Video KYC involves capturing a live photo of the client with official and valid documents such as the Aadhaar card or any other government document, this photo is taken by a trained official. Digital signature and equivalent e-documents have also been allowed by the government as a way to complete the Video KYC process.
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The recent amendment in The Prevention of Money Laundering (PMLA) Act 2002 by the Ministry of Finance allows several modes of capturing details of customers electronically. The notification states that the government should bring in Video KYC to capture customer details electronically. Subsequently, RBI has legitimized the Video-Based Customer Identification Process(VCIP) as a means to verify customers, allowing onboarding via video KYC authentication. You can read more about RBI’s V-CIP and what it means for financial institutions here and here.
Banks are now allowed to carry out an Aadhaar verification for any person who uses their Aadhaar card for identification. The proof of possession of the Aadhaar card has been added to the list of official documents needed for verification. Video KYC involves capturing a live photo of the client with official and valid documents such as the Aadhaar card or any other government document, this photo is taken by a trained official. Digital signature and equivalent e-documents have also been allowed by the government as a way to complete the Video KYC process.The expert committee of micro, small, and medium enterprises (MSMEs) has suggested that the video KYC verification can be used as another way to verify the identity of a person.
PixL.AI helps the banks in achieving their aim of getting the Video KYC done through PiXL Video KYC Solution. We provide them with a unique platform where the process can be carried out smoothly in a time-effective way. It helps you to access this service with a single tap on the internet, you don’t even need to visit a bank or keep the hard copy with you. Advantages of Video KYC in India
- Video KYC allows customer verification using facial matching, automated data extraction, and Machine Learning techniques and is done all in real-time
- The process for video KYC can be done from the comfort of your home. All you need is a laptop, smartphone, or tablet with a working internet connection
- All interactions are recorded and stored for the future
- Onboards customers extremely fast using Artificial Intelligence (AI)
- The process slashes onboarding costs by 90% and drastically reduces turnaround time from 30-20 days to 10 minutes.
Our service helps the banks to provide a check against spoofing and other fraudulent activities that can be carried out. PiX.AI platform keeps the data end to end encrypted as required by the RBI rule. Thus, this is how our product helps the financial institutions to keep themselves online with the new rule and be compliant with it.