PAN Verification Overview
PAN verification is a simple and robust way to verify the genuineness of a PAN card. For those of you who are new to a PAN card, it is the equivalent of Tax ID number issued to citizens and businesses of India. The PAN card, which is ten characters (alpha-numeric) […]
Following the footsteps of RBI, SEBI and IRDAI, PFRDA on 06 October 2020, has decided to allow registered intermediaries with PFRDA to onboard, deboard or provide essential pension services to subscribers via Video based Customer Identification Process (VCIP). The regulator asserts that this will greatly benefit both the intermediaries […]
Following the footsteps of RBI and SEBI allowing regulated entities to onboard and verify customers using a video call (V-CIP or V-IPV as the process is commonly known), IRDAI has taken […]
Positive Pay Introduction
Positive pay is a cash management service by Banks to prevent cheque fraud. The intent is to ensure that the cheques once issued are not tampered when they are presented for clearance. Positive pay service allows the Banks to match the details of the cheque issued with the cheque received before they […]
Video KYC (V-CIP) is not the same thing as stitching a video chat interface to your customer onboarding process. It is a profound organizational change. And each organization will go through a period of doing it wrong, not doing […]
A high level flow of how the Video KYC call is initiated between the Agent and the Customer.
What is Aadhaar Masking?
Aadhaar and its regulations are governed by UIDAI. And as per UIDAI, Aadhaar masking refers to covering the first eight digits of Aadhaar number – in physical or digital form. More precisely, Aadhaar masking refers to concealing the first 8 digits of […]
Penny drop overview
Bank account verification or penny drop check as is commonly referred to is a way to verify the authenticity of a user’s Bank Account. This is achieved by depositing a small amount (usually a penny and hence the name) – usually INR 1 (one rupee) in the Indian context – which returns […]
In the midst of an unprecedented crisis, it is emerging that the future can never really be anything like the past. With physical movements restricted and much less desired, financial institutions must rethink ways to onboard their customers safely and securely. On 09 January 2020, the Indian financial regulator made a remarkable amendment to the […]
Following the comprehensive Video KYC FAQ, here is a quick summary of how to deploy the Video KYC solution into your client onboarding flow to remain compliant with the steps specified by the regulator. The Video KYC process can be […]
