IDfy and Beatroute Innovations are collaborating to digitise on-ground, agent-assisted KYC for telecom, banking, lending, investment, and insurance industries.
IDfy is a Mumbai-based Regulatory Technologies solutions provider to global majors, and Beatroute Innovations is a mobile app platform for field force used by growing and big companies across 10 countries.
IDfy’s AI-based identification and authentication technology plugs into BeatRoute App’s Customer Profiling workflow to lower the cost and time related with KYC process. The combined offering gives field agents the ability to collect documents in digital formats, auto-fill customer forms, and run real-time validation and verification of documents and pictures.
A September 26 Supreme Court ruling has barred private enterprises from Aadhaar-based eKYC. Telecom regulatory authority DOT has already approved an alternative digital process that can be facilitated through this offering end to end. BeatRoute and IDfy are also working with organizations like DLAI (digital lenders association of India) to help establish a similar digital process for companies in other sectors such as lending, investment and insurance.
Many of BeatRoute customers, such as Money on Mobile, ePaisa and Pepsico use mobile app based workflow with capability to scan proof of identify and proof of address documents in remotest part of the country with or without mobile data connection. BeatRoute’s latest release also includes watermark on customer pictures as per the DOT guideline earlier this month.
IDfy uses image processing algorithms and OCR techniques to detect if the customer picture was actually a real picture and also do a validity check of POI documents such as PAN card to reduce the cost of verification.