KYC means Know Your Client. EKYC makes easier to authenticate its client identity and address details. Know your customer is a standardized process carried by an entity. These services are offered mainly for fraudulent check. It helps to get transaction done faster. KYC completion and updates different from one account to other based on banks perception of risk. It is the process of address verification and identity verification of all clients or consumers by banks, insurance companies and other institutions . Company investigate their customers and make sure he will not be in involved in any fraudulent activity.
How Jainam Software useful in EKYC Management?
Jainam Software Provides automated digital platform, that helps companies to improve operational efficiency, provides greater transparency, faster response times and better custom experience. Jainam software provides E-KYC third party service which is integrated through API . Using this service automated document verification will be done. It saves your business from fraudulent activities. So Jainam Software Plays a vital role in this service .
Steps to get document verification done.
3 Upload Documents
Step 1: Search Customer> Click on upload Documents
Step 2: On click of Upload documents> Document entry form is displayed. Upload document screen is displayed.
Step 3: Select the Document type, Enter the document number and click on Add without file. Then click on Upload all files
Step 4: If there is a file on your computer then click on browse file and select the file from your computer and click on upload all files
Step 5: The blue bar shows the completion of upload
Step 6: Search the customer> Click on the blue link which shows 3 documents
Step 7: On click of 3 Documents all the uploaded documents are visible. Click on Verify to verify the document
Digital verification of documents for customer on-boarding: requires documents of customers for example PAN card, Aadhar card, electricity bill, voter id etc. This process is paperless and presence less KYC for a compliant and Fraud free authentication.
This process includes the steps below
1: Customer fills the application
2: The Customer is asked to select document type of the NID image to be captured
3: NID image is captured/uploaded by the customer
4: OCR (Optical Character Recognition) capability automatically extracts the NID details
5: Verification and detail validation of identity is done through API’s between the extracted data and authorized agency database details
6: Customer asked to perform Facial recognition via image based KYC AND/OR Video KYC
7: Selfie clicked and uploaded by the customer to be matched with NID photo
8: Customer asked to perform actions like, blinking or face turning for liveness detection
9: If the photo matches, the system verifies and customer is on boarded successfully
10: E- KYC is completed and Verification report shared
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The Central Know Your Customer Registry (CKYC) is a centralised depository of KYC documents of customers.In Jainam software CKYC is added as a new feature to reduce the burden of submitting KYC documents for verification everytime a loan is created.
How CKYC Works in Jainam Software
When the borrower approaches the Lender for Loan. The lender fills the KYC information and these documents are sent to CERSAI and CERSAI allocates a 14 digit CKYC number. The lender would request CERSAI to furnish your documents by submitting your CKYC number.