For any non-product related queries, please write to info@perfios.com.
For any non-product related queries, please write to info@perfios.com.
The global e-KYC market, a component of this broader ecosystem, has demonstrated remarkable growth, with its size reaching USD 673.2 million in 2023. This market is projected to expand at an impressive CAGR of 19.71%, aiming for a valuation of USD 3,398.5 million by 2032. Such growth is driven by the increasing need to combat identity-related frauds and the surge in digital payment methods, alongside stringent governmental regulations aimed at preventing financial crimes. Furthermore, the integration of cutting-edge technologies like artificial intelligence and cloud computing is providing lucrative opportunities for market participants.
The Central Know Your Customer (CKYC) process stands out as a pivotal advancement in streamlining customer identification for financial services. By creating a centralized repository of customer data accessible by all financial institutions, has simplified the verification process, reducing redundancy and enhancing the customer experience. This global trend towards digitization in customer verification processes underscores the significant potential for businesses to leverage these advancements for operational efficiency and security. Perfios' technology-driven approach not only enhances compliance and security but also streamlines the customer onboarding process, positioning it as a key player in the rapidly expanding CKYC landscape.
CKYC has revolutionized India's financial sector by maintaining over 82 crore individual and 1 crore legal entity KYC records as of December 2023. This centralized repository significantly simplifies and secures the verification process, ensuring swift compliance with regulatory standards. Its vast database not only streamlines customer onboarding for financial services but also enhances the fight against fraud, making it a cornerstone in the integrity and efficiency of India's financial ecosystem. CKYC's pivotal role underlines the importance of reliable, scalable verification systems in supporting India's growing digital economy.
Perfios' CKYC solution is transforming the verification landscape by offering a simplified, fully automated process through a single API call for each function. This innovation addresses the complexities of CKYC modules, facilitating efficient search, download, upload, and update operations. By streamlining implementation and maintenance, Perfios ensures a more efficient, cost-effective approach to compliance and customer onboarding, making it an invaluable tool for financial institutions striving for digital excellence in the modern financial ecosystem.
● Simplified Workflow Management: Leverages a single API call for each CKYC module, streamlining operations and enhancing efficiency.
● Superior Document Analysis: Employs advanced OCR technology for flawless document verification and conducts real-time checks to ensure document validity.
● Effortless System Integration: Offers a user-friendly, plug-and-play API equipped with a JSON body for seamless system compatibility.
● Optimized Operational Efficiency: Automates the creation, uploading, and real-time updating of master files, significantly reducing manual effort.
● Unmatched Customization Flexibility: With over 300 proprietary APIs, it allows for highly tailored solutions to meet specific business needs, ensuring a personalized approach to CKYC compliance and customer onboarding.
● Eligibility: Exclusive to financial institutions accredited by RBI, SEBI, IRDAI, and PFRDA, ensuring regulatory compliance.
● Customer Journey:
● Initiate by selecting a financial service from a regulated entity.
● Experience hassle-free KYC documentation with CERSAI registration.
● Provide essential credentials including the CKYC form, PAN, valid ID, and a passport-sized photograph.
● Conclude with the acquisition of a unique 14-digit KIN, marking successful KYC completion.
Regulatory bodies are increasingly emphasizing the importance of the Centralized KYC (CKYC) process for financial institutions.
● RBI Guidance: Encourages use of the centralized CKYC repository for accessing verified documents, enhancing security and efficiency.
● KYC Master Direction Amendment (28 April 2023): Requires verification of KYC documents' validity from the CKYC Registry, introducing challenges due to the absence of document expiry information.
● IRDAI Directive: Mandates CKYC Records Registry-based KYC for all insurers to streamline processes and avoid duplicate registrations.
● PMLA Rules 2015 Amendment: Obligates entities to submit KYC records to CKYCR electronically within three days, reinforcing compliance.
● SEBI Circular (CIR/MIRSD/66/2016): Directs registered intermediaries to enroll new individual accounts into CKYCR, ensuring uniformity and regulatory adherence.
These measures underscore a collaborative effort among regulatory bodies to fortify the financial ecosystem against fraud and ensure stringent compliance.
Financial institutions face significant challenges in achieving CKYC compliance due to complex integration and maintenance requirements. Perfios' CKYC Solution addresses these obstacles effectively:
● Complex Integration Simplified: Perfios streamlines CKYC integration with a user-friendly, plug-and-play API that supports real-time updates and automates processes, ensuring efficiency and compliance.
● Data Accuracy and Validity: With advanced OCR technology, Perfios enhances data verification, including real-time checks for document validity and expiry, mitigating the risk of incorrect or outdated information.
● Customized Integration: Offering over 300 proprietary APIs, Perfios enables financial institutions to tailor solutions to their specific needs, ensuring seamless integration and optimized functionality.
Perfios' innovative approach provides a robust framework for financial institutions to overcome CKYC-related challenges, ensuring streamlined operations and regulatory compliance.
● Search API: Enables quick searches for CKYC IDs using basic details from the CERSAI portal.
● Download API: Facilitates the retrieval of details and documents from CERSAI.
● Upload API: Allows for the submission of details to CERSAI, generating a CKYC ID.
● Update API: Permits modifications to existing CKYC records for individuals or legal entities.
These APIs offer automated document management, intelligent OCR for data extraction, and seamless integration capabilities, ensuring a hassle-free onboarding experience with no manual intervention. With an impressive performance record of nearly 100% uptime and minimal latency, Perfios ensures efficient and reliable CKYC compliance.
The CKYC landscape is brimming with opportunity, but navigating its complexities can be daunting. Perfios revolutionizes the CKYC process with its advanced solution, enhancing efficiency, security, and customization for financial institutions. Through automation and a single API call, it streamlines compliance and customer onboarding, significantly reducing manual efforts. Its sophisticated document verification technology mitigates fraud risks, ensuring regulatory compliance. With over 300 proprietary APIs, Perfios offers tailored solutions to meet specific business needs, enabling seamless digital transformation in the financial sector. Embrace Perfios for a future-proof approach to CKYC compliance, ensuring operational excellence and customer satisfaction.
Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 1000+ FIs to take informed decisions in real-time. Headquartered in mumbai, India, Perfios specializes in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more.
Perfios’ core data platform has been built to aggregate and analyze both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.
You can write to us at connect@perfios.com
For more Such information contact us@ https://solutions.perfios.com/request-for-demo
