How Karza’s Total KYC Is Revolutionising Onboarding Processes In Banks

Top Quote Banks and financial institutions must conduct ‘Know Your Customer’ or KYC checks for verifying the identity of customers, partners, and vendors prior to establishing a business relationship with them. End Quote
  • (1888PressRelease) October 22, 2022 - Banks and financial institutions must conduct ‘Know Your Customer’ or KYC checks for verifying the identity of customers, partners, and vendors prior to establishing a business relationship with them. The objective of KYC is to prevent financial services from being used for any illicit activities and lower the risk of fraud. KYC has thus become an integral part of onboarding for banks and FIs.

    Typically, banks verify KYC for opening accounts for new customers and commencing a relationship with businesses, vendors, and partners. The manual verification process includes collecting and verifying valid physical documents for identity and address proof like Aadhar Card, Voted ID, etc. as well as financial documents like PAN card for individuals. For businesses, this may also include GST, MCA, and ownership documents.

    However, it can be cumbersome to manually handle the documentation and adds to considerable time and costs for banks. Further, it elevates the risk of fraud as manual verification could lead to slipping up on the finer details.

    Karza’s Total KYC suite is built to address these onboarding challenges for banks and FIs in line with RBI’s regulatory requirements while ensuring risk and fraud mitigation. It comprises of 100+ APIs and powers end-to-end automation of verification and onboarding processes for a seamless experience for customers with minimal inputs and reduced turnaround times. Clients have been able to cut down onboarding times by 80% with Total KYC.

    Here’s an in-depth glimpse of how Total KYC is reshaping the onboarding process for banks & FIs:

    Individual KYC Verification : Total KYC takes care of individual KYC verification by automatically authenticating contact details as well as leveraging Karza’s OCR technology on collected proof of identity and address documents such as PAN, Voted ID, Driving License, and Aadhar. Karza’s unique ai-powered features like liveness check and face, name, and address match can further bolster the verification process as required by regulatory bodies.

    Real-time verification : TotalKYC’s VideoKYC capabilities are RBI-compliant and come with award-winning, ai-powered features like liveness checks, face, name, and address match to ensure real-time checks. Karza’s VideoKYC enables an audio-video interaction between banks and customers, live selfie capture, in-process OCR capture, and face match verification.

    Employment Verification : With comprehensive automated checks including Name, Face and Address Match in the Indianized context, TotalKYC can help verify the employee’s identity and background prior to onboarding them. At the same time, alternate data like EPF can also be screened against official sources to ensure that the employee’s records are valid, which allows organizations to mitigate risk considerably.

    Business KYC Verification : TotalKYC allows verification of the existence and expanse of businesses by auto-generating a comprehensive business profile. The suite also allows for checks like bank account authentication using penny drop. Moreover, businesses can be screened through 70+ negative alerts covering regulatory blacklists. The entire suite of commercial KYCs such as GST, MCA, Shop & Establishment documents, Udyog Aadhaar, IEC is covered. This includes verification of Director/Partner/Proprietor KYC, electricity bill, business profiling, advanced GST & ITR analytics, E-Sign/Virtual Sign, etc. This way, banks and FIs are made aware of risks when dealing with counter-parties such as individual merchants.

    Automation of RCU : TotalKYC aims to automate risk containment units of banks and FIs by offering 360-degree control to them when it comes to onboarding. Banks can be made aware of risk levels when dealing with individuals, businesses, and vendors and can be alerted whenever there is a probability of fraud.

    Apart from these broad use cases, TotalKYC has been useful in fetching telecom data to verify mobile numbers, Aadhar masking, and verification of RC as well as utility documents.

    TotalKYC is comprised of in-house proprietary APIs that have low latency and high accuracy. In addition, pre-filled forms with automated data fetch save a significant amount of time for clients. This makes TotalKYC a comprehensive verification and onboarding tool that adheres to the regulatory framework. Banks and FIs can benefit from TotalKYC’s automated onboarding and and straight-through processing capabilities while ensuring risk mitigation. Our clients have been able to avert fraud worth thousands of crores using TotalKYC’s easily integrable and cost-effective API suite.

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