Face authentication for doing Aadhaar EKYC

 

UIDAI has introduced a new authentication mechanism for doing Aadhaar EKYC. Face authentication. In which the physical face being scanned for verification and matches the one which was captured at the time of enrolment. As we found this an interesting development in the echo system, we pounced into the opportunity. We have been able to develop an android application that enables a KUA for doing Aadhaar EKYC using face authentication. The success rates were unbelievably high. We have received great response from all our customer banks about implementing face auth in production(Includes SIB, Ujjivan bank etc). Few banks like Kotak have the system in place already.

Currently there are three widely used authentication methods. They are OTP based authentication, fingerprint scan based authentication and iris scan based authentication.

OTP based KYC mode is really a seamless solution that can be done on any user device whether it is a laptop or mobile without the support of any other hardware module. But this solution will only work for customers who have their mobile number linked with the Aadhaar. Unfortunately the number of people that fall into this category is minimal as of now. Another thing to note is that OTP based KYC is considered as minimum KYC not a complete KYC.

Biometric KYC is indeed considered as full KYC. It does have a good amount of success rates also. Presence of an extra hardware module is essential for this mode to work. Either a fingerprint scanner or an iris scanner. This introduces an extra cost of procuring hardware modules for each customer touch point or branch.

UIDAI's newly introduced face authentication mechanism will enable the KUA to get past those limitations. It doesn't require any extra hardware module and it will work for every Aadhaar holder. Only thing required is a camera which is there in every smartphone and tab these days.

As per the press release from Ministry of Electronics & IT, face authentication is gaining a decent enough traction clocking 10.6 million monthly transactions this may. The UIDAI in-house developed solution is being used by few banks other than state and central government departments as of now. Capturing live images makes things hard for attackers trying to intrude using video roleplay and static photo authentication.  

For more information contact us.

We, Finahub, are experts in Aadhaar related products and services like eSign, online 

KYC, 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]

How to Change Your PAN Card Address Using Aadhaar

 

Your PAN card is a vital document that you need for a variety of financial transactions. If you have recently moved, you may need to update your PAN card address. Fortunately, you can now do this easily using your Aadhaar card.

Here are the steps on how to change your PAN card address using Aadhaar:

1. Go to the UTI Infrastructure Technology and Service Ltd. portal.
2. Enter your PAN number, Aadhaar number, email ID, mobile number, GSTIN, and address update source.
3. Click on option one, Aadhaar Base e-KYC Address Update, to update the address with the help of your Aadhaar card.
4. Enter the captcha and agree to the terms and conditions.
5. Click on Submit.
6. A One Time Password (OTP) will be sent to your Aadhaar-linked email ID and mobile number.
7. Enter the OTP and click on Submit.
8. Once all the steps are followed, your residential address will be updated as per the details on your Aadhaar Card.
9. You will receive an email and text about the same on your registered contact details.

Here are some of the benefits of changing your PAN card address using Aadhaar:

• It is a quick and easy process.
• You can do it from the comfort of your own home.
• You do not need to submit any physical documents.
• You can be sure that your address is updated accurately.

For more information contact us.

We, Finahub, are experts in Aadhaar related products and services like eSign, online 
KYC, 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]

How Companies Can Save Money on Aadhaar eKYC Service

 

Aadhaar eKYC service is a fast, secure and convenient way to capture KYC information of  customers and it is available for NBFCs and BFSI companies in India. To use this service, service providers need to register with UIDAI as KUA (KYC User Agency) or Sub KUA (Sub KYC User Agency).

KUA is a direct license holder from UIDAI and can access the eKYC service directly. Sub KUA is an entity that has an agreement with a KUA to access the eKYC service through them. Sub KUA pays a fee to the KUA for using the service.

If you are a BFSI (Banking, Financial Services and Insurance) company in India, you may be part of a group of companies that offer various products and services to your customers. For example, you may have a bank, an insurance company, a mutual fund company and a housing finance company under your group.

In such a case, you may want to use Aadhaar eKYC service for all your group companies to streamline your customer verification process and reduce your operational costs. However, registering each of your group companies as KUA can be costly and time-consuming. You will have to pay a license fee, a security deposit and an annual maintenance fee to UIDAI for each KUA registration.

A smarter way to save money on Aadhaar eKYC service is to have one of your group companies as KUA and the rest as Sub KUA under them. This way, you will only pay one license fee, one security deposit and one annual maintenance fee to UIDAI for the KUA registration. The rest of your group companies can access the eKYC service through the KUA by paying a nominal fee per transaction.

This scheme has many advantages for your group companies:

• You can leverage the existing infrastructure and technical expertise of the KUA for accessing the eKYC service.
• You can avoid duplication of efforts and resources for registering multiple KUAs with UIDAI.
• You can reduce your operational costs and increase your profitability by paying less fees for using the eKYC service.
• You can enhance your customer experience and satisfaction by offering them a seamless and hassle-free verification process using their Aadhaar number.
• You can comply with the regulatory norms and guidelines for KYC verification using Aadhaar.

To implement this scheme, you will need to follow these steps:

• Choose one of your group companies that has the highest volume of customer verification transactions as the KUA.
• Apply for the KUA registration with UIDAI by submitting the required documents and fees.
• Sign an agreement with UIDAI for accessing the eKYC service as per the terms and conditions.
• Sign an agreement with each of your group companies that want to become Sub KUAs under you.
• Provide them with the necessary technical support and training for accessing the eKYC service through you.
• Monitor and audit their transactions and compliance with UIDAI’s rules and regulations.

By following this scheme, you can save a lot of money on Aadhaar eKYC service and improve your business efficiency and customer satisfaction.

For more information contact us.

We, Finahub, are experts in Aadhaar related products and services like eSign, online 
KYC, 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]

 

UIDAI reduces License fees for eKYC (KUA) services to 5 Lakhs for 2 years. Also offers free preproduction period for New AUA / KUA 's

 

 

The Unique Identification Authority of India (UIDAI) was charging license fees of 20 lakhs for 2 years for Authentication User Agencies (AUAs) and e-KYC User Agencies (KUAs). However, after receiving feedback from entities performing fewer authentication transactions and having a small capital structure, UIDAI has decided to review their license fees and they have reduced it considerably based on transaction counts.

AUAs performing up to 5 lakh transactions per year will be charged Rs. 5 lakh for 2 years, 

AUAs performing from 5 to 20 lakh transactions per year will be charged Rs. 10 Lakhs for 2 years, 

and for AUAs performing more than 20 lakh transactions per year will be charged Rs. 20 Lakhs for 2 years. 

Additionally, newly onboarded AUAs will be granted free access to the pre-production environment for the first three months, but if they fail to move into production within the given time frame they will have to pay the pre-production license fee of Rs. 5 lakh. Furthermore, at the time of subsequent renewal if the entity is found to have performed higher number of transactions, then the differential will be recovered along with interest. This revised license fee policy will come into effect from July 1, 2023.

 

For more information contact us.

We, Finahub, are experts in Aadhaar related products and services like eSign, online 
KYC, 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]

 

10 Simple Steps You Need to Know to Download Adhaar Using Whatsapp

 Meta Description: Are you confused about how to download Aadhaar via DigiLock services using Whatsapp? Here are all the essential steps you need to follow

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Are you scared of misplacing your Aadhaar while travelling or being unable to trace it amidst unorganised files during an emergency? You don't need to worry about it anymore. Accessing your adhaar is simpler now than you ever thought. The Government, in an attempt to make Digilocker services more accessible and hassle-free, has collaborated with the instant messaging app Whatsapp. You can now avail of Digilocker services via WhatsApp to download your adhaar. This article outlines the easy steps to download and avail of the adhaar eKYC service successfully.

Why Sub KUA based Aadhaar eKYC is game changer for small and medium scale NBFCs

 Meta Description: How Sub KUA based Aadhaar eKYC is providing a level playing field to small and medium scale NBFCs to compete with larger players in providing better customer on boarding and shorter loan dispersal time

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Aadhaar eKYC has been a game-changer for non-banking financial companies (NBFCs). The 12-digit unique identification number issued by the Indian government to all citizens of India, Aadhaar has revolutionized the way NBFCs have been doing business since its implementation.

The use of Aadhaar eKYC has enabled NBFCs to quickly and securely verify the identity of their customers as well as process their loan applications. This has helped NBFCs to reduce the time taken to process a loan application, which in turn, has enabled them to serve more customers in a shorter period of time. Additionally, it has helped to reduce the paperwork involved in the loan application process. This has resulted in the reduction of costs associated with document collection and verification, which has allowed NBFCs to pass the savings on to their customers.

Aadhaar eKYC has also enabled NBFCs to build trust with their customers.  NBFCs are able to quickly and securely verify the identity of their customers and thus, reduce the risk of fraud and money laundering. This has enabled NBFCs to build trust with their customers, which in turn, has helped to increase their customer base.

Finally, Aadhaar eKYC increases the operational efficiency of the NBFC. NBFCs are able to quickly and securely verify the identity of their customers. This reduces the risk of fraud and money laundering, which helps to reduce the cost of operations. Additionally, NBFCs are able to reduce the time taken to process a loan application, which in turn, has enabled them to serve more customers in a shorter period of time.

With Sub KUA registration, small and medium scale NBFCs and Co-Operative Banks can now take advantage of the benefits of Aadhaar eKYC and on board customers with less paper work. Sub KUA registrations fees are less than 10% of KUA registration fee making it a viable option for small and medium scale NBFCs. Thus it provides a level playing field for smaller players to compete with bigger rivals in providing faster customer on boarding and shorter loan dispersal times.  

In conclusion, Aadhaar eKYC has revolutionized the way NBFCs have been doing business since its implementation. It has enabled NBFCs to quickly and securely verify the identity of their customers, reduce the time taken to process a loan application, access a larger pool of potential customers, and increase their efficiency. NBFCs are able to build trust with their customers and reduce the cost of operations, which has allowed them to pass the savings on to their customers.

For more information contact us.

We, Finahub, are experts in Aadhaar related products and services like eSign, online 
KYC, 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]

 

Aadhar eKYC: A Convenient & Secure Solution for Co-operative Banks

        

Meta Description: Want to learn the importance of eKYC for a faster banking process? Here's how eKYC enables co-operative banks to process quick transactions and customer-related services.

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 KYC (Know Your Customer) is one of the easiest ways to verify a customer's identity and address. Customers must complete their eKYC to open their bank account, investment account, fixed deposit, or any other bank-related account. eKYC through Aadhar is the fastest process way of customer verification. 

In the guidelines by the central authority, co-operative banks are authorized to process eKYC via customer Aadhar number. The reason behind processing eKYC is to ensure the customers are involved in fair transactions or fair online dealings rather than in contact with any illegal financial group. Additionally, in the updated eKYC Aadhar process using Sub-KUA(Sub- KYC User Agency) mode, co-operative banks won't require documentation paperwork or signatures but will follow biometric information.

Types of eKYC Available

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There are two types of eKYC available: online & offline.

Online Mode

This includes the following:

• Biometric authentication - The customer has to scan their finger or eyes on the biometric scanner to provide their biometric data to UIDAI database.
• OTP Based verification - In the process customer submits the OTP, which is sent to the Aadhar card number for verification.

Offline Mode

This includes the following:

• QR code authentication - Here, the verifier scans the QR code printed on the back of the Aadhar card of the customer.
• Aadhar XML file - In this process, the customer has to download an XML file with their registered information and submit it to the verifier. 

Recently, the Unique Identification Authority of India (UIDAI) has enabled co-operative & NBFCs under KUA & Sub-KUA registration to process eKYC authentication for faster customer Aadhar verification.

Aadhar eKYC: More Efficient & Secure

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All co-operative banks, with certificate from the Registrar of Cooperative Society of the respective state can use the e-KYC authentication process once they register with UIDAI as a Sub KUA. They can collect eKYC data from the Aadhar card holder by doing Aadhaar authentication using finger print scanning or OTP.  The advantages of using Aadhaar eKYC for co operative banks are the following:

Quick Verification

• With the eKYC authentication facility, customers can instantly verify themselves at authorized KUA using their Aadhar card number. Unlike basic KYC, eKYC verifications don't consume 10-20 minutes of customers during verification. Additionally, it has reduced operating costs and improved efficiency.

Paper Free Process

• As mentioned, the eKYC process doesn't require physical document submission for customer verification. The Sub KUA verifies the customer's identity based on the Aadhar database. While it reduces dependencies on paper, it also encourages customers to complete authentication in a single attempt. 

Biometric Security

• The advanced biometric technology tightens the security measure for KYC verification. Since UIDAI only use temper-proof data on its server, it protects its customer identity. It reduces security breaches and only allows access to Aadhar card holders or service providers.

Impact of Aadhar eKYC on Co-operative Banks

• Co-operative banks must request higher authorities to use KUA authentication. Once Sub-KUA registration is finished, banks can perform eKYC authentication and share specific information or data of Aadhar card holders with the central agency. The eKYC authentication facility for co-operative banks has positively impacted the banking sector.

Banks can verify their customer data, transactions, and additional processes faster with eKYC. Since biometric technology is available, customers don't need to bring identity verification documents to banks. Additionally, KUA does not store Aadhar card data; instead, they share it with authorities/service providers. Hence, stored data in the online server is only visible to service providers and registered Aadhar holders.

To Sum Up

Verification through eKYC authentication is the fastest way of Aadhar verification. Nowadays, every large banks and NBFCs follow the eKYC authentication servers to process and open an account, fixed deposit, or other services. It is a revolutionary attempt to make the banking process stronger, more efficient, and hassle-free. 

Ref Link:

https://uidai.gov.in/images/resource/Compendium_August_2019.pdf