Saturday, April 25, 2020

Cost effective Aadhaar EKYC and Aadhaar Data Vault Solutions for Firms with AUA License

Customer On-boarding and authentication using Aadhaar EKYC is the most efficient way of getting your customers on board. You need to make sure all the regulations and norms laid out by UIDAI is followed by your organisation.  UIDAI conducts occasional external audits to ensure compliance with their guidelines and defaulters are very heavily penalised.

As we know from the past, Aadhaar eKYC and eSign solution-based customer onboarding can significantly increase the speed of customer onboarding. The firms that want to take advantage of the service will have to implement the Aadhaar services in their firms and it has a cost. The costs components can be categorized as below.
  • UIDAI License Fees
  • EKYC /Auth Software Costs
  • Initial External Audit Fees
  • Digital Keys procurement from approved CA
  • HSM (Hardware Security Module) Costs
Among this one of the major cost is the HSM (Hardware Security Module) Costs.  Following are the ways one can save costs on an HSM.

Reusing Existing Network HSM

If the enterprise already has a network HSM in place, this can be reused for EKYC solution.  So the procured digital keys will be imported to the network HSM on an empty partition and can be used for the EKYC solution.

Using Cloud HSM

Another option is to use Cloud HSM on popular hosting providers like Azure and AWS (Amazon Web Service).  The main advantage of this approach is that HSM cost will be billed per transaction mode and thus you can save on upfront investing on an HSM. This approach is ideal for enterprises who are already has a cloud environment. 

Card-based HSM

As the name suggests Card-based HSM is an electronic card which can be inserted it to you an empty slot on your data centre server. The limitation is that this can be only used from an application installed on that single server. (Not from outside as in-network HSM). This Card-based HSM is approximately 1/4 cost of a network HSM.

If you are starting from scratch then cloud-based HSM service would be the most cost-effective and scalable solution available. 

In conclusion, there must be a discussion among the stakeholders to finalize on the approach to be taken. We, Finahub, are experts in Aadhaar related products and services like eSign, eKYC, Authentication, etc. If you want to know how your enterprise can start using it, please give us a call  @ 0484 2388285 or email us at [email protected]