What are the 4 standardised KYC process that will ease your investments?

Amidst the COVID 19 pandemic lockdown, the Government of India and the SEBI (Securities and Exchange Board of India) that regulates the capital market has decided to ease the norms of KYC.  According to the new ruling, a simple and standardized KYC process has to be adopted by the banks, NBFCs and other financial agencies.

How to implement Offline Aadhaar eKYC?

On boarding customers fast is one of the key goal of every business. Many entities in the Fintech sector are mandated to do KYC for every customers. In this days of Covid-19 doing KYC by physically sending people to doorstep is not practical. The best cost effective way to do this is by using Offline EKYC solution.
Offline Aadhaar eKYC Solution enables all organisations to take advantage of Aadhaar eKYC service without having to go through the process of KUA registration. The service is available for all organisations of any size. UIDAI has provided a website for Aadhaar holder to easily download their KYC data securely and share it with companies for account opening.

Our product Offline EKYC Solution is a turnkey product which can be integrated on your existing web / mobile applications.

Process Flow

How to share Aadhaar eKYC service with fintech partners, insurance brokers, subsbrokers etc without compromising data security

Most of the major Insurance companies, Banks, Stockbrokers, NBFC, etc relay on partners firms such as insurance brokers, banking correspondents, sub-brokers, fintech startups,  etc. for onboard new customers. Usually, the KYC data of the customers are collected by these partners and shared with the major BFSIs. With more BFSI companies getting back their access to Aadhaar eKYC service, we look at how partner-based customer onboarding can be done via Aadhaar eKYC.

Aadhaar EKYC is the most efficient way of onboarding customers, but there are restrictions laid down by UIDAI for sharing EKYC API's with partners.  As per UIDAI, the Aadhaar authentication can only be performed by the company that is registered as KUA even when the customer is onboarded by a partner firm that is interfacing the customer. The ideal way to handle the situation is for the organisation is to have a website hosted or a signed mobile SDK that is made available to its partners for Aadhaar authentication. At Finahub, we have taken this a step further by providing data sharing control to the organisation so that they can determine which KYC data elements are getting shared with their partners. 

Insurance, securities entities to use Aadhaar authentication services under PMLA

The Department of Revenue operating under the Finance Ministry of India has now granted permission to 29 Insurance companies and 9 securities and stock entities to make use of the services of Aadhaar authentication provided by the UIDAI (Unique Identification Authority of India). This will make real-time eKYC (Electronic Know Your Customer) possible for these companies. However, the customer doesn't need to choose Aadhaar authentication services. When your PAN card details are being submitted you have the freedom to not undertake Aadhaar authentication.