~Fintechs and Telcos to Achieve Regulatory Compliance with 90% Cost Savings~
IDfy, a Mumbai-based leading Regulatory Technologies company, announced the launch of their Video KYC platform that allows banks, fintechs, and telcos to do their KYC transactions over live video, saving more than 90% of physical verification costs while staying compliant with regulatory norms.
Companies have been struggling to keep KYC costs economically viable while staying compliant since the September 26, 2018 Supreme Court judgment banned the use of Aadhaar eKYC by private enterprises. Industries like fintechs have experienced a slowdown in their growth due to inability to justify physical KYC costs. This is especially so for small-ticket customers and those from remote locations leading to financial exclusion of those most in need of immediate financing.
IDfy’s Video KYC involves a live video session with a user that establishes their presence during the KYC transaction, confirms their identity as per the government ID card and records it for the purpose of audit and compliance. IDfy’s Video KYC automates the user experience removing the need for call centre and its associated costs.
“IDfy’s Video KYC platform will help companies onboard customers remotely, in real-time, at a fraction of the cost of physical KYC costs, making these companies competitive, efficient, safe, and customer-friendly,” said Wriju Ray, co-founder and CBO, IDfy.
“Reverting to the old paper-based physical KYC processes have proved to be expensive and inefficient leading to a slowdown in India’s emerging Fintech sector. Video KYC will help the industry onboard customers from remote areas and those needing small ticket and short-term loans, as well as help reduce instances of fraud,” said Navin Surya, Chairman (Non-Executive), Fintech Convergence Council.
IDfy’s suite of APIs for data extraction, forgery detection, and real-time verification from public sources, have digitised the identification and authentication components of KYC. The Video KYC platform ensures live-presence of the customer and co-relates it to the submitted ID document, thus making IDfy’s Digital KYC a complete end-to-end solution meeting all regulatory requirements.