April 2023

Introduction 

For business owners in India, Udyam registration (UR) offers a quick and simple online process to avail of government benefits and subsidies. However, to ensure the authenticity of their Udyam registration certificate, they need to follow the Udyam verification process.

Fortunately, the Udyam verification process is easy and can be completed online. By verifying their Udyam registration number and details provided in the certificate, business owners can confirm the accuracy of the information provided during the registration process.

This blog aims to guide business owners through the Udyam verification process and provide valuable information about the benefits of Udyam registration. By the end of this blog, readers will clearly understand how to verify their Udyam registration certificate and take advantage of the government benefits and subsidies available to them.

So, for all the business owners in India, this blog is a must-read to ensure the authenticity of their Udyam registration certificate and make the most of the benefits offered by the government. Let’s explore the world of Udyam verification and registration all together!

What exactly is “Udyam Registration”?

Udyam registration is a procedure that allows individuals who wish to form businesses to register their businesses. Here are some important aspects of this process:

• Upon completion of the registration procedure, individuals receive a Udyam certificate as evidence of registration.
• Udyam registration was initiated in 2020 to foster an entrepreneurial spirit and support India’s MSMEs (micro, small, and medium-sized businesses).
• The registration process for Udyam is noticeably less complicated than registering for any other kind of business. There is no requirement to present any papers, certifications, evidence, or other documentation.
• The Udyam registration process is entirely free, so there is no need to pay any registration fees.

Overall, registering your business with Udyam is a straightforward, cost-effective process that provides official documentation of your company’s registration. These changes have made it easier for individuals to start their businesses and contribute to the growth of the Indian economy.

Why Should One Register for Udyam?

Completing Udyam registration has many benefits, making it a worthwhile process for individuals wishing to establish a business. Why you should consider completing Udyam registration, here are the reasons:

• No fees: Unlike other methods of registering a business that involves paying fees, Udyam registration is completely free. Additionally, you are not required to pay any fees once the certificate expires.
• Fully online: The registration process can be completed online through the official portal at https://udyamregistration.gov.in/Government-India/Ministry-MSME-registration.htm. You can provide scanned copies or digital copies of any required documentation.
• Simpler licensing: Once you have a Udyam certificate, obtaining additional licenses for your business becomes easier. The process is also simpler because the government has already verified your business.
• Increased creditworthiness: Your business’s creditworthiness increases once you have applied for Udyam registration. It can make applying for business loans or other tenders and applications easier.
• Reduced cost: Udyam registration can also make your business eligible for reduced fees when filing patents or copyrights.

Overall, completing Udyam registration is a simple and cost-effective way to establish your business and gain access to various benefits and opportunities that can contribute to the growth and success of your business.

How to do Udyam Verification with Udyam Aadhaar Verification APIs

Udyam Aadhaar Verification is a critical process for businesses in India to avail of various government schemes and benefits. Fortunately, the process has become more manageable using Udyam Aadhaar Verification APIs. Here is a step-by-step process on how Udyam Aadhaar Verification APIs simplify the verification process: 

1. Provide Udyam Aadhaar Number: To initiate the process of Udyam Aadhaar Verification, businesses need to provide their unique 12-digit Udyam Aadhaar Number assigned by the government of India to Micro, Small and Medium Enterprises (MSMEs).
2. Enable Customers or Partner Businesses to Enter Udyam Aadhaar Numbers: Businesses can enable their customers or partner businesses to provide their Udyam Aadhaar Numbers directly in place of the document, making the verification process simpler and quicker.
3. Get Verified Udyam Details: The Udyam Aadhaar Verification API verfies the validity of the Udyam Aadhaar Memorandum, verifies all the business data associated with the Udyam Aadhaar Number and returns MSME Business Details from the Udyam Verification portal.
4. Access Verified Enterprise Details: The Udyam Aadhaar Verification API provides access to verified business details such as Enterprise Name, Enterprise Type, Major Activity, Registered Address, Enterprise Plant Details, Registration Date, Mobile Number, Email Id, and NIC Codes related to the business.

API based verification fastracks the business verification process while maintaining accuracy. 

The Importance of Udyam Registration for MSMEs in India

Udyam registration provides various utilities for businesses seeking government benefits and subsidies. Here are some ways in which Udyam registration can be beneficial:

Lending:

• Verifying businesses/entities with a high risk of fraud becomes paramount in banking, finance, and retail. Udyam certificate verification helps lending institutions validate the authenticity of enterprises and reduce the risks associated with financial and reputational damage.
• By verifying Udyam registration, lending institutions can make profitable deals and prevent unreliable borrowers from damaging their financial standing.

Merchant/Business Partner Onboarding:

• E-commerce or aggregator companies must onboard MSME merchants or entities on their platforms. Udyam Aadhaar verification assures businesses that they are dealing with a genuine business partner that would not cause unforeseen risks or threats in the future.
• By ensuring that their business partners are registered with Udyam, e-commerce or aggregator companies can reduce the risks of dealing with fraudulent businesses and protect their reputations.

Conclusion 

Udyam verification is vital for the growth of MSMEs in India. Udyam Registration assigns a unique identification number to businesses, facilitating access to government schemes and benefits. Udyam Aadhaar Verification APIs simplify the process, allowing businesses to focus on growth without paperwork.

Udyam Registration not only provides access to loans, subsidies, and other government schemes, but also helps MSMEs establish partnerships with ease. As the MSME sector continues to grow, Udyam Verification and Registration will remain essential in supporting and promoting business growth in India.

Introduction

As a business proprietor or recruiting manager, you recognise the importance of bringing in exceptional employees. However, the hiring process can be time-consuming and challenging, and it’s essential to make sure that you are making informed decisions. One crucial aspect of the hiring process is conducting criminal record checks on potential employees.

Hiring someone with a criminal record can have severe consequences for your business, including damage to your reputation, decreased employee morale, and even legal liability. 

This article will cover all you need to know about doing criminal background checks as part of your recruiting process, as well as what to expect from these types of investigations.

What is an Employee Background Check?

An employee background check is a process of screening and investigating an individual’s criminal, financial, and commercial records. This practice is essential for organizations looking to hire employees for positions of trust. Having a company specializing in employee background verification help ensure that a candidate has a clean history and is the right fit for the job.

The types of background checks conducted may vary depending on the job requirements. For instance, when hiring an accountant, an organization will conduct a financial background check to ensure the candidate has no history of financial misappropriation. Similarly, a driving records check may be conducted for hiring a driver to verify their driving history.

Understanding the Ins and Outs of Employee Background Checks

Companies often perform background checks on candidates to ensure a secure and trustworthy work environment. In some cases, organizations can conduct these checks in-house; however, if they choose to utilize a third-party screening company, they must request written consent from the candidates. Failing to hire a candidate based on the findings of these checks necessitates providing an adverse disclosure statement, which includes a copy of the report and information on disputing it.

Here are five critical components of an employee background check:

1. Employment History Verification 

Employers confirm the accuracy of the candidate’s resume by verifying their employment history. This process includes collecting information about past positions, durations, accomplishments, salaries, and colleague relationships.

2. Social Security Validation 

Validating a candidate’s Social Security number helps confirm their identity, full name, aliases, birth date, and previous addresses.

3. Credit Report Review 

A candidate’s credit report is particularly important for positions involving financial responsibilities. Companies must obtain consent from prospective employees before accessing their credit reports, as mandated by the FCRA.

4. Criminal Record Check 

Criminal record checks vary by state but generally encompass an individual’s history of arrests and convictions. This information is crucial for positions requiring trust and security.

5. Legal Working Status Confirmation 

Employers verify a candidate’s legal working status to ensure compliance with government regulations and avoid employing workers without proper permits. This check is especially critical for jobs requiring resident workers.

Navigating the Landscape of Criminal Background Checks for Employers

Hiring the right candidate involves more than evaluating their skills and experience; it’s also about ensuring the safety and integrity of your workplace. Partnering with a professional background screening company can streamline the process and reduce negligent hiring liability.

Here’s what you can expect from a comprehensive background check:

1. Instant Criminal Records Searches

Background screening verification companies offer instant criminal record searches, revealing crucial information about potential hires. These searches highlight convictions for crimes like fraud, assault, and drug-related offences, as well as distinguishing between felonies and misdemeanours.

2. In-Depth Criminal History Investigations

Beyond basic background checks, a thorough records search can provide valuable insights not typically available through instant searches. These deeper investigations can help you make more informed hiring decisions, especially for positions involving vulnerable populations.

3. National and State-level Records Checks

Working with a background check provider that searches both county and state-level records ensures you have access to the most extensive information possible. This approach is particularly crucial when hiring employees who interact with children or elderly adults, as it helps maintain safety and protect your company’s reputation.

Why Every Company Must Prioritize Criminal Background Checks

A company’s success and reputation hinge on its workforce. Ensuring the integrity and quality of new hires is paramount to long-term growth and security. To that end, conducting criminal background checks should be a cornerstone of every organization’s hiring process. By partnering with a professional background screening firm, businesses can access comprehensive and accurate information about applicants’ criminal history. This essential step in recruitment brings several critical benefits to the table.

Fostering a Safe and Secure Workplace

A thorough criminal background check safeguards the work environment from potential threats. It unveils any history of criminal behaviour, such as theft, burglary, or drug and alcohol-related offences. By excluding candidates with criminal records, companies can cultivate a secure and productive atmosphere for their employees.

Ensuring Trust and Honesty

An applicant’s criminal history speaks volumes about their integrity and trustworthiness. A clean background check reflects a candidate’s dedication to upholding ethical standards, instilling confidence in their future role within the organization.

Mitigating Liability and Risk

Negligent hiring can lead to lawsuits, fines, and reputational damage. Implementing criminal background checks as a standard practice can significantly reduce these risks by identifying applicants with a history of problematic behaviour before they join the company.

Improving Hiring Quality

When employers screen applicants for criminal records, they enhance the overall caliber of their workforce. By handpicking only the most reliable and trustworthy individuals, companies can secure a competitive edge in their industry.

Reducing Losses from Employee Theft

Employee theft can be a significant financial drain on a business. Conducting criminal background checks as part of the hiring process helps deter potential offenders from infiltrating the company and ensures a safer and more honest working environment.

Using Technology for Court Record Verification

Integrating criminal background checks into the hiring process is not only a wise but a necessary move for companies seeking to uphold their brand and guarantee a safe, secure, and thriving workplace. Relying on a reputable background verification company that can access Indian civil and litigation databases along with India crime watchlist to provide timely and thorough criminal record searches to  empower businesses to select the most suitable candidates, maintain high employment standards, and ultimately achieve lasting success.

AuthBridge being the one of the largest background verification company in India uses its AI-enabled authenticatng solutions to run court record verification combined with police verification to confirm existence/non-existence of a candidate’s criminal records at the provided address by searching criminal court records of the relevant District Court, that State’s High Court, the Supreme Court of India (mostly judgements) via the online database check. AuthBridge will also run the candidate’s name past various criminal watch-lists released by state police and the Central Bureau of Investigations in the public domain

A robust and technology-first background verification company is the best choice to run criminal record and police verification checks for employees. Thus, safeguarding your organization from fraud while ensuring the security of your workforce.

Having a robust, intuitive, and customisable employee onboarding platform is a prerequisite in today’s age for hiring ‘new age talent’ and ensuring a ‘great recruiting experience’. With the all-new and refreshed product iBRIDGE 2.0, our next-generation background verification platform, we intend to streamline the hiring challenges in today’s processes and ensure seamless candidate onboarding.

From activating candidate verifications in seconds to keeping tabs on the documentation status with a single click to getting custom verification reports, iBRIDGE 2.0 is all you need for an enhanced and hassle-free onboarding experience. 

Read: iBRIDGE 2.0: Top 10 Features You Need To Know For Seamless Employee Onboarding 

We recently added the latest upgradation in the reporting module to offload the HR team’s administrative burden with multiple customization capabilities, deep dive into every verification progress status, and make effective decisions.

iBRIDGE 2.0 Reporting Module – What’s New?

In this new reporting module, HR teams get multiple trackers in the ‘BGV Reports’ ‘Operational Report’ tabs. There is an additional tab for ‘Custom Reports’ in the platform so that clients can get customized reports to track the progress bar of the cases as per their convenience and verification requirements.

• Operational Reports: In operational reports, you can keep tabs on the pending reports that have not been migrated to the BRIDGE due to multiple reasons (mentioned below). You just need to select the report type to download or schedule the report as per your requirement.

• Pending Forms: When the case is initiated but pending at the candidate’s end

• Login Expired: Candidate login expired

• Sign-Off Pending Case: The background verification checks have been completed and final sign-off is awaited from the recruitment team 

• BGV Reports: Customize the reporting module to track what you want. Just need to select the report type to download or schedule the report as per your requirement. Below is the list of few of the trackers:

• Checkwise Reports: Get checkwise ‘status’ reports for all cases
• Case Summary Reports: Fetch case summary details for all the submitted cases
• Work-in-Progress Report: Fetch all the ‘work-in-progress’ cases and checkwise reports of your candidates
• Insuff Report: Report for all the raised verification insufficiencies 
• Insuff Calling Reports: Get detailed reports against the insufficient calling
• Non-Green Tracker: Non-green tracker for closed cases
• Cost Approval: Get a detailed report on all cost approval cases
• On-hold case reports: Get a detailed overview of all the cases that are on-hold
• CS Hub On Hold Insuff Reports: Get a detailed report on CS Hub On Hold Insuff

• Custom Reports: With iBRIDGE 2.0, you will get a new tab ‘Custom Reports’ so that you can enjoy the flexibility of customized reports and track what matters without the chaos of unnecessary parameters. Based on the metrics you want to monitor, you can receive and send the reports that make it easier to analyse data and identify patterns and anomalies that may be missed with standard reports. 

This all-new and exclusive feature will provide you with a more personalized, accurate, and actionable view of the data, which can lead to better decisions and faster onboarding.

‘Custom reports’ to Track What’s Important for You

• Improved decision-making: More detailed and relevant information based on the key metrics you want to track, leading to informed and effective decision-making.
• Increased efficiency: Custom reports can be automated and streamlined, reducing the time and effort to corroborate and analyze data.
• Better communication: Custom reports help you present data in a way that is easy to understand and share with others, which means improved communication and collaboration within an organization.

Apart from pre-integrated report templates for faster processing and complete visibility of verification cases, you can set up reports to run daily, weekly, or monthly and send the results automatically to all stakeholders. 

Stay updated on the progress of each verification case and filter out the information by choosing from the pre-built report templates or simply customizing reports as per the requirement and relevancy.

Also Read: iBRIDGE 2.0 – The Next-Gen Background Verification Platform

iBRIDGE 2.0 is a new and improved version of iBRIDGE, AuthBridge’s flagship employee onboarding and background check platform launched by the company in 2019. It is the next-gen background verification platform that will enable companies with seamless candidate onboarding and verification experiences for candidates.

For more information, contact us at sales@authbridge.com

Introduction

Know Your Customer (KYC) is a process of verifying the identity of customers to prevent financial crimes such as money laundering, terrorist financing, and identity theft. KYC is mandatory for banks, insurance companies, mutual funds, and other financial institutions to comply with regulations and mitigate risks.
Video KYC is a technology-driven solution that has revolutionised the KYC process by allowing customers to complete the verification process remotely. Video KYC offers a faster and more convenient way of performing KYC checks, eliminating the need for physical documents.
The global e-KYC market is expected to reach USD 1,568.95 Million by 2027, growing at a CAGR of 23.4% during the forecast period from 2020-2027. The increasing adoption of digitalization and the rising demand for efficient KYC processes are the key factors driving the growth of the e-KYC market.

Exploring the Functioning of Video KYC: A Tentative and Informative Perspective

KYC (Know Your Customer) is a process that banks and financial institutions use to authenticate customer identities. Video verification offers a more efficient and secure alternative to traditional methods, which explains its growing popularity among institutions.

How to do Video KYC

Step 1: Registration

To access bank accounts, loans, and insurance policies, banks now mandate customer registration for various purposes, including ID verification and loan applications. Registration is essential for maintaining trust and security during the customer onboarding process. Video KYC enhances the customer experience by making onboarding faster.

Step 2: Profile Input

Banks collect profile information by gathering essential details, such as customer names, security numbers, contact numbers, and addresses. Video KYC has become one of the most efficient and secure ways of conducting KYC due to its numerous advantages, including speed, convenience, accuracy, scalability, and compatibility with advanced mobile money solutions.

Step 3: Face-to-Face Virtual Call

Video KYC enables identification through video footage rather than solely relying on photo IDs. This technology has transformed how bank officials verify customer identities, making it so reliable that many banks now consider it their primary method of identity verification. Video KYC is not only less time-consuming and expensive, but it also minimizes the risk of fraud or personal data misuse by customers.

Step 4: Verification

Bank executives can virtually verify customers by examining physical documents during a call. Customers must present all necessary physical documents, such as address proof, ID proof, and security numbers, to finalize the verification process.

Advantages of Video KYC Adoption

Bank executives can virtually verify customers by examining physical documents during a call. Customers must present all necessary physical documents, such as address proof, ID proof, and security numbers, to finalize the verification process.
Advantages of Video KYC Adoption
The integration of video KYC as a preferred customer authentication method has brought numerous benefits to various financial sectors. Here are some of the specific advantages for banks, insurance companies, mutual funds, and Non-Banking Financial Companies (NBFCs):

Banks

Streamlined account opening

Video KYC for banks simplifies and expedites the account opening process by eliminating paperwork and reducing manual input.

Enhanced security

Banks can better secure customer data and reduce the risk of fraud by implementing video KYC, which uses advanced technologies such as AI and liveness detection.

Improved compliance

The adoption of video KYC enables banks to better adhere to regulatory requirements and minimize the risk of non-compliance penalties.

Insurance Companies

Accelerated policy issuance

Video KYC for insurance companies reduces the time required for customer verification, leading to faster policy issuance and improved customer satisfaction.

Lower operational costs

By implementing video KYC, insurance providers can reduce the expenses associated with traditional verification methods, such as physical document storage and manual processes.

Better customer retention

The ease and convenience of video KYC increase policyholders’ satisfaction, thus promoting loyalty and retention.

Mutual Funds

Quicker onboarding

Video KYC for mutual funds streamlines the investor onboarding process, providing a seamless experience for new clients.

Wider reach

With video KYC, mutual funds can cater to a broader audience, including investors in remote areas, who may not have easy access to physical branches or documentation centres.

Enhanced investor engagement

By reducing barriers and simplifying the authentication process, video KYC fosters increased engagement and satisfaction among investors.

NBFCs

Expedited loan processing

Video KYC for NBFCs enables faster identity confirmation and document verification, resulting in quicker loan processing times.

Strengthened data security

NBFCs can mitigate data breaches and identity theft risks by leveraging the cutting-edge technology provided by video KYC.

Improved compliance and risk management

Adopting video KYC helps NBFCs comply with regulatory requirements and manage risks more effectively, minimizing potential non-compliance penalties.

The advantages of video KYC for banks and financial institutions are evident – it is quicker, more straightforward, and safer! By employing video technology, institutions can authenticate customer identities using biometric parameters such as facial recognition and retinal scanning.

Contrasting Video KYC with Traditional KYC: Understanding Key Differences

Speed and convenience

• Traditional KYC: Manual customer identification programs can take weeks, leading to customers abandoning the process mid-way.
• Video KYC: A digital version that is faster, more secure, and cost-effective, delivering real-time results.

Paperwork and processing

• Traditional KYC: Requires physical document submission and involves a cumbersome paperwork process.
• Video KYC: Eliminates paperwork, streamlining the verification process through digitization.

Customer onboarding

• Traditional KYC: Customers must visit the company physically to submit identity documents, leading to delays in account opening.
• Video KYC: Allows customers to register and onboard remotely, significantly improving convenience and efficiency.

Security and risk assessment

• Traditional KYC: Faces potential security lapses and higher risk due to manual handling of sensitive customer data.
• Video KYC: Provides a more secure process by leveraging advanced technology, ensuring better risk management.

Role of Verification in the Video KYC Journey

Enhancing the efficiency and security of customer onboarding with digital verification techniques:
Identity Verification: In the Video KYC procedure, consumers must provide legitimate government-issued IDs like Aadhaar or PAN cards, which are checked using sophisticated optical character recognition (OCR) technology to reduce fraud.

Identity Verification

In the Video KYC procedure, consumers must provide legitimate government-issued IDs like Aadhaar or PAN cards, which are checked using sophisticated optical character recognition (OCR) technology to reduce fraud.

Liveness Detection

Blink testing, facial tracking, and motion analysis are used to verify the customer’s presence during the Video KYC session to avoid identity theft and unauthorised access.

Geolocation Verification

It is used to comply with regulatory standards and provide easy onboarding for qualified consumers.

Secure Data Storage

As customer data is sensitive and requires stringent security measures, Video KYC service providers implement robust data encryption and secure storage solutions to protect against unauthorised access and data breaches.

Compliance with Regulations

Video KYC reduces the risk of non-compliance fines and maintains financial ecosystem confidence by automating the verification process.

AuthBridge excels in streamlining KYC processes for financial institutions by offering comprehensive Video KYC solution, leveraging advanced AI-driven verification and innovative liveness detection techniques. By employing geolocation validation and robust compliance management, AuthBridge ensures an optimised onboarding experience that adheres to regulatory standards, mitigates risks of fraud, and strengthens trust in the financial ecosystem.

Conclusion

The shift from traditional KYC to video KYC presents a promising future for banks, financial institutions, and businesses dealing with money. The benefits of this digital transformation are evident in its increased efficiency, reduced costs, enhanced security, and improved customer satisfaction. As technology continues to evolve, the scope of video KYC will likely expand further, incorporating even more advanced features to optimise the verification process. Thus, arising the need for a technology partner that offers KYC solutions for BFSI sector to make the verification and onboarding journey faster and smoother. Embracing video KYC’s potential not only streamlines the customer onboarding experience but also supports a thriving, secure, and compliant financial ecosystem, ultimately leading to a brighter and more progressive future for all stakeholders involved.

The Ministry of Electronics and Information Technology (MEITY) introduced ‘new online gaming rules’ on 6th April 2023 suggesting amendments to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 addressing key proposals like self-regulatory body(SRBs), mandatory know-your-customer norms, and a grievance redressal mechanism.

The government started with an initial framework to regulate Real Money Gaming (RMG), which has now evolved into a framework that can regulate the entire online gaming ecosystem for wagering and child addiction. The gaming industry hails the government’s bid to curb misinformation calling it the first step in the direction of recognition of the online gaming market in India. With a huge market potential in India, the framework will help startups/innovators in the gaming industry while prohibiting wagering or betting.

What is an online gaming intermediary?

An online game is one that “is offered on the internet and is accessible by a user through a computer resource. An “online gaming intermediary” means an intermediary that offers one or more than one online game.

What is a Self-regulatory Body (SRB)?

SRB is a non-government self-regulatory body created to facilitate a safer gaming experience.
An SRB will have gamers, child rights representatives and educators. These SRO will evolve to work on ways to allow or deny permissions based on the guidelines in order to prohibit wagering and stop child addiction. These SROs will also safeguard users against the risk of gaming addiction, financial loss and financial fraud.

What should a gaming company needs to do?

• Ensure a robust KYC mechanism for all the players
• Ensure registration with a self-regulatory body
• Random number generator and no bot certificate for fair practices
• Appointment of a compliance officer, nodal officer and a grievance officer
• Inform the users of rules and regulations, privacy policy, refund and withdrawal policies
• Clear terms of distribution of winnings and fees or other charges payable by the user

Impact of these new gaming rules

The introduced rules and regulations are bound to shape the future of the gaming industry in India. This change will be a boost for entrepreneurs and startups to reach their full potential. Here are the 5 things we can expect:

• Recognition: The gaming sector will have its much-due recognition as a key industry with a huge market potential.
• Consistency: With this move from the central government, the rules will clear the air around rules which earlier varied from state to state.
• Fairplay: Installation of SROs in the framework will help companies abide by compliance around AML, player KYC, and reward distribution. 
• Wagering: These rules will clearly set apart the games under the purview of wagering and will help differentiate between permissible games vs not permissible ones.

How is the industry responding to these rules?

Moneycontrol with Trivikraman Thampy (games 24*7)

• These rules set apart legit games from untrustworthy ones for the customers.  
• Illegal and harmful games, operated offshore/unrecognized will not get registered with SROs.
• The self-regulatory model addresses the concern of recognition of the ‘games of skill’ by different state governments. 
• This framework will help SRO regulate games for process compliance like player kyc, and no bots to ensure fair play & distribution of rewards.

Safer Gaming Experience with AuthBridge

AuthBridge welcomes the move from the centre and advocates the safety of players as well as businesses in online gaming. We continuously strive to bring trust and transparency to business transactions with the help of data and due diligence.
With our verification solution for online gaming suited for complex individual verification to business due diligence, we have helped a number of gaming clients stay compliant with the norms and offer a safer gaming experience.

Learn how Authbridge played a pivotal role in helping Dream11 grow its player base by 300% this season

Interested in learning how Authbridge can help your company achieve compliance and be future-ready? 

<Talk to an expert today>

iBridge 2.0 is a next-generation background check solution that offers a modern and pleasant  experience for users. Unlike other background check solutions, iBridge 2.0 is designed to be user-friendly and easy to navigate, with real-time checks that can help you get the information you need quickly and efficiently. It includes a gamut of advanced functionalities to make background verification seamless. 

Enhancements like verification TATs charts, real-time updates and customizable packages & reports, make it a top choice for HR Ops and CHROs for businesses of all sizes.

Gone are the days when customer identification and verification used to happen through physical documentation, such as a passport or driving license. The offline process not only used to be time-consuming but also prone to errors.

As soon as FinTech innovation gained global traction, the expectations of seamless digital experiences skyrocketed and the shift got reflected in financial services and beyond. eKYC solutions emerged as a way to streamline and automate the customer verification process for financial institutions and other regulated entities, using technologies such as biometric authentication, facial recognition, and AI-based algorithms.

What is eKYC?

e-KYC, also known as Electronic Know Your Customer, is a digital process of verifying the identity of an individual or an organization remotely. It is a paperless process that eliminates the need for physical documents and face-to-face interaction between the customer and the service provider.

eKYC has become increasingly popular due to its speed, efficiency, and accuracy. It has also enabled financial institutions to onboard new customers faster and more cost-effectively, while still maintaining compliance with regulatory requirements.

The e-KYC process involves the use of electronic documents and digital signatures to verify the identity of the customer. The customer is required to provide their details such as name, address, date of birth, and other relevant information to the service provider. The service provider then verifies the customer’s details using various electronic databases and verification tools.

The e-KYC process typically involves the following steps:

• The customer provides their details and other relevant information through a digital platform or mobile application.
• The identity of the customer is verified by comparing the provided information with various electronic databases and verification tools.
• Once the identity is approved, a digital identity certificate or other relevant documents is issued to the customer.

e-KYC process is fast, efficient, and commonly used in various industries such as banking, telecommunications, and insurance, to comply with regulatory requirements and ensure the security of customer data.

Importance of e-KYC

• Time and cost-saving: e-KYC eliminates the need for physical documents, which means it saves time and reduces the cost associated with paper-based KYC processes. There is no need for physical visits to customer service centers, which is a significant advantage for customers who are located in remote areas.

• Enhanced customer experience: With e-KYC, customers can complete the verification process from the comfort of their homes or offices. Also, the process is quicker and more convenient, leading to enhanced customer experience and increased customer satisfaction.

• Increased security: e-KYC uses advanced technology such as biometrics and digital signatures to verify the identity of individuals or businesses, which makes the process more secure than traditional paper-based KYC processes, also reducing the risk of identity theft and fraud.

• Regulatory compliance: e-KYC helps businesses comply with regulations related to customer due diligence, anti-money laundering (AML), and counter-terrorism financing (CTF). It also helps businesses to monitor and manage risks associated with their customers and their transactions.

Different Types of e-KYC

There are multiple methods to avail of e-KYC. These are as follows:

• Online Aadhaar e-KYC Using OTP

For OTP-based eKYC, customers are required to first register their mobile number. This e-KYC process is initiated online using the one-time password (OTP) sent to the mobile number linked to the Aadhaar card of the customer. Customers are required to click on the ‘Generate OTP’ option and enter the OTP to authenticate their identity and complete the e-KYC process.

• Online e-KYC Aadhaar Biometric Authentication

Another way to conduct eKYC is via Aadhaar biometric verification which is done electronically using customer biometrics. In this authentication, a picture of the customer’s fingerprints and retina is taken through a scanner and sent to UIDAI to match the biometric readings kept with the customer’s Aadhaar number. Once the information is validated, UIDAI sends the customer’s identifying information to the verification service provider safely for further verification.

• Offline Aadhaar Paperless e-KYC via XML or QR Code

The offline Aadhaar e-KYC process involves the sharing of identity data via XML or QR code. 

• Aadhar XML

Customers can share the Aadhaar offline XML document with the financial institution by downloading it from the UIDAI website. For this, customers must first complete the offline eKYC form and save the XML file from UIDAI. 

The report is encrypted and does not disclose sensitive information that is not pertinent to the KYC verification agency

• QR Code

Alternatively, customers can also share the QR code available on their Aadhaar card that can be scanned to assess the required information.

Eligibility Criteria for e-KYC

These are general eligibility criteria and specific requirements that may vary depending on the country, regulatory norms, and the business conducting the e-KYC process. However, some common eligibility criteria for e-KYC include:

• The customer should have a valid mobile number linked to their Aadhaar or other government-issued identification document.
• The customer’s identification document should be in a machine-readable format, such as a QR code or barcode, to enable the scanning of the document through the e-KYC application.
• The customer’s identification document should be issued by a government agency and should be valid and not expired.
• The customer should be physically present in the country where the e-KYC process is being conducted.
• The customer should consent to the collection, storage, and use of their personal information for the e-KYC process.

Also Read: Types of KYC | Process, Documents, and APIs

Documents Required for e-KYC

e-KYC refers to the digital verification of data that is already accessible in the Aadhaar database. Therefore, customers are not required to provide additional documents along with their application form. However, in the case of online e-KYC biometric verification, you may have to submit your passport-sized photographs while authenticating your biometrics.

KYC Solutions with AuthBridge

AuthBridge, being an authorized Authentication User Agency (AUA) with UIDAI, offers reliable KYC solutions through advanced APIs. With the help of our tech-enabled platforms and authentic data, we enable the industry’s fastest onboarding and verification in real time. We provide both conventional and cutting-edge KYC solutions i.e. Digital KYC and Video KYC, assisting businesses in rapidly and easily onboarding consumers while reducing risks.

Key benefits of using APIs and KYC solutions

• Background Verification without human intervention
• Real-time results
• Saves money, time, and effort
• No risks of errors that stem from manual entries which also helps avoid legal
• Complications
• Complaint and secure

Also read: Smart and Intelligent KYC Solutions: The Need of the Hour for Employers 

For more information, contact us at sales@authbridge.com