Extracting Identity Information in Microseconds With IDnow Id Verification Platform

Biometric data to scan faces quicker is an added advantage for fastening up the onboarding process in your sports betting lounge from now. Processing customers’ data quicker, in a secured way is important for the online betting lounges, where thousands of global bettors wager day in and day out. An automated process for verification can help, provided it is equally enforced with a manual setting for oversight. That is where the IDnow ID Verification Platform comes for your assistance.

Betting and gambling account age criteria

Sports betting casinos and gambling casinos have to follow the rules and regulations of their regulatory body that warrant verification of the players' age. At the same time, there is a need to beat cybercriminals and also boost conversion rates. To do this with clinical precision, you need the industry's leading identity verification software. The ranking and rating of gambling and sports betting platforms online largely depends upon the terms and conditions and certification to prove that it is a legitimate and safe platform for participation.

At the same time, people from all over the world are going to play every day, looking into the prospects of hitting the jackpot and finding a treasure trove. If that is the case, managing the casino operations is going to be a challenging task not only for the owner but also for the technical crew in the backend. On the contrary, when you have the verification identity software already installed on your platform, then it is going to be a simple task for you to conform to the regulatory board rules.

To become completely compliant with the terms and conditions that are international standards for running a sports betting platform, you will need a sophisticated and functional unit installed on your gambling and sports betting websites. When you are going to send this link to your customers, they will click on the link to get approval to continue their membership with your gambling platform.

Don’t miss a genuine prospective casino member

It is as simple as that. If the information provided by the prospective member is completely reliable, it is authenticated for use on the gambling platform. Not, they do not fulfil the criteria to enter the platform, which can be an age factor or any other kind of specified factor. Now it has become an automatic process for the casino operator to verify the number of credentials that keep coming in every day, from different prospective members.

The verification software comes in handy because it boosts the conversion ratio of your gambling business website and also provides complete safety from the hacking bot. When you are going to choose the suitable package and model for pricing, then the verification link can be installed on your website effortlessly. By doing so, you are reducing the amount of time and effort required for a manual review of the prospective members' profiles.

The onboarding process is just going to take a few seconds, which is always appreciated by the prospective members of the gambling and sports betting platform. They are coming with a lot of curiosity to participate in the tournament, and they do not want to look into alternative options that are faster than your platform. In that way, the IDnow ID Verification Platform is going to give you more businesses to compete with peers, because it reduces the onboarding process to a few seconds.

Signzy Wins Second Place in UAE’s Yalla Fintech 2020 Hackathon

Signzy takes home 2nd Major FinTech Award in the UAE in less than a month

Bangalore/Mumbai, December 21, 2020: No code AI platform Signzy today said that it has won the second place in UAE's prestigious Yalla Fintech 2020 - Innovation Challenge for Financial Inclusion. Signzy won the recognition for its Video KYC solution under the category, 'Electronic KYC for Simplified Customer On-boarding into the Financial System'.

The hackathon win also marks Signzy's second major recognition in the UAE region in less than a month. The company was named among the only two Indian FinTechs to qualify for Fintech100 Abu Dhabi, Middle East and North Africa region's leading FinTech festival, held last month.

Commenting on these back-to-back wins, Ankit Ratan, co-founder of Signzy said, "Our second place win in Yalla Fintech 2020 hackathon is testament to our team's outstanding technology capabilities. Also, this win comes close on the heels of our inclusion in the prestigious Fintech100 Abu Dhabi, which not only marks a a growing recognition of Signzy's vision and innovation, but also underlines Signzy's strong commitment to the Middle-east market."

The Yalla Fintech 2020 Innovation Challenge was jointly organized by FinTech Galaxy, a UAE based FinTech marketplace and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), a German development agency, in the form of an online hackathon. 72 teams from 40 countries around the world competed in the hackathon, which focused on developing tools that can expand financial inclusion for businesses and individuals in the Arab world. The event sought to empower innovators, regulators, and other ecosystem partners from the Arab region to remotely collaborate and crowd-source solutions for key issues in financial inclusion in the digital space.

About Signzy

Signzy is a 'no code AI platform' for financial services. No matter how complex a workflow or operation may be, Signzy is able to completely automate the back-office operations decision-making process into a real-time API. This is possible due to a combination of Nebula — a no-code AI model builder (our product) and a Fintech API Marketplace of over 240+ APIs. Today, Signzy works with over 140 banking and financial services companies globally including the 4 largest banks in India and a Top 3 acquiring Bank in the US.

Bajaj Finserv Signs up Kwik.ID as their Exclusive Video KYC Partner

Signs partnership with Bajaj Finserv and Shinhan Bankon the back of superior product performance and quality differentiation

Kwik.ID, India’s fastest Video KYC solution announces another win by signing a partnership with Bajaj Finserv and Shinhan Bank as part of their significant growth trajectory in Q2. Kwik.ID’s solutions and impressive KYC completion rate of 85% will enable these financial services providers with convenient customer acquisitions, quicker customer onboarding and other financial operations.

Kwik.ID’s AI-powered face-match and OCR tech-backed document verification enhances the V-KYC process as it identity fraud in real-time. Moreover, Kwik.ID has made 100% RBI-compliant solution by using 7x lesser resources when compared to market standards, thus resulting in significantly high efficiencies in customer onboarding costs.

Monish Salot, Co-founder and Chief Product Officer of Think Analytics said, “It was a long and competitive evaluation processes, at the end of which Bajaj Finserv has chosen Kwik.ID as their exclusive V-KYC partner. This is a great vindication of our focus on product excellence, and flexible user-journey design. Bajaj and Shinhan as client partners further highlights the domain expertise we bring to the table, in addition to 250-300% monthly growth in volumes we have witnessed during COVID. We understand regulated entities and we build for enterprise scale and with startup agility”.

Mr. Cho Sung Bok - Director of IT India, Shinhan Bank, “We are glad to join hands with Kwik.ID as the product offers all relevant features and modules necessary to carry out successful Video and Digital KYC sessions, such as security, infrastructure and bandwidth support. We are confident that this association will drive significant operational efficiency and customer convenience improvements; we look forward to our fruitful association.” Kwik.ID has designed a seamless, user-friendly online onboarding journey for Regulated Entities, a much needed solution in these digitally demanding times. A product of Think Analytics, Kwik.ID has acquired 10+ clients this quarter, including RupeeRedee, New India Cooperative Bank, Arohan Microfinance, Zest Money, and more. 

e-KYC System of Aditya Birla Sun Life AMC Limited Onboards Over Half A Lakh New Investors during Lockdown

Aditya Birla Sun Life AMC Limited, a subsidiary of Aditya Birla Capital Limited (a significant non-bank financial services’ conglomerate), and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF) today said that there has been an increase in paperless modes of onboarding customers, with the asset manager adding over half a lakh new investors so far with its high-end video e-KYC system alone during the nationwide lockdown.

For this sophisticated technology the asset manager has partnered with Signzy, an AI powered RPA platform for financial services. The technology enables a zero-contact, paperless system that replaces the need for physical submission of KYC documents. The asset manager has already onboarded close to one-lakh investors to the mutual fund industry with video e-KYC system since its adoption a year ago.

This Artificial Intelligence & Machine Learning enabled Video e-KYC system replaces the need for document management providing an instantaneous experience. Investors can complete and submit their KYC application from the safety and security of their homes, at the same time it significantly reduces the turnaround time by speedy onboarding. With SEBI introducing the Aadhaar document & XML upload while doing KYC, the journey will get simpler and easy. Aditya Birla Sun Life AMC Limited’s application is Pre-integrated with Aadhaar XML validation. The API framework allows easy integration across multiple platforms providing a leaner and quicker way to drive synergies with partners and business. Signzy’s Video KYC is already being used to onboard thousands of customers every month by SEBI regulated institutions.

Commenting on this technology, A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC said, “The ongoing lockdown has made physical modes of submitting KYC applications inconvenient. With our already available Video e-KYC solution we have been able to win over this logistical challenge. This mode of onboarding is seeing rapid increase on a daily basis by our partners and investors. The number of registrations via Video e-KYC has more than doubled between January and April of this year. The adoption of technology across stakeholders will be central to the growth of the mutual fund industry, a need further amplified in the current environment. At Aditya Birla Sun Life AMC, with 97% of our transactions being carried out digitally during lockdown shows how our partners and customers are leveraging the tech infrastructure for ease and speed.”

Arpit Ratan, co-founder of Signzy said, “We are excited to have partnered with Aditya Birla Sun Life AMC to support their customer onboarding using our industry leading Video KYC solution. This solution is designed to cut down time and costs for onboarding new customers while simultaneously delivering much superior customer experience. It also meets the strictest infosec regulations and data security requirements. Our collective goal is to bring awareness and importance to the idea of video-KYC and normalise digital banking for the benefit of both financial services providers and their customers.”

The current KYC process involves officially valid document verification and in-person (or virtual) identity verification. This physical process is a time consuming exercise and made the onboarding experience of new investors quite cumbersome. There has been an overwhelming need to harness technology to create simpler digital versions of the KYC process. This sort of high-end technology adoption can further the consideration of mutual funds as an investment vehicle by simplifying processes.


About Aditya Birla Sun Life Mutual Fund

Established in 1994, Aditya Birla Sun Life Mutual Fund (ABSLMF), is co-sponsored by Aditya Birla Capital Limited (ABCL) and Sun Life (India) AMC Investments Inc.

Having total domestic assets under management (AUM) of close to Rs.2500 billion for the quarter ended March 31, 2020, ABSLMF is one of the leading Fund Houses in India based on domestic average AUM as published by the Association of Mutual Funds of India (AMFI). ABSLMF has an impressive mix of reach, a wide range of product offerings across equity, debt, balanced as well as structured asset classes, sound investment performance and over 7 million investor folios as of March 31, 2020.

With a pan India presence across 310 locations, ABSLMF is committed to deepening mutual fund penetration in the country. The company is ceaselessly working to enhance the appeal of mutual funds across a wider set of investors and advisors across India. Part of this effort includes introducing smart solutions, user-friendly services and conveniences which simplify mutual fund processes with digitization for both – investors as well as distribution partners. ABSLMF provides sector specific equity schemes, fund of fund schemes, hybrid and monthly income funds, debt and treasury products and offshore funds.

Fino Payments Bank Opens more than 2 Lakh Full KYC Accounts during Lockdown, Aims 2.4 lakh by end of Q1 FY21

Fino Payments Bank Limited (FPBL) today announced that it has opened more than 2 lakh full KYC CASA accounts from April to mid-June amidst the pandemic. The bank expects to end Q1 FY21 with 2.4 lakh new accounts and an overall customer base of around 2 million. 

In addition Fino’s own customer base, the bank’s network of over 4lakh points provide services to over 20 million banking customers every month. The bank’s network, 80% of which is in rural areas, facilitates more than 35 million transactions valued at over USD 1 billion per month. 

The newly opened accounts will further help increase transactions and improve footfalls at Fino points. Around 80% of the new accounts are savings while 20% are current accounts.More than 90% of the accounts are from rural India driven largely by the over 2.5 crore people who banked at Fino points during this period. 

Terming the new accounts as a reflection of customer preference and choice, Shailesh Pandey, Chief Sales Officer, Fino Payments Bank said, “A significant number of people who opened accounts have experienced digital banking and availability of cash at our points. Also, outreach through digital and social media channels helped connect with millennials who form more than 50% of our new customers. We are grateful to our customers for giving us an opportunity to service them. In line with our COVID (creating opportunities in virus infected days) strategy, we will continue to explore ways to improve banking access, build partnerships, increase transactions and enhance customer experience.” 

Direct benefit transfer (DBT) beneficiaries formed the bulk of rural customers who experienced the convenience of micro ATM and AePS based banking at Fino points. Those who opened found linkingtheFino account easier to get government benefits compared to their existing accounts. This is an endorsement of Fino’s simple account opening process where customers are banking ready. 

At Fino banking points such as kirana stores, medical shops and BPCL outlets, customers can avail of services such as cash deposit, withdrawal, money transfer, bill payments, life, health and vehicle insurance. 

Recently, Fino Payments Bank announced turning profitable at the operating level for FY19-20. It is the only standalone profitable payments bank that works solely on RBI’s financial inclusion objective by improving banking access predominantly in rural India. 

Transactions have been the driving force behind Fino Payments Bank’s operating profit journey. In FY 19-20, FPB facilitated over Rs 1 lakh crore worth of transactions, doubling on the previous fiscal’s throughput. In terms of volume, transactions have almost doubled from 195 million in FY 18-19 to over 380 million in FY19-20.

The bank continues its growth momentum in FY 20-21 amidst the COVID challenges by facilitating digital transactions and forging partnerships in its quest to bring banking closer to the masses. 

Fino Payments Bank (FPB) is the only entity in its space that has experience in providing technology enabled banking services in unbanked and under banked areas. Promoted by Fino Paytech Ltd, FPB’s ‘phygital’ approach is backed by strong Distribution, Technology and Partnership strategy that makes banking simple, convenient and paperless. It has a nationwide digitally enabled distribution network of over 400,000banking points spread across 550 districts. This includes a significant number of outlets of Fino’s strategic partner Bharat Petroleum (BPCL) and API partner network.

FPB provides banking services to its target customers using technology platforms such as Aadhaar-enabled Payment System (AePS), mPOS devices, Micro ATMs, tablet or mobile. On the digital front, FPB offers mobile banking app BPay, online account opening, Netbanking and UPI.

IDFC FIRST Bank Launches Video KYC for Online Savings Accounts

Putting customers’ safety first, IDFC FIRST Bank today announced the launch of video KYC for its online Savings Accounts opening journey. The start-to-finish digital journey makes Savings Account opening a delight, as it enables customers to complete the paperless KYC process in approximately two minutes and avail the industry’s best interest rates on savings balances.

The digital facility offers customers a branch-like experience at home, making it possible to meet bankers virtually, at a time convenient to the customer. The zero contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the KYC process.

The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact. As a Bank that is on the forefront of creating new digital experiences, IDFC FIRST has responded quickly to this evolving need, making it possible to maintain social distancing, while giving customers access to personalised human support.

Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “As a customer-focused bank, we are building digital experiences that make customers feel secure and engaged, while keeping the in-branch experience alive. Video KYC makes the online journey for opening Savings Accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the Bank to complete the process. Customers can start earning 7% interest and maximise their returns on funds held or invested anywhere else. This is especially relevant in the current times given loss of incomes and low returns offered by most other options."

The RBI-sanctioned video based KYC process for opening of online savings account allows customers to open a full-fledged savings account with no limit on maximum account balance.

When a savings account is opened online, customers are sent a user-specific video KYC link and the Bank’s representative completes the KYC on the video call. The Bank has strict controls in place to ensure security of customer data, in line with regulations.

The IDFC FIRST Bank Savings Account comes with a host of benefits such as a debit card loaded with offers, user-friendly mobile app and netbanking, WhatsApp banking, and an industry best rate of 7% on Savings Account balances above Rs. 1 lakh.

The Bank stays committed to assisting customers through their digital banking journeys and helping them transact remotely.

IDFC FIRST Bank was created by the merger of IDFC Bank and Capital First in December 2018. The Bank provides a range of financial solutions to individuals, small businesses and corporates. The Bank offers high attractive solutions for savings and current accounts, NRI accounts, salary accounts, demat accounts, fixed and recurring deposits, home and personal loans, two-wheeler loans, consumer durable loans, small business loans, forex products, payment solutions and wealth management services. Customers can choose where and how they want to bank: 464 bank liability branches, 128 asset branches, 356 ATMs and 652 rural business correspondent centres across the country, net banking, mobile banking and 24/7 toll free Banker-on-Call service.

Ameyo Launches Video KYC Engagement Platform for Banking & Finance Sector

Ameyo, an Omnichannel Customer Engagement Technology provider, today announced the launch of video-based KYC for businesses to eliminate the need for physical KYC following the latest RBI guidelines issued in Jan 2020.

Ameyos video KYC is an end-to-end solution with omnichannel capabilities of scheduling and reminding customers to complete the KYC process, thus enabling brands to reduce the drop-offs by 20%. Ameyo has 15+ years of experience in providing customer engagement solutions for over 2,000 brands across 60+ countries, including HDFC Bank, Motilal Oswal Securities, Jana Small Finance Bank, India First Life Insurance and HDFC ERGO.

Being a PCI DSS Compliant and ISO 27001 certified company, Ameyos Video KYC solution uses enterprise-grade security like AES 256 Encryption that will enable Banks, NFBC, and Mobile Wallets to be 100% compliant with RBI guidelines.

"Video KYC is an extremely important part of the customers' onboarding journey experience," says Bishal Lachhiramka, Co-founder & CEO, Ameyo. Bishal further states on how "Ameyos Video KYC brings the experience of thousands of engagement use cases and capability of Secure Enterprise delivery to its customers to reduce Drop-offs in the KYC process."

Ameyo will reduce the customer onboarding process from the current 5-7 days to less than 3 minutes with its Video KYC model, making it easy for FinTechs and Mobile Wallets to onboard customers from remote locations immediately.

"The recent pandemic has led the organizations to leverage technology and transform the business models to go remote. Ameyos Video KYC solution will not only help businesses and enterprises become RBI regulatory compliant but will also enable faster customer onboarding remotely," says Sachin Bhatia, Co-founder, and Global Sales and Marketing Head, Ameyo.

With a video-based consumer identification process, businesses can reduce their cost of operations by up to 90% by eliminating field agent travel and documentation costs. Ameyos robust monitoring dashboard will ensure an effortless verification process. The verification officer or auditor will be able to see all the KYC requests in their dashboard, which can then be managed and prioritized.

About Ameyo

Ameyo is an Omnichannel customer engagement platform that helps businesses go remote with its 6 Unique Work from Home Solutions and help them streamline their customer service, customer support, and collection processes. Ameyos robust platform is available for on-cloud and on-premise implementation with private, public, as well as hybrid instances. It has pre-built integrations with all significant industry-grade CRMs. Ameyo provides strong omnichannel capabilities of Voice, IVR, ACD, dialers, email, chat, and social media such as Instagram, Google Playstore, Twitter, Facebook & WhatsApp.

To know more, please visit www.ameyo.com.