Video KYC Solution (V-CIP) for Instant Online Verification
Accelerate customer onboarding with our Video KYC solution. Digitize your entire customer journey, slash costs by 70%, and reduce KYC time by 90%.
Top Challenges with Video KYC Verification Processes
Manual verification processes can be labour-intensive and susceptible to human error, leading to delays and potential inaccuracies that compromise the efficiency and reliability of your KYC operation
Internet and Device Limitations
Unstable internet and older devices can disrupt the video KYC process.
Privacy Concerns
Individuals worry about data misuse and may feel uneasy using video technology for verification.
User Experience
The video KYC steps can be confusing and time-consuming, particularly for non-tech-savvy users.
Infrastructure and Scalability
Setting up infrastructure and managing large volumes of KYC requests can be costly and complex.
Security and Compliance
Ensuring compliance with regulations and protecting customer data from breaches are critical concerns.
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Video KYC Solution Features
Efficiency and Speed
Enhanced Security
Cost Savings
Improved Compliance
Efficiency and Speed
Significantly reduces the time required for customer verification, making the entire process faster and more efficient.
Checks and APIs:
Live Video Call:
Live Video Call:Real-time customer verification through video interaction.
OCR Technology:
OCR Technology:Optical Character Recognition (OCR) for instant data extraction and document verification.
Instant PAN Validation:
Instant PAN Validation:Verification of PAN details through NSDL.
Enhanced Security
Provides a higher level of security compared to traditional methods, reducing the risk of fraud and personal data misuse.
Checks and APIs:
Face Match API:
Face Match API: Real-time selfie face match with national identity documents to ensure the person’s identity.
Liveness Detection:
Liveness Detection:Ensures the person on the call is real and physically present.
End-to-End Encryption:
End-to-End Encryption:Secure audio and video encryption during the interaction.
Cost Savings
Reduces operational costs by eliminating the need for physical infrastructure and manual processes.
Checks and APIs:
Automated Workflows:
Automated Workflows:Automates document verification and other KYC processes to reduce manual effort.
Geo-Tagging:
Geo-Tagging:Ensures the customer’s physical presence in India, removing the need for physical branches.
Improved Compliance
Ensures adherence to regulatory requirements, minimizing the risk of non-compliance penalties.
Checks and APIs:
Aadhaar Offline Verification:
Aadhaar Offline Verification:Real-time Aadhaar verification using OKYC and XML generation date validation.
Regulatory Compliance:
Regulatory Compliance:Meets guidelines set by SEBI, RBI, and other regulatory bodies.
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Video KYC Verification: All You Need To Know
This article will explain what a Video KYC is, as well as answer common questions about Video KYC.
Table of Contents
Click a topic to scroll directly to it.
Definition of Video KYC
Video KYC (Know Your Customer) is an electronic method for verifying a customer’s identity through a live video call. This process allows institutions to authenticate customers remotely, ensuring compliance with regulatory standards while enhancing the convenience and speed of customer onboarding.
Evolution of KYC Practices
Traditional KYC involved manual verification of physical documents, often requiring customers to visit branches. This method was not only time-consuming but also prone to errors and fraud. With technological advancements, KYC practices have evolved significantly. The introduction of Digital KYC and subsequently video KYC has revolutionised the verification process, making it more secure, efficient, and user-friendly.
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How Video KYC Works?
The video KYC process involves several key steps to ensure a secure and efficient verification of customer identity:
- Initiation: The customer begins the video KYC process through a secure online portal or mobile app. They are required to provide initial information and consent for the video KYC process.
- Scheduling: Customers can schedule a live video call with a KYC representative or join an available session immediately.
- Live Video Call: During the call, the KYC representative verifies the customer’s identity by checking their documents and comparing them with the individual present on the video.
- Document Verification: The customer is asked to display their identification documents (e.g., Aadhaar, passport, driver’s licence) to the camera. Advanced OCR (Optical Character Recognition) technology is used to extract and verify information from these documents.
- Liveness Check: The representative performs a liveness check to ensure the person on the call is real and physically present. This step involves asking the customer to perform certain actions, such as blinking or turning their head.
- Data Capture and Storage: The session is recorded, and relevant data is securely stored for compliance and future reference.
Benefits of Video KYC
Efficiency and Speed
Video KYC significantly reduces the time required for customer verification. The entire process, from initiation to completion, can be conducted within minutes, compared to days or weeks for traditional KYC methods. This efficiency not only accelerates customer onboarding but also enhances operational workflows, allowing institutions to handle higher volumes of verifications without compromising accuracy.
Improved Customer Experience
By enabling remote verification, video KYC offers a seamless and convenient experience for customers. They can complete the process from the comfort of their homes, without the need to visit a physical branch or submit physical documents. This convenience is particularly beneficial in the context of the ongoing digital transformation, where customer expectations for fast and efficient service are higher than ever.
Enhanced Security and Fraud Prevention
Video KYC incorporates advanced technologies such as AI, biometric authentication, and OCR to ensure robust security measures. These technologies help detect and prevent fraudulent activities by verifying the authenticity of documents and the identity of the person in real time. The liveness check further enhances security by ensuring that the individual is physically present and not using pre-recorded videos or photos.
According to a report, the video KYC market is projected to grow at a CAGR of over 20% from 2021 to 2027, driven by the increasing demand for secure and efficient customer verification solutions. This growth underscores the significant benefits and trust in video KYC as a reliable method for identity verification.
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Video KYC Regulations in India
RBI Guidelines
In India, the Reserve Bank of India (RBI) has established comprehensive guidelines for video KYC, specifically through the Video-Based Customer Identification Process (V-CIP). Key elements of these regulations include:
- Secure Video Calls: The V-CIP mandates the use of encrypted video calls to ensure the privacy and security of customer data during the verification process.
- Geotagging: The customer’s location must be verified using geotagging to ensure they are physically present in India during the video call.
- Document Verification: Customers are required to display their identification documents during the video call. These documents are verified in real-time using OCR technology to extract and authenticate the information.
- Liveness Check: A liveness check is performed to confirm that the customer is physically present and not using pre-recorded videos or images. This step may include actions such as blinking or turning the head.
- Facial Recognition: The captured images are compared with the photographs on the provided identification documents using facial recognition technology to ensure a match.
- Audit Trail: The entire process is recorded and stored securely, providing an audit trail that ensures compliance with regulatory requirements.
Key Features of AuthBridge’s Video KYC
- Liveness Detection: Ensures the physical presence of the customer during the verification process, preventing fraud through pre-recorded videos or images.
- OCR Technology: Automatically extracts data from identity documents, reducing manual errors and speeding up the verification process. This technology is particularly useful for verifying PAN cards and other government-issued IDs.
- Geotagging: Confirms the customer’s location, ensuring they are physically present in India during the video call, which is a regulatory requirement.
- AI and Biometric Authentication: Uses artificial intelligence and biometric data such as facial recognition to enhance security and accuracy. These technologies help in detecting fraudulent activities by verifying the authenticity of the customer’s identity in real time.
How does AuthBridge’s Video KYC work?
- Customer Application Initiation: The customer initiates the video KYC process through an online portal or a mobile app. This step involves the customer providing initial information and consenting to the video KYC process.
- Instant PAN Card OCR and Verification: The system uses OCR technology to instantly verify the customer’s PAN card. This step involves scanning the PAN card and extracting the relevant information automatically.
- Aadhaar Verification: The customer’s Aadhaar details are verified either through OTP-based eKYC or offline Aadhaar verification. This ensures that the customer’s identity is verified against a reliable government database.
- Geolocation Tracking: The system tracks the customer’s geographical location to ensure compliance with regulatory requirements. This step involves using GPS technology to geotag the customer’s location during the video call.
- Agent Assignment: An agent is automatically assigned to conduct the video verification. The agent is responsible for verifying the customer’s identity by checking their documents and comparing them with the individual present on the video call.
- Random Question Verification: During the video call, the agent asks random questions to the customer to ensure they are physically present and attentive. This step involves asking the customer to perform certain actions, such as blinking or turning their head, to confirm their liveness.
- Liveness Check and Screenshot Capture: The system captures screenshots and performs a liveness check to confirm the customer’s identity. This step ensures that the customer is not using pre-recorded videos or images.
- KYC Verification Report Generation: A comprehensive report is generated and securely stored for compliance and future reference. This report includes details of the video KYC process, including the customer’s identity verification and the results of the liveness check.
AuthBridge Video KYC Benefits
- Cost Reduction: Video KYC can reduce operational costs by up to 70% compared to traditional KYC methods. This is achieved through automation and reduced reliance on physical infrastructure.
- Efficiency and Speed: The process reduces KYC turnaround time by up to 90%, enabling faster customer onboarding. This is particularly beneficial for financial institutions that need to onboard large numbers of customers quickly and efficiently.
- Compliance: Ensures adherence to AML regulations and data protection laws, providing peace of mind to financial institutions and their customers. The solution is designed to meet regulatory requirements set by the RBI and other governing bodies.
- Fraud Prevention: Advanced security measures help in detecting and preventing identity and financial fraud. The use of AI, biometric authentication, and geotagging ensures that only legitimate customers are onboarded.
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AuthBridge Video KYC Applications
- Banking and Financial Services: Streamlines customer onboarding for banks, NBFCs, and other financial institutions. This includes opening new accounts, issuing loans, and providing other financial services.
- Insurance Providers: Enhances the verification process for policyholders, reducing fraud and expediting claims processing. Video KYC can be used for onboarding new policyholders and verifying existing ones.
- E-commerce and Remote Services: Verifies users for high-value transactions and services, enhancing trust and security. This includes verifying customers for online purchases, remote services, and other e-commerce activities.
- Cryptocurrency Exchanges: Ensures compliance with AML regulations, securing transactions. Video KYC helps in verifying the identities of users on cryptocurrency platforms, reducing the risk of fraud and money laundering.
- Real Estate and Car Rentals: Authenticates customers, reducing fraud in rental and real estate transactions. Video KYC can be used to verify tenants, buyers, and renters, ensuring that only legitimate customers are allowed to transact.
How to Do Video KYC?
AI-powered Customer Identification Every Step of the Way
Step by step guide to Video KYC Process
Step 1
Customer Application Initiation
Step 2
Instant PAN Card OCR and Verification
Step 3
Offline Aadhaar Verification/ OTP based eKYC
Step 4
Geolocation Tracking of Customer
Step 5
Automatic Agent Assignment by REs
Step 6
Random Question Verification
Step 7
Screenshot capture and liveliness check
Step 8
Generating KYC Verification Report
Regulatory Requirement for Video KYC
Video KYC Solution for Every Regulatory Requirement
Discover AuthBridge’s RBI and SEBI-compliant Video KYC (V-KYC) solution, specifically designed to meet regulatory requirements while delivering a seamless, secure, and efficient verification process. Our solution ensures compliance with the highest industry standards while enhancing the speed and accuracy of customer onboarding through advanced technology and robust security protocols.
| Regulatory Requirement | Video KYC Solution |
|---|---|
| Live photo of the customer | Screenshot capture for customer's physical presence |
| PAN image capture & Verification | Instant PAN validation from NSDL with name match |
| Face match | Real-time selfie face match with NID to generate face match score |
| Identity details validation | OCR enabled data extraction and verification with high image quality processing |
| Geo tagging | Geo-location capture to ensure customer’s physical presence in India |
| Randomizing of questions | Customizable security questions and activities using workflow |
| Aadhaar number masking | Real-time redaction of Aadhaar number |
| Geo-stamped Video storage | End to end encrypted video file storage, date and time stamping, archiving and labeling |
| Prior consent of customer | Compliance with GDPR and other data privacy frameworks |
| Aadhaar offline verification | OKYC and XML generation date validation |
| Secure interaction | End-to-end audio and video encryption |
Video KYC Verification Solution
Explore the key features of our industry-leading V-KYC solution for verification and onboarding. See how our advanced technology and seamless integration ensure a smooth, secure, and efficient process, meeting the highest standards of compliance and customer satisfaction
Plug n Play Integration
100% Compliant
End-to-end data encryption with 256 algorithm
Auto Purge Policy
Dashboard for Concurrent Audit
Face Verification
Geo-tagging
OCR (Optical Character recognition)
Document Verification with Digilocker
IP Address Spoofing Prevention
RE Agent Training
Remote Customer Onboarding
As per RBI’s guidelines, RBI Regulated Entities (REs) can do Video KYC verification of their customers with their consent.
V-CIP stands for Video KYC for Customer Identification Process.
Only authorised personnel with a legitimate business need will have access to your KYC information.
V-CIP or Video KYC is compliant with RBI’s latest guidelines only when it is facilitated by RBI Regulated Entities (REs) in consent with the customer.
The companies will usually reschedule the call or retry the process within a specific timeframe.
Video KYC (Know Your Customer) is a digital verification process where you confirm your identity through a live video call with a representative.
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