Category: KYC & KYB

Welcome to our meticulously curated KYC/KYB category, a comprehensive repository dedicated entirely to the multifaceted dimensions of Know Your Customer (KYC) and Know Your Business (KYB). As we stride deeper into the digital era, the procedures around KYC/KYB have emerged as a fundamental pillar, ensuring secure and compliant operations within the financial landscape.

The articles housed in this category plunge into the complexities of KYC/KYB, discussing its inherent challenges, potential solutions, and its indispensable role in the realm of identity verification. Our articles traverse a wide array of topics, ranging from the application of artificial intelligence in customer due diligence processes to the impact of regulatory shifts on KYC methodologies. These writings cover a broad spectrum of subjects, offering relevance to businesses and professionals operating within the financial industry.

As a leading industry player in the domain of digital identity verification, Signzy stands at the helm of innovation in KYC/KYB. Our cutting-edge solutions are engineered to simplify KYC, making these procedures faster, more efficient, and notably secure.

Regardless of whether you’re a compliance officer diligently maintaining regulatory standards, a fintech entrepreneur navigating the challenging waters of the financial industry, or simply an individual interested in gaining a deeper understanding of the evolving world of KYC/KYB, our category offers a treasure trove of information and insights.

We invite you to join us on this journey of exploration as we dive into the future of KYC in the rapidly evolving digital age. Our articles aim to enlighten, inform, and provide a well-rounded perspective on the significant role that KYC processes play in today’s digital financial landscape. Welcome to a world where knowledge becomes power, and compliance becomes simplified.

Identity verification services — fueling the demand for safe gaming experience

How Online Gaming is becoming a soft target for Fraudsters

Posted on | by Signzian

We’ve all heard stories about fraudsters taking advantage of unsuspecting people through online gaming. However, what may surprise you is how often this happens and the extent of the damage it can cause. As more and more people turn to online gaming as entertainment, fraudsters also recognize this opportunity and are preying on its increasing popularity.

The proportion of New Paying Users (NPUs) in online gaming in India has grown at the fastest rate in the world, from 40% in 2020 to 50% in 2021. The number of paying players grew by 17% from 80 million in 2020 to 95 million in 2021, according to a report by EY FICCI (Federation of Indian Chambers of Commerce and Industry).

This blog post will discuss how online gaming is becoming a soft target for fraudsters and what measures can be taken to protect yourself against their malicious tactics. 

The rise in online gaming

In recent years, online gaming has become a popular pastime for people of all ages. But as the popularity of online gaming grows, so does the risk of fraud.

Fraudsters are increasingly targeting online gamers to steal their personal and financial information. They do this by setting up fake websites and game servers that trick gamers into giving up their login details or credit card information.

Some fraudsters also create fake game accounts and then use them to cheat other players out of their virtual possessions. Others may hack into legitimate game accounts and steal virtual currency or items.

Moreover, certain online gaming firms facilitate the trading of computer game items with traditional currencies like dollars, yuan, and pounds. This is called microtransactions and is seen in free-to-play games that give the option for digital purchases. Take, for example, Entropia Universe and Second Life offering purchasable products via their e-stores. More games have now started to entice gamers to make microtransactions by marketing loot boxes which are a selection of random in-game assets concealed until payment is made.

In another incident, it was reported on 31st January 2023 that there have been eight arrests in Noida for allegedly defrauding people with online gambling and betting apps. A total of Rs. 24 crores was frozen in various bank accounts, along with 193 mobile phones, 21 laptops, 416 checkbooks, 233 debit cards, and 21 point-of-sale devices.

The vulnerability seen in online gaming

According to a report by Kaspersky Lab, online gamers are increasingly becoming victims of fraud. The report found that in the first half of 2017, there was a 50% increase in the number of people who had their gaming accounts hacked compared to the same period in 2016.

There are several reasons why online gamers are particularly vulnerable to fraud. Firstly, many gamers use their real names and personal information when signing up for gaming platforms and services. This makes it easy for fraudsters to obtain this information and use it to commit identity theft or other types of fraud.

Secondly, gamers often make in-game purchases using credit cards or other payment methods. If a fraudster gains access to a gamer’s account, they can use this information to make unauthorized purchases.

Finally, gaming platforms and services are often targeted by phishing attacks. In a phishing attack, the attacker will send an email or message that appears to be from a legitimate gaming company or service. The message will usually contain a link that leads to a fake website designed to look like the real thing. Once on the fake website, the victim is asked to enter their login details or financial information. The attacker then uses this information to commit fraud.

To protect themselves from these attacks, gamers should only sign up for gaming platforms and services using secure passwords and payment methods. They should also be wary of any emails or messages that contain links, even if they appear to

The types of fraud in online gaming

The online gaming industry is becoming a soft target for fraudsters due to the amount of money and personal information exchanged daily. There are many different types of fraud being committed against online gamers, including:

  1. Credit card fraud: It is when someone uses another person’s credit card information to make unauthorized purchases in their name.
  2. Identity theft: This is when someone steals another person’s personal information (such as their name, address, date of birth, etc.) to open new accounts or make fraudulent charges in their name.
  3. Phishing is when someone contacts an individual via email, text message, or social media pretending to be from a legitimate company to get them to provide personal information or financial account details.
  4. Hacking is when someone gains unauthorized access to another person’s computer or gaming account to steal personal information or virtual goods/currency.

Final Thoughts

As online gaming continues to grow, it has become an increasingly attractive target for criminals looking to exploit players’ lack of knowledge and safety protocols. By understanding the risks associated with gaming and taking preventive steps like verifying the legitimacy of game providers, regularly changing passwords, avoiding public Wi-Fi networks, and installing updated anti-virus software on all devices used for gaming activities, gamers can greatly reduce their chances of becoming victims of fraudsters. With a little effort at prevention, gamers can enjoy their favorite activities without fear or worry.

Ensuring the digital gaming industry is secure from fraud is paramount for players. Not only does criminal activity damage a business’s reputation, but it can also greatly hurt its annual revenue. However, Artificial Intelligence (AI) can greatly help in this situation by being integrated into identity verification and AML screening systems. AI-powered solutions analyze a gamer’s behavior, flagging possible cheaters and stopping bad actors from making artificial accounts for illegal purposes. This ultimately means that comprehensive identity verification methods are the best way to prevent cheating.

At Signzy, we provide state-of-the-art quality AI-driven API products without needing a single line of code. The system is powered by thousands of AI algorithms that can render a good percentage of accuracy and real-time verification results in less than a second. 

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.

GST Analytics help lenders make SME lending decisions

How GST Analytics help Lenders make SME Lending decisions?

Posted on | by Signzian

As the world moves ever closer to a digital economy, lenders are finding it increasingly difficult to make sound decisions regarding lending to Small and Medium Enterprises (SMEs). With GST analytics, lenders can now use data-driven insights to assess a loan’s risk accurately. In this blog post, we will explore the benefits of GST analytics for lenders and how they can use it to make better SME lending decisions. We’ll also look at how it can be integrated into a lender’s existing systems and processes to maximize its potential. Also, how it can help build customer trust and ensure that lending decisions are fair, accurate, and transparent.

What is GST Analytics?

GST analytics is a data-driven approach to decision-making that can help lenders better assess the creditworthiness of small and medium enterprises (SMEs). It is a cloud-based software platform. It helps lenders assess the creditworthiness of small and medium enterprises (SMEs) by leveraging data from the Goods and Services Tax (GST) network. As a result, GST Analytics allows lenders to make faster and more informed lending decisions by giving them real-time visibility into an SME’s financial health and business performance.

By understanding an SME’s past performance concerning GST compliance, lenders can predict future repayment behavior more accurately and make informed lending decisions.

In addition to helping assess creditworthiness, GST analytics can also help identify opportunities for improvement in an SME’s GST compliance. This information can be used to develop targeted assistance programs that can help SMEs improve their GST compliance rate and, as a result, their access to credit.

How can GST Analytics help lenders?

Small and medium enterprises (SMEs) are the backbone of any economy, and lending to them is crucial for economic growth. However, lending to SMEs can be risky, as they often don’t have the same level of financial transparency as larger businesses.

In addition to challenges arising from the wider business infrastructure, seven key challenges are associated with assessing credit risk. 

  1. Financial information – level of detail, reliability, timeliness
  2. Difficulty predicting future cash flow
  3. Accuracy or relevancy of rating models
  4. Process efficiency and system infrastructure
  5. Data, reporting, and audit requirements
  6. Problem loan management
  7. Business model sustainability

This is where GST Analytics can help. It can help lenders make informed and accurate lending decisions by providing detailed data and insights on SME financials. Here’s how:

  1. Detailed data on SME financials: It provides detailed data on SME financials, including revenue, expenses, cash flow, and more. This data can help lenders understand an SME’s financial health and assess their creditworthiness.
  2. Insights on SME Payments: It also provides insights on SME payments, including late payments, payment terms, and payment history. This information can help lenders assess an SME’s credit risk and make more informed lending decisions.
  3. Real-time alerts on repayments: GST Analytics’ real-time alerts notify lenders of any changes in an SME’s payment behavior. This allows lenders to identify potential red flags and take appropriate action quickly.
  4. Access to expert support: The team can provide support and advice when needed. This ensures that lenders always have access to the latest information and insights when making lending decisions.

What data is used in GST Analytics?

The GST Analytics solution uses data from various sources to help lenders make SME lending decisions. This data includes:

  • Financial data: This includes data on the financial performance of the business, such as revenue, expenses, profit and loss, and cash flow.
  • Tax data: This includes the GST paid by the business and any GST refunds received.
  • Transaction data: This includes data on the sales and purchases made by the business, as well as any payments made.
  • Customer data: This includes data on the business’s customers, such as contact details and purchase history.

What are the benefits of it for SME lending decisions?

GST Analytics is a powerful tool to help lenders make more informed and efficient small and medium enterprise (SME) lending decisions. By providing access to data-driven insights into the financial health of SMEs, GST Analytics can help lenders 

  1. assess credit risk, 
  2. identify opportunities and trends, and 
  3. make better-informed lending decisions.

GST Analytics can help lenders assess the financial health of an SME by providing key insights into their business operations, financial history, and creditworthiness. This information can help small businesses to provide lenders with a secure and verifiable trail of transactions in their supply chain. This will give a true picture of its financial health. As a result, this facilitates trade financing, which is the provision of loans against invoices for such micro and small businesses, since GST data can also be used to determine the creditworthiness and reliability of the other party.

In addition, GST Analytics can also help lenders identify opportunities and trends in the SME lending market, allowing them to take advantage of new business opportunities and stay ahead of the competition.

How to get started?

If you’re a lender looking to make more informed lending decisions for small and medium enterprises (SMEs), GST analytics can be a valuable tool. Signzy’s GST analytics helps lenders identify potential growth areas within their portfolios and establish competitive strategies to take advantage of those opportunities. With the use of GST Data, the entire process gets automated, and with the client’s consent, the entire GST history can be accessed. Thus, providing an estimate of the client’s creditworthiness and financial position within minutes!

Also, real-time access to GST data eliminates the need for excessive paperwork. With a 45% higher completion rate and 30% faster underwriting, our solution can help lenders to get 25% more approvals! Also, lenders can develop more effective marketing strategies and efficiently target customers with this information.

In addition to lenders and banks, MSMEs and other businesses benefit from leveraging GST data for credit underwriting by reducing business costs. Providing an opportunity to use authentic data eliminates the need for operational work, which reduces risk in lending to an incredible degree.

Fast-track loan approvals: The platform’s automated underwriting capabilities can help lenders to fast-track loan approvals for SMEs.

Make better use of data: With its powerful data visualization tools, GST Analytics can help lenders to make better use of data when making lending decisions about SMEs.

Conclusion

The GST marks a major milestone in the market reforms required by the Indian economy. The government is taking strides to regularize the financial setup, making several updates to the filing and implementation process, as reviewed by its committee. This has drastically changed SMEs’ operations, representing an essential juncture in India’s success journey. More revisions are to come as the system evolves.

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.

Adaptive patient onboarding is a great way to provide the best patient experience. By taking the time to personalize

Turn the patient onboarding process into an adaptive experience!

Posted on | by Signzian

Are you still using a manual, paper-based onboarding process for your patients? If so, you’re certainly not alone. While this method has been the standard for many years, it’s increasingly becoming outdated and inefficient. Fortunately, there’s now an alternative that can make the entire process more efficient and engaging: an adaptive patient onboarding experience. In this blog post, we’ll look at why adaptive experience is superior to traditional methods and how you can begin implementing one in your practice today. We’ll also look at some of the best practices to help make sure your transition is seamless and successful.

What is patient onboarding?

Patient onboarding is collecting and verifying the information needed to welcome a new patient to your practice. This usually includes basic contact information, like the patient’s name, address, phone number, and email address. It may also have more detailed information, like the patient’s medical history, insurance information, and preferences for communication and care.

It aims to ensure you have all the information you need to provide quality care for your new patient. By collecting this information upfront, you can avoid delays and disruptions in care later on.

There are many different ways to collect the information needed for the process. For example, you may use paper forms, an electronic health record (EHR) system, or a combination. Whichever method you choose, it’s essential to ensure that your process is efficient and streamlined.

The patient onboarding process doesn’t have to be one-size-fits-all. Instead, you can tailor your approach to fit your practice’s and your patients’ needs. For example, if you see a lot of new patients each week, you should set up an online form that they can fill out in advance. Or, if you have patients with complex medical histories, give them extra time to complete their onboarding paperwork.

You can significantly impact your patients by making a few simple changes to your patient onboarding process.

The importance of a good patient onboarding process

A good patient onboarding process is important for several reasons:

  1. It helps ensure that patients are correctly introduced to the healthcare organization and understand their care expectations.
  2. It can build trust between the patient and the provider.
  3. It can reduce anxiety and stress for the patient and the provider.

How to make your patient onboarding process adaptive

When it comes to patient onboarding, making the process adaptive can go a long way in ensuring a positive experience for both the patient and the care team. Here are a few tips on how to make your patient onboarding process adaptive:

  1. Support patients through every step of the journey

From the moment a patient schedules an appointment to their follow-up visit, it is important to provide clear and concise information at every stage of their journey. This includes sending reminders about upcoming meetings, providing easy-to-understand instructions on what they need to do to prepare for their visits, and having dedicated staff available to answer any questions.

  1. Make use of technology

Many technology solutions can help streamline the patient onboarding process. For example, online registration forms can save time and reduce paperwork, while appointment reminders sent via text or email can help ensure patients remember their upcoming visits.

  1. Be flexible

Every patient is different, so not every onboarding experience will be identical. Therefore, it is important to be flexible and tailor the onboarding process to each patient’s needs. This could involve providing additional support for those with chronic conditions or disabilities and offering working parents alternative appointment times.

  1. Collect feedback and use it to improve

What are the benefits of an adaptive patient onboarding process?

There are many benefits of an adaptive patient onboarding process. By tailoring the approach to each patient’s needs, you can ensure they have a positive experience and are more likely to return for future visits.

An adaptive patient onboarding process can also help to build trust between the patient and the healthcare provider. Patients who feel they are being listened to and their needs are being met are more likely to be loyal to the provider and recommend them to others.

Finally, an efficient process can save time and money for both the provider and the patient. By streamlining the process and making it more efficient, you can reduce the overall cost of care while still providing high-quality service.

Conclusion

The global Artificial Intelligence in healthcare market size and share is expected to surpass $95.65 Billion by 2028. Adaptive patient onboarding is a great way to ensure you provide the best possible patient experience. By taking the time to personalize each individual’s experience, you can provide them with a seamless and efficient process. This will help reduce wait times, costs, and frustration from patients and staff. With the right tools in place, adaptive patient onboarding can ultimately improve care quality, better customer satisfaction score ratings, and tremendous overall success for your medical practice.

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 verification & Electronic Identity Processes in Gaming Industry

KYC verification & Electronic Identity Processes in Online Gaming Industry

Posted on | by Signzian

With the rapid rise of online gaming, companies are finding new ways to authenticate users and ensure their compliance with government regulations. As a result, online gaming industry operators have turned to Know Your Customer (KYC) verification processes and electronic identity solutions.

In this article, we will explore why KYC verification systems are crucial for online gaming companies, some of the most common methods used, and how they can help ensure compliance while providing customers with an improved user experience.

The rise of the online gaming industry

The online gaming industry has dramatically increased in recent years. market revenues are expected
to grow more than 74 billion USD by 2023, at a compound annual growth rate of 10%. This rise in popularity drives the need for KYC verification and electronic identity processes.

There are many reasons for the increased popularity of online gaming.

  1. The convenience and accessibility of these platforms are significant factors. With the advent of mobile devices, people can play games anywhere at any time.
  2. Another reason for the industry’s growth is the anonymity that it affords users. Many people who would not dream of playing games physically due to interest & other factors are happy to do so online.

The increased demand for online gaming services creates opportunities for KYC verification and electronic identity providers. These companies offer solutions that help businesses verify the identities of their customers. This is an essential process for ensuring compliance with anti-money laundering regulations. It also helps to protect businesses from fraud and other risks associated with online transactions.

The need for KYC verification in online gaming industry

As the online gaming industry grows, so does the need for KYC verification and electronic identity processes. This is because, with more people gaming online, there is an increased risk of fraud and money laundering. Having KYC verification in place helps reduce the risk of these activities.

There are several ways to do KYC verification – use of ID documents, biometric data, or even utility bills. The most important thing is that the process is secure and meets all regulatory requirements.

Having KYC verification in place helps protect the online gaming industry from fraudulent activities and also helps to build trust between businesses and their customers.

The importance of electronic identity processes in online gaming industry

In recent years, there has been a surge in online gaming. This has increased the need for KYC verification and electronic identity processes.

There are several reasons why online gaming have become so popular:

  1. The internet has made it easier than ever to access these activities.
  2. A growing number of people are willing to gamble or play games online.
  3. Many online casinos and game developers offer generous bonuses and prizes that appeal to potential customers.

However, the increase in online gaming has also led to negative consequences. One of the most severe problems is the rise of fraud and scams. As a result, many online casinos and game developers have implemented KYC verification and electronic identity processes to protect themselves.

KYC stands for “know your customer.” This process involves verifying a customer’s identity before they can access services or make transactions. In most cases, KYC verification will require customers to provide some form of identification, such as a passport or driver’s license.

Electronic identity processes refer to the use of digital technologies to verify someone’s identity. These processes can include biometric identification (such as fingerprinting) or using social media profiles to verify someone’s identity.

Implementing KYC verification and electronic identity processes have helped reduce the incidence of fraud and scams in the online gaming industry. However,

How is online gaming changing 

The internet has revolutionized the online gaming industry, making it easier than ever for people to access games and from their homes. This increased accessibility has driven up the number of people gaming online. Thus, creating a need for KYC verification and electronic identity processes. According to online gaming industry analysis, there were more than 2.6 billion gamers in the world in 2020, and this figure accounted to around 2.8 billion by 2021.

KYC verification is the process of verifying the identity of a customer or client. This is typically done by requiring the customer to provide identification, such as a passport or driver’s license.

In the case of online gaming, KYC verification can also be done electronically. In this, the customer provides personal information such as their name, date of birth, and address. Electronic identity processes verify that a person is who they say they are. Biometrics, such as fingerprint or iris scanning, or by requiring the person to provide some form of identification – passport or driver’s license. In the case of online gaming, electronic identity processes is used to verify that the person is over 18, which is required by law to play certain types of games.

The increased popularity of online gaming has led to a need for more robust KYC verification and electronic identity processes. By implementing these processes, businesses can ensure that their customers are who they say they are, which helps to protect both.

The future of online gaming industry

As online gaming continue to grow in popularity, so does the need for KYC verification and electronic identity processes. This is because increased online gaming activity is driving the need for more secure and efficient ways to verify the identity of players.

KYC verification and electronic identity processes help to ensure that only legitimate players can access online gaming platforms. This helps to protect both the player and the forum from fraud and other illegal activity.

There are a number of different ways in which KYC verification and electronic identity processes can be implemented. For example, many platforms now require players to provide a government-issued ID or passport to register for an account. Others may use biometric data such as fingerprints or iris scans.

Whichever method or combination of methods is used, it is clear that KYC verification and electronic identity processes are here to stay. In addition, as online gaming continue to grow in popularity, so will the need for these secure and efficient methods of verifying player identity.

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

Vendor KYC Verification: Verify Your Vendors Quickly and Easily!

Posted on | by Signzian

The logistics and supply management industry have rapidly evolved over the last decade. With more complex delivery chains, stricter regulations, and a more significant focus on security, it’s no wonder that businesses are looking for ways to speed up processes and improve efficiency. One of the most important steps in this process is vendor KYC (Know Your Customer) verification. This step ensures that businesses know who they are dealing with regarding vendors and suppliers. In this blog post, we will discuss what Vendor KYC Verification is and how it impacts logistics and supply chain management.

Businesses that engage suppliers to provide goods or services can quickly become victims of Vendor Impersonation Fraud. Sophisticated criminals infiltrate a trusted vendor or somebody pretending to be them, thereby risking your business. Armorblox’s research team discovered a 73% increase in financial fraud email threats from 2021 to 2022. Financial fraud attacks accounted for 44% of sophisticated, targeted crimes, including wire fraud, invoice fraud, and vendor fraud.

What is Vendor KYC Verification?

Vendor KYC verification is verifying the identity and credentials of a vendor or supplier. This verification can be done through various means, such as third-party background checks, references, and documentation. Vendor KYC verification aims to ensure that the vendor is who they say they are and that they have the experience and credentials necessary to provide the services or products they claim to offer.

Third-party background checks are one of the most common methods of vendor KYC verification. This check can be conducted by an outside firm or the company itself. References are another standard method of vendor KYC verification. When checking references, it is important to verify that they are from legitimate sources, such as past clients or business partners. Documentation is also often used for vendor KYC verification. This may include identification documents, licenses, certifications, and other forms of proof that the vendor is qualified to do business with your company.

Vendor KYC verification is important in doing business with new suppliers or vendors. Verifying their identity and credentials can help protect your company from fraud or scams.

Why is Vendor KYC Verification important in logistics & supply management?

There are many reasons why vendor KYC verification is important in logistics and supply management.

  1. It helps to ensure that the vendor is who they say they are and that they are legitimate. This can help to prevent fraud and other issues. 
  2. It helps to ensure that the vendor has the proper licenses and permits for their business. This can help to avoid delays or other problems with shipments. 
  3. It can help build trust between the company and the vendor, leading to better relationships and more efficient operations.

A first layer of protection for companies comes from supply chain risk management and due diligence, and due to the rise of SaaS and outsourcing, good risk awareness is essential. The Global Fraud and Risk Report, “Mapping the New Risk Landscape, “published by Kroll in conjunction with Forrester Consulting in 2019, highlights global corporations’ biggest risks.

Globally, 28% of fraud was committed by external parties (suppliers & vendors), an increase of 10%. 68% of global companies consider fraud by external parties a high or significant concern.

According to KPMG’s Global Banking Fraud Survey, released in May 2019: Fraud recoveries were less than 25% of fraud losses, according to over half of the survey respondents. This low rate emphasizes the importance of prediction and prevention. 

Thus, companies should begin to consider implementing a tool and necessary workflows as vendor fraud grows in prevalence as a threat to many corporations.

The benefits of Vendor KYC Verification

KYC verification is a process that helps to ensure that your customers are who they say they are. This can be beneficial for several reasons:

  1. It helps to prevent fraud: By verifying the identity of your customers, you can help to prevent fraudulent activity. It becomes much harder for someone to commit fraud if they have to provide their real identity upfront.
  2. It builds trust: Customers who have been through a KYC verification process are more likely to trust your company. This is because they know that you take security and compliance seriously.
  3. It streamlines processes: A KYC verification process can help streamline other business processes, such as onboarding new customers or processing payments.

How Can Signzy Help with Vendor KYC Verification?

Signzy has a one-stop solution when it comes to verification. It provides a simple plug-and-play API solution. With just the vehicle number, you can get fitness details, Permit info, PUCC check, Insurance details, and much more! The same goes for authenticating the driver’s license.

Signzy can provide a complete user journey and simplify your workflow while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26%, which earlier with the manual process was 11%. 

Our three APIs that play a pivotal role in Vendor KYC Verification are:

Bank Account Verification API: With it, you can verify not just the validity of bank accounts but also the name and details of the user while leveraging the right technology for the job. In addition, the AI-driven API is highly customizable and can be integrated easily with your processes.

RC Verification API: Signzy’s Registration Certificate Verification Process allows onboarding of verified vehicles in no time with utmost accuracy & reliability (server providing 99.9% uptime).  Know more about the benefits it offers. 

GST Verification API: Our GST API validates the authenticity of a business or your partner as an essential aspect of easing and making GST compliances hassle-free. It helps you to

  1. Extract GST details, including Name, GSTIN, and address of the business, from the GST certificate.
  2. Search GST details of the entity using GSTIN and PAN. 
  3. View and track the GST returns of the entity.

Conclusion

Vendor KYC verification is essential to logistics and supply chain management. It helps to ensure the accuracy and reliability of the information, making it easier for businesses to monitor their vendors and ensure they comply with all applicable regulations. As a result, organizations can protect themselves from potential liability by implementing a comprehensive vendor KYC verification process while improving transparency across their supply chains.

We bring you to speed, security, reliability & ease. You can leverage artificial intelligence, optical character recognition, and other best-of-breed technologies – everything you need to scale successfully.

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, 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

 

 

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