Infosys Among Top Contenders for Building Govt’s New KYC Repository 'CKYCRR 2.0'

Infosys is reportedly one of the leading contenders to build the government's new KYC repository, known as CKYCRR 2.0. The project involves creating a more advanced and scalable system to house the central repository of KYC records and migrating existing citizen data into this new framework.

CKYCRR 2.0, or the Central KYC Records Registry 2.0, is an upgraded and advanced version of India's centralized repository for Know Your Customer (KYC) records. It is being developed to address the limitations of the previous system by providing a more reliable and comprehensive database of KYC information. The new system aims to be a "single source of truth for KYC," ensuring that all customer data is accurate, complete, and up-to-date.

The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is overseeing this initiative. The upgrade to CKYCRR 2.0 is part of a broader effort to tighten KYC compliances and address issues such as non-reliability of data and incomplete customer records. The new "single source of truth for KYC" system will be accessible to citizens, allowing them to view their KYC records and receive notifications whenever their information is uploaded, updated, or downloaded by financial institutions.

This move comes at a time when regulatory bodies are intensifying their focus on KYC compliance, with recent actions taken against business payment solution providers and other financial entities for violations related to KYC and anti-money laundering regulations.

Besides Infosys, there are other companies competing for the CKYCRR 2.0 project. While the specific names of these companies have not been disclosed, it is known that several large IT firms were invited to bid for the project. The tender process involved a pre-bid meeting with prospective bidders and was managed by the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).

The bidding process was quite competitive, and potential bidders, including Infosys, had shared pre-bidding suggestions and challenges before finalizing their submissions. The tender, which was initially set to close on April 16, 2024, was extended to May 15, 2024, after requests from bidders¹. This indicates the high level of interest and the critical nature of the CKYCRR 2.0 project.

Edelweiss Asset Management Company Partners with Signzy for Digital Customer Onboarding and Verification

Edelweiss Asset Management Company, one of the fastest growing AMCs, today announced that it has partnered with India’s leading RegTech startup (which manages regulatory processes in the BFSI sector through technology) Signzy for digital customer onboarding and a faster verification process on its investment platform.

Under this partnership, Signzy’s AI-led e-KYC solution has been deployed to allow all new Edelweiss customers to conduct seamless digital KYC, biometric enabled digital contracts and due diligence through Algorithmic Risk Intelligence for their mutual fund investments.

Ankit Ratan, co-founder of Signzy, says, “We are thrilled to be chosen by Edelweiss to support their new customer onboarding using Signzy’s industry-leading e-KYC solution. For the BFSI industry, new customer onboarding can involve significant time and cost expenditure. Our e-KYC solution is designed to mitigate these costs while simultaneously delivering much superior customer experience, which allows our clients to grow their business through frictionless new customer onboarding.”

Radhika Gupta, CEO, Edelweiss Asset Management, said, “Despite heightened interest from investors who are new to Mutual Funds, the cumbersome offline process of KYC becomes a barrier in on-boarding potential investors. Signzy’s eKYC solution and our digital processes overcomes this challenge, it helps investors to complete their KYC online and immediately invest in our Mutual Funds from comfort of their home. This facility offers new investors a platform with compliant processes, quick on-boarding and a happy investing experience; thereby also significantly reducing our costs.”

The partnership with Singzy will also help Edelweiss AMC to reach a wider set of customers because of its ease of access to the mutual fund platform, and work towards deepening the market for mutual funds in India.

About Signzy Mumbai-based Signzy is a leading provider of AI-based digitalization and automation solutions to the BFSI industry and counts globally leading banks and NBFCs (Non-Banking Financial Companies) as its clients, including Mastercard, ICICI Bank, State Bank of India and many more.

About Edelweiss Asset Management Limited (EAML): EAML is amongst the fastest growing asset management companies, being an asset management subsidiary of Edelweiss Financial Services Ltd., one of India’s leading financial services group since last 21 years with a proven track record of quality and innovation. EAML has witnessed growth of over 46% in Average Assets under Management (AAUM) in last one year.