person verification’ for him/her. This requirement greatly hampers the growth of mutual funds online.
  • It also affects access to mutual fund investments for those in remote areas. In 2019, the Nilekani committee proposed that there should be a simple KYC procedure for opening a mutual fund account funded from a KYC-verified bank account. However, inflows into such a folio and redemptions to it must be restricted to this account.

This leads to the digitization of KYC. Among the many advantages of getting paperless KYC done, the following benefits are most important:

  • Personal Details are Secure: All information is stored and transmitted on the website with a special configuration. Whether it is your Account Information, Demographic Data, Biometric Data, etc. The KRA, Fund House, or AMC’s Portal is maintained with the highest level of Security. It reduces illegal activities of money laundering, loan scams, identity theft, and fraud.
  • You are the Boss: The option to invest will always be yours. The digital KYC mechanism is completely dependent on your decision. Not only that, you have the choice of providing access to your details to whomsoever you want. In some cases, if you change your mind. You may not want to invest in Mutual Funds. Whereas, if you opt for offline KYC. It is possible that your self-attested documents end up with unauthorized parties. This risk gets reduced to a large extent by taking the online KYC mode.
  • Instant Process: No Human element is involved that means no Red Tape is involved. The efficiency in the digital process ensures no delays. Comparatively, the offline process would take at least a few days.
  • Transparency: Incidents of the KYC documents in illegal and illegitimate persons occurred commonly. Opting for Online KYC, you can avoid such an event. The websites store the data in encrypted servers. It makes the possibility of a breach highly unlikely. Besides, the trespasser or the source of the breach can be traced in online transactions. They can be brought to legal authority with proof.
  • No Hidden Costs: Some Mutual Funds agents may charge extra amount as KYC Registration fees. And investors need to pay to avoid the hassle of taking time off from work and visiting the Government Agency in person. With eKYC, you do not need to pay in addition to the investment amount.
  • Compliance: Your data gets validated using the latest technologies. This increases the overall security of the system. It also ensures that the digitally transferred document is legally valid.

The Road To Digitization Of KYC

As per regulatory developments from January 1, 2011, KYC is mandatory for investors wanting to transact in Mutual Funds. This is regardless of the transaction amount. It implies that you will not be able to process any fresh MF purchases post January 1, 2011. This is true except when you are MF KYC compliant as per CDSL Ventures Limited (CVL) norms.

This implies that you can always ask your broker to provide you forms for submission to your KYC. Since there are no charges for mutual funds they may not be useful. As such, it is better you also understand you can get your KYC done. Follow these steps:

1. Get the Form

The KYC application form can be availed from the investor service centers for the particular Fund, CAMS or at any specified ‘Points of Service’ (POS) of CDSL Ventures Ltd. You can also download it from your broker, advisor or AMC.

2. Documents

The following lists the set of documents which are required for submission with the KYC application form:

1. A recent passport size photograph

2. PAN card copy

3. Address proof (Recent bank statement will work but if you have to get your bank statement in the email you need to visit your bank branch to get an original one.)

The document submission can be done at the CAMS Online office in your city. Ensure you carry the originals along with a photocopy of the documents because at times they might need to verify with the originals.

3. Verification

Once the KYC application form and supporting documents are verified, the investors will receive a letter authenticating their KYC compliance. They normally give you the letter in a few hours to a max of 24 hours for this identity verification api .

You can verify your KYC status online. You should verify on the day of form submission that your status is processing. Once it is done, your status should change to VERIFIED.

Actually KYC need not be done at your broker’s end. But some online systems do not accept the order. This can happen if they don’t have the data in their own system and so it is better to get that done as well.

KRA and K-IPV In KYC Collection

SEBI had initiated the usage of uniform KYC by all SEBI registered intermediaries (RIs). This was done to bring uniformity in the KYC requirements for the securities markets. In this regard, SEBI had issued the SEBI KYC Registration Agency (KRA), Regulations, 2011.

KRA is the authority for the centralization of all KYC records and details in the securities market. The client who wishes to open an account with a broker shall submit the KYC details. They can be submitted through the KYC Registration form with supporting documents. The Intermediary is responsible for conducting the initial KYC. The RI should also upload the details to the KRA system. The KYC details are accessible to all SEBI RIs for the same client. So once the client has undergone KYC with an RI, it is not necessary to repeat the same process again with other RIs.

It is compulsory for each client to be registered with any one of the various KRA registered intermediaries. This should be done before availing the benefits of any intermediary. Such benefits include Stock Broker, Mutual Fund Companies, Depository Participant, Portfolio Management Services (PMS) etc.

In-Person Verification (IPV) is part of the process of doing KRA-KYC registration of clients. KRA compliant clients are not required to undergo this process.

Importance Of IPV

The Prevention of Money Laundering Act, 2002 (PMLA), came into effect from 1 July 2005. The Act enforces that no one could use investment tools to hide their illegal wealth. Soon after, SEBI mandated that all intermediaries should adopt the KYC policy. It was also necessary to plan and install certain policies. The policies should follow vis-a-vis the guidelines on anti-money laundering measures.

Since 1 January 2011, KYC compliance has been made mandatory for all investors. This is irrespective of the amount invested and includes the following transactions:

a. New / Additional Purchases

b. Switching Transactions

c. First-time Registrations for SIP/ STP/ Flex STP/ FlexIndex/ DTP

d. Any SIP/STP/trigger-related products which were introduced after the enactment of the act

e-KYC (Know Your Customer) is a value-added feature that is offered by many financial institutions. E-kyc is useful for making the application process convenient. Investors can access it and upload the necessary documents. It can be done from the comfort of their home or office. As previously discussed, this is applicable to only SEBI-approved KRAs. For ex: CVL and CAMS can complete the e-KYC process. This means that Digital KYC can be used for IPV as well.

EKYC — The Miracle Turned Myth

To remove the repetitive submission of documents, SEBI launched the concept of common KYC in 2011. With this move, the first intermediary processes the KYC-related information and sends them to the KYC Registration Agency (KRA). Once your account is created, any other intermediary can make use of the same details in the future for new accounts.

Why eKYC?

The concept of common KYC smoothened things for retail investors, However, it was still a time-consuming process (8–10 days). It also included the problem of in-person verification. This also increased the cost of servicing small investors while preventing immediate on-boarding of new customers.

SEBI launched eKYC in order to make the procedure more investor-friendly. It enabled customers to verify their identity and upload documents digitally. To get started, you only needed to quote your Aadhaar number, PAN number, e-mail id, and mobile number. Once you type in the details, you will receive a one-time password (OTP) in your Aadhaar-registered mobile number. After entering the OTP, the eKYC process would be completed and you could start investing in mutual funds within minutes.

While Aadhaar based eKYC had been introduced as a means for onboarding, there were a lot of discrepancies. This was especially after the Supreme court judgement on the use of Aadhaar based eKYC. It was later reintroduced. This had left a state of confusion and many AMCs continued traditional methods of KYC collection for onboarding. Physical KYCs are more time-consuming. The distributor has to submit the documents to KYC Registration Agencies or KRAs. The KRA nodal agencies have to manually fill in the data in their systems from the applications. If the handwriting is illegible, capturing the KYC data could lead to errors. This would delay the process further.

The SEBI Way Of Digital KYC

In a recent move on April 24, 2020, the Securities & Exchange Board Of India (SEBI) has issued the latest guidelines on the digitization of the KYC process. Some of the highlights are mentioned below:

1. Know Your Customer (KYC) and Customer Due Diligence (CDD) policies form a part of KYC. They are the foundations of an effective Anti-Money Laundering process. The KYC process requires every SEBI registered intermediary (also known as ‘RI’) to collect and verify the Proof of Identity (PoI) and Proof of Address (PoA) from the investor.

2. The provisions as laid down under the Prevention of Money-Laundering Act, 2002, Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, SEBI Master Circular on Anti Money Laundering (AML) dated October 15, 2019 and relevant KYC / AML circulars issued from time to time shall continue to remain applicable. Further, the SEBI registered intermediary will continue to ensure to obtain the express consent of the investor. This should be done before undertaking online KYC.

3. SEBI, from time to time has issued various circulars to simplify the process of KYC by investors / RIs. Constant technology evolution has led to multiple innovative platforms being created. These allow investors to complete the KYC process online. SEBI held discussions with various market participants and based on their feedback, technology like Aadhar-based e-Sign service which can facilitate online KYC will now be used. This is done with a view to allow ease of doing business in the securities market.

4. New regulations allow Investor’s KYC to be completed through an online / App-based KYC. There is also provision for in-person verification through video, online submission of Officially Valid Document (OVD) / other documents under eSign. It allows the introduction of VideoKYC, which was also allowed by RBI for the banking sector earlier this year. (Click here< to read more about RBI Guidelines for VideoKYC)

5. SEBI registered intermediary may implement their own Application (App) for undertaking online KYC of investors. The App shall facilitate taking photographs, scanning, acceptance of OVD through Digilocker, video capturing in a live environment, usage of the App only by authorized persons of the RI.

6. The guidelines also allow RIs to undertake the VIPV(Video In-Person Verification) of an individual investor through their App. This is done to ease investor onboarding.

Digital KYC For The New Era

Signzy has developed an AI-based electronic KYC solution called RealKYC. It consists of a host of microservices that provide the following benefits to AMCs

  • Reduction of TAT: During investor onboarding, the traditional method of KYC collection involves the submission of a lot of documents and processing that is done by several departments and their officers. This can be a time-consuming process but with VideoKYC, the entire process is automated and can be done in a matter of minutes in real-time.
  • Lower Operational Costs: The onboarding process for a new investor can require several checkpoints that are cost-effective. There is significant manpower involved as well which also raises the cost of onboarding. All these factors can be automated with RealKYC, thereby reducing operational expenses.
  • Remote Onboarding: With RealKYC, there is no need for investors/entities to pay multiple visits to the physical branch for the processing of KYC. They can simply visit the website and submit all their documents as well as get the verification done, online.

Signzy’s VideoKYC solution offers a simple, secure KYC collection process that is 100% compliant with the latest SEBI Guidelines. The benefits include:

  • Compatibility With Most User Devices: This solution has matured over dialects, browsers and low-internet scenarios. This means that most users can undergo VideoKYC without any technical pain points.
  • Improved BackOps; Our Patented AI reduces 90% Backops effort, making onboarding of investors a smooth process.

Conclusion

KYC or Know Your Customer is a compulsory requirement for those wishing to invest in Mutual Funds. It is mandatorily needed by the Market Regulator SEBI (Securities and Exchange Board of India). This identification process needs to be undertaken only once. KYC was introduced to avoid fraudulent activities. eKYC for Mutual Fund was launched for the ease of investors.Digitization of KYC merely changes the mode of KYC collection and not the process.

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.

 

Collaboration is the Key for Banks and Fintech Startups

Posted on | by Signzian

The banking ecosystem is in a continuous state of disruption. Traditional banks are trying to navigate the reality with legacy systems and hoping to switch to digital banking. Banking institutions are facing pressure due to rising customer demands for better customer experience.

For so long, banks and fintech companies stood on either side, competing against each other. However, they are fast learning that collaboration might be the key to their success. A joint venture between banking and fintech is the path to long-term growth, increased revenue, and satisfied customers.

Collaboration is the Key for Banks and Fintech Startups

Challenges for Banks on the Offline Road and the need for digital banking

The banking sector has traditionally relied on paper-based processes. Here are a few challenges banks face due to lack of innovation and digital banking:

  • Improving customer loyalty — Without a tech-enabled experience, it is challenging to provide convenience to the customer. When banks fail to innovate, they compromise with the services they offer. This, in turn, negatively impacts the loyalty of the customer.
  • Resource optimization — Without efficiency in operations, it is difficult to optimize resource usage. Both time and money are assets to any financial organization and a lack of technology hampers a bank’s ability to optimize its resources.
  • Personalization — Without data and analytics, personalization is hard to achieve. Therefore, banks face the constant challenge of learning about their customers’ varied interests and behavior when they don’t leverage technology.
  • Transparency — Trust and transparency get lost under piles of paper forms and applications. Therefore, banks that don’t opt for digital banking, fail to achieve process transparency and compromise with both employees and customers on the trust front.
  • Omni-channel — When customers want to make fewer visits to the branch, it is critical that their interactions with the bank be seamless across other channels. Digital banking can create an omnichannel experience through social media, website and mobile app platforms.

These challenges are not recent events, but banks have been facing them since forever. There was no way to resolve these issues, except by taking the help of fin-tech companies.

Why Legacy Financial Institutions are Under Urgent Pressure

The World Fintech Report 2018 by Capgemini outlines the following reasons why even the biggest banks face pressure today:

  • New business models — New trends such as Peer-to-Peer payments and lending, social network scoring solutions, and crowdsourced solutions are pushing legacy financial institutions to innovate.
  • Speed and efficiency — As customers demand better experiences, banks are forced to rethink their processes. Fintech startups are making digital banking accessible and convenient. Banks are expected to follow suit. Real-time updates, proactive notifications, alerts, and agile innovation are a part of the enhanced customer experience.
  • Transparency — That is something banks cannot achieve with traditional systems. Digital banking is needed to bring in transparency into the various processes. Fintech firms are leading the way by showing cost upfront and offering services at lower costs.
  • Personalization — Digital banking is better positioned to offer a personalized experience to their customers by leveraging data and analytics. If banks want to retain customers, they will have to level up their personalization.
  • Operational efficiency — Streamlines delivery and product development provide a significant competitive advantage. With a digitally-enabled solution, fintech firms are improving operational efficiency and pushing legacy organizations to innovate and reinvent.

Opportunities for Banks and Fintech Companies

According to a survey by PwC [1], 82 percent of insurers, asset managers, and banks plan to increase the number of collaborations they have with fintech startups over the next three to five years. And we see various ongoing acceptance from banks to collaborate with new innovation offered by fintech startup players.

Taking example from our own journey, presenting here case in point, Signzy, a platform that helps financial institutions:

  • Onboard customers through a seamless process that reduces hassle and friction.
  • Scale faster with an AI and ML-based regulatory engine.
  • Reduce costs.
  • Cut turnaround time.
  • Use advanced cryptography to create robust security and data protection infrastructure.
  • Leverage a range of white-labeled solutions to drive faster digital transformation.

Signzy is trusted by several large banking corporations such as ICICI Bank, SBI, Aditya Birla Financial Services, Mahindra Finance, Edelweiss, and so on.

Here are a few challenges Signzy’s fintech solutions help banks solve:

  • KYC — Banks need their customers to fill out KYC forms with their details. Traditionally, the process used to be paper-based. This meant that any mistake in one form would compel customers to start all over again. Signzy enables bank-grade digital KYC in real-time. An API matches the biometrics of the customer, checks the data in government records, and warns the user of potential document forgery as the customer fills in details.
  • Background check — Traditionally, the bank staff usually gather all identity documents from each customer and manually does a background check of the customer information. Signzy offers a simple and digital way to accomplish this. Algorithmic Risk Intelligence allows banks to do a holistic background check, discovering any court cases and legal lists, fetching anti-money laundering related data, checking the UN CFT List and NIA Most Wanted list.
  • Contracts — Signzy is replacing physical contracts with digital ones. These come with video and voice verification, blockchain implementation, biometrics, and high performance. Smart contracts are the way to go.
  • SME Onboarding — Merchant onboarding is a seamless task with Signzy’s offering that helps clients cut down onboarding time from 2 weeks to a few hours. Features include a mobile link with in-built regulatory rules, real-time document verification, Aadhar-backed contract signing, and AML background check.
  • Transaction Banking with Corporates — Signzy’s offerings can help banks automate complex regulatory procedures with AI and robotics to significantly reduce TAT and enhance the customer experience. Comprehensive risk and regulatory checks can help banks mitigate risk in dealing with large enterprises on both liability and asset products.
  • Insurance — The insurance process can be simplified and digitized with Signzy’s individual onboarding system. It simplifies the onboarding journey using advanced biometrics and fraud detection capabilities reducing risk and enhancing user experience.

There’s an entire list of solutions that Signzy offers to bank institutions to catalyze their digital transformation journey.

Roadblocks in Banking and Fintech Collaboration

Understanding the opportunity might not be equal to taking action for banks and fintech start-ups. Between varying cultures, different infrastructures, and ever-changing compliances, a collaboration between banking institutions and fintech companies is far from simple. Many opportunities and proposed deals get derailed as a result.

Here are top three things both sides must consider before finalizing a proposed partnership:

  • Consider any cultural gap — Make sure that the cultural match is not too challenging. There must be a willingness to adapt by both sides in a partnership.
  • Understand challenges — Collaboration with fintech startups can help financial institutions alleviate the major challenges they face.
  • Leverage data and innovation — The massive data that financial institutions have by their side is by far their most underused and critical asset. Fintech startups should leverage this data and innovate around it.

The success of collaboration rests with the organizations that can understand each other’s pain points and strengths, and work to improve the customer experience while reducing operational costs.

However, few fintech startups can offer the level of personalization, contextuality, speed, and seamless delivery to help financial institutions achieve digital transformation.

Signzy is capable of doing that. Want to collaborate with a forward-thinking fintech startup that can help you leverage digital processes?

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:

Moni Gupta

 

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