Monday, May 11, 2020

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. 
Finazapp is a multi-tenant solution that enables our customers to extend their Aadhaar eKYC service to their partners while being in full control of the data elements that are being shared with the partner. Finazapp enables our customer to register their partners on the system and configure the data elements that can be shared with them. The system then generates a unique id for the partner. The customer then shares Finazapp SDK and partner id to their partner firms.  The partner firm can use the Aadhaar eKYC on their applications without worrying about Aadhaar data storage or compliance.

Finazapp supports various levels of data sharing configuration. For instance, a bank or an insurance company can even choose just to share the transaction status (success or failure) and transaction ID alone. This means the data remains only within the organisation alone.  They can also choose to share selective data elements like name and photo for verification during EKYC done by a partner firm.

The various features of our product  Finazapp are as follows:
  1. eKYC response fields such name,dob, address, photo etc can be configured for each vendor.
  2. Supports OTP and biometric Authentication
  3. Supports multiple Biometric devices such as Mantra, Morpho, Startek etc
  4. Partner level whitelisting of biometric devices
  5. API calling speed control for each partner.
  6. Biometric device management API for partner
  7. Automated biometric device expiry if not used for configurable number of days
  8. Limit the maximum number of biometric devices in use by each partner.
  9. Provision to enable or disable OTP / biometric authentication for each partner.
  10. Separate download API for downloading data on a later stage for each partner.
  11. Single SDK to support both production and pre-production environments.
Finazapp enables our customers to support their partners in their customer onboarding process by extending their own eKYC service.  This helps our customers to onboard more partners quickly and securely without worrying about co0mpliance and data-sharing issues.

For more details , please check out the product page of  Finazapp, our partner enablement solution for Aadhaar eKYC.

We, Finahub, are experts in Aadhaar related products and services like eSign, eKYC, Authentication,  Aadhaar Data vault and more.
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]