KYC is a mandatory norm with which every financial institution has to comply prior to
onboarding a client.
KYC – Know Your Customer is a process of verifying your
customer’s identity, documents and address.
Video Customer Identification Process is a real-time, synchronous and consent-based
audio-visual communication between the regulated entity and its customer that facilitates
identification and verification process.
Video KYC is the best solution to verify the identity of the person in the video from the uploaded documents on the portal. The video also provides for a location check with the uploaded address and the current geo location. It has been developed in accordance with RBI regulations, keeping customer convenience at the forefront.
The video KYC offers solutions to users while adhering to RBI regulations.
Customers are not required to be physically present.
Digital identity verification shall make a huge impact on authenticity and also customer’s convenience & leisure.
KYC processing time, usually lengthy, is reduced which facilitates faster onboarding of the client.
A simple process for the Video KYC may be either assisted by a representative or can be initialized by oneself. Once the customer consent has been received and confirmed, slots of availability of the video KYC are offered. A suitable time can be chosen to schedule the video KYC. On the scheduled date, a reminder message and a link to join the video KYC is sent to the customer. Before the client joins the video, all his uploaded documents are verified and the data extracted. Once the client joins the video, the designated officer’s dashboard displays parameters such as the lighting, the accuracy, video spoofs or any discrepancies, which are scored. The parameters with a low score are conveyed to the client to make suitable changes. The important check on the video is the identity of the individual and the accuracy of his location based on the extracted data. The call is of a very short duration and the whole snippet is recorded and stored for further reference. Once the call ends, an audit of the call takes place by the appointed auditor by checking all the parameters on his dashboard and once he is satisfied, only then the Video KYC is declared to be completed.
Risk Mapping checks – These are the ratings on the documents uploaded by the client and prechecked by both, the software and the concerned officer, before the scheduled video call. Extraction of data from client’s respective PAN card and Aadhar card.
Acceptance Checks – This module specifically checks the acceptability of the video by checking various parameters such as the lighting, the two-way audio-video communication, streaming, face match scores and detection, live location tracking of the client and generating a geo score based on the recorded address.
Identity Checks - This module inspects for spoofing, liveliness of the video, any traces of the video being prerecorded. It provides quality scores on the client’s captured photographs and Pan Card images. It conducts a face match check between OVD and the photo captured from live videos. It also checks by asking random questions.