Fintech APIs
Video KYC: Perform Identity Checks in Real-Time!
Accelerating Onboarding Process & time-to-market by an incredible 5x via AI-enabled Video KYC
Signzy’s V-KYC (V-CIP) is a proven, robust solution facilitating digital onboarding of thousands of customers monthly for SEBI-regulated entities. Our meticulously crafted Video KYC verification solution ensures a secure and dependable online KYC process, compliant with the strictest regulations and data security requirements.
Following RBI’s progressive 2020 introduction of Video KYC (V-CIP), we are eager to serve RBI-regulated institutions with our tested and trusted video KYC solution.
Features
Real-time PAN verification
Matching face on ID with face in video
Unlimited video storage and instant retrieval
Geo-location capture and IP check
Seamless and interactive UI for live video interaction
End-to-end encryption for video, channel, and communication
Video forensics for pre-recorded risk and spoof detection
Digital Forgery check on the displayed ID proof
Customer identity verification through offline Aadhaar XML
Time stamp and audit trail for every application and video interaction
Compliance To Regulatory Mandate
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Video KYC Regulations |
Measures |
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Official of the RE performing the V-CIP shall record video as well as capture photograph of the customer present for identification |
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RE shall capture a clear image of PAN card to be displayed by the customer during the process |
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Consent based audio-visual interaction with the customer to obtain identification information including the documents required for CDD purpose |
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Live location of the customer (Geotagging) shall be captured to ensure that customer is physically present in India |
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Ensure that photograph of the customer in the Aadhaar/PAN details matchesg with the customer undertaking the V-CIP |
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Solution Benefits
Detect high-risk clients to safeguard your enterprise from non-compliance penalties and guarantee a seamless onboarding process
Higher Application Accuracy
100% compliant with latest RBI Mandate
Reduced back office overheads (up to 70%)
Plug and Play solution, swift Go-To-Market
Competitive Advantage through customer delight
Exponentially increase Scale of Operations
Reduction in customer Drop-offs (up to 50%) due to efficient KYC check
Platform Agnostic, support multiple communication channels
Signzy’s Video KYC Journey
In 2016, a company of 5 people presented a video onboarding solution at an RBI-sponsered competition among large banks like SBI and HDFC. To everyone’s surprise, we won that competition for our seamless onboarding using Artificial Intelligence. All the bankers at the event told us this was too futuristic and not practical. We won the award, but no customers.
Today, with RBI’s progressive move to make Video KYC (Video Customer Identification Process), also known as v KYC, a mandatory component for onboarding, we have customers across the sector using our solution to complete their bank KYC online. This solution streamlines the video KYC process, making it easier and more efficient for customers to verify their identity. It includes features for know your customer (KYC) and eKYC video, making it a comprehensive tool for customer identification. Customers can now understand how to do KYC online and complete their video KYC online with ease. This validates the vision and belief with which we kept building products for four years which did not seem relevant then, but is now at the forefront of digital identification and verification processes.
Why Choose Signzy’s VKYC?
VCIP calls completed with minimum bandwidth requirements
Real time dashboard with RE agent activity and call trend information
Audit ready records for concurrent audit module
Meets all compliance requirements
Pre-call checks to ensure smooth journey
Rescheduling of calls that are missed/dropped or based on convenience
Start your journey to Digital Transformation now!
What are the advantages of Video KYC over traditional KYC?
Video KYC offers several advantages over traditional KYC processes. Firstly, it provides real-time verification of customers, business partners, and third parties. This means that the identity verification is done instantly, eliminating the need for any manual paperwork or physical visits.
Another advantage is the digitization of documentation, submission, and verification. Video KYC allows for the entire process to be carried out digitally, reducing the need for physical documents and enabling faster processing.
The speed of Video KYC is also a major advantage. The process is much faster and seamless compared to traditional KYC. With Video KYC, the entire verification process can be completed in as little as 2-10 minutes, significantly reducing the turnaround time.
Furthermore, Video KYC is cost-effective. It eliminates the need for printing and storing physical documents, as everything is digitally captured and stored. This not only saves costs but also minimizes the risk of document loss or damage.
In summary, the advantages of Video KYC over traditional KYC include real-time verification, digital documentation and submission, faster processing, and cost-effectiveness. These benefits make Video KYC a more efficient and convenient option for both parties involved in the verification process.
What is Video KYC and how does it work?
Video KYC (Know Your Customer) is a digital process used to verify the identities of customers through a secure video call. During this call, customers show their ID documents to a KYC agent, and their identity is verified in real-time. This process may include additional checks like facial recognition and liveness detection to ensure authenticity. It’s a convenient and efficient alternative to traditional, in-person KYC methods, offering benefits like speed, reduced paperwork, and compliance with regulatory standards, while also ensuring data security.
What verification methods are used in Video KYC?
In Video KYC, verification methods include:
- Document Verification: Checking customer’s ID documents during a video call.
- Facial Recognition: Comparing the customer’s face with their ID photo.
- Liveness Detection: Ensuring the customer is live, using actions like blinking or speaking.
- Data Cross-Checks: Verifying customer details against external databases.
- Geolocation and Timestamping: Recording the location and time of the KYC session.
- Digital Signature Verification: Obtaining the customer’s digital consent.
- Interactive Questioning: Asking questions to confirm customer’s identity and information.
What happens to the recorded video?
The recorded video is stored for future use. It is retained as a record of the Video KYC process and can be accessed if needed for compliance or verification purposes.
How does Video KYC ensure compliance?
Video KYC helps businesses stay compliant with the changing regulatory landscape by providing contactless and real-time identity verification. The process ensures that the customer’s identity is validated using government-approved KYC documents and facial recognition technology. Additionally, the video recording serves as an audit trail for compliance purposes.
What does the Video KYC process involve?
The Video KYC process typically involves the following steps:
- Initiation: The customer starts the KYC process through an app or website, often scheduling or immediately beginning a video call.
- Secure Video Call: A video call is conducted between the customer and a KYC agent. This call is encrypted and recorded for security and compliance.
- Document Presentation: The customer shows their official identification documents (like a passport or driver’s license) on the video call for verification.
- Identity Verification: The KYC agent verifies the documents and may use facial recognition technology to match the customer’s face with their ID photo.
- Liveness Check: To ensure the customer is a real person and not a recording, liveness checks (like asking the customer to blink or move) are performed.
- Data Recording: The details of the verification process, including the video call, are securely recorded and stored.
- Completion: Once verified, the customer’s details are processed and integrated into the company’s systems.
