It takes the customer onboarding process digital as physical meetings are a challenge due to the coronavirus outbreak.
Mumbai-based fraud-detection solutions startup IDfy has partnered with Visa to offer video KYC facility to its issuing banking partners, a move that will help in identity verification of credit-card holders.
The startup said its video KYC guidelines would help Visa’s bank partners to issue credit cards instantly by completing the customer verification process over a live video call, IDfy said in a press statement on June 30.
The platform is designed to scale with business growth, allowing banks to rapidly onboard customers in large numbers, said the company.
“Our Video KYC platform is designed to give customers the best remote KYC experience, while keeping banks and financial institutions safe from fraud,” co-founder Wriju Ray said.
IDfy’s Video KYC platform enables financial institutions to image-capture a customer’s IDs, extract their information, compare them with pre-filled data, compare faces between pictures and record the customer’s GPS location.
IDfy’s platform also helps customers generate an XML file for Aadhaar authentication and then validates it for the bank as per RBI guidelines.
The video KYC solution provides a two-way connection between the customer and an agent."At a time when physical KYC has been challenging, we are glad to partner with IDfy and provide video KYC facilities to issuers for digital customer onboarding and servicing,” said Arvind Ronta, head – products, India & South Asia, Visa.