PiXL Video KYC to an Amendment to Master Direction on KYC?
A new challenge for the RBI regulated bank is that along with the normal procedure of on-boarding a customer, an additional method has come into the picture that is the video-based know your customer identification. The banks require to make use of the latest technologies and ensure the availability of high-security features in the software which they are using.
They need to ensure that the person’s face in the identity proofs like pan card and aadhaar card actually matches with the person who is present in the bank for verification and is the part of the process. Next, it needs to use geo-tagging in order to register the exact time and location where the picture and the video were taken. This would be mainly done to ensure that the person who is opening the account with the bank is actually physically present there in real-time. The bank will have to ensure that the entire process is end-to-end encrypted, happening live in order to prove that the interaction is pre-recorded. PiXL Video KYC Solution is the exact answer to this.
PixL.AI helps the banks in achieving their aim of getting the Video KYC done through PiXL Video KYC Solution. We provide them with a unique platform where the process can be carried out smoothly in a time-effective way. It helps you to access this service with a single tap on the internet, you don’t even need to visit a bank or keep the hard copy with you.
How does it work?
A person who plans to open a bank account will fill the form through the bank’s online application or website. While filling the form they have to ensure the aadhaar column number is filled well. On the bank side, the backend bank employee can fetch the customer’s specifics and photographs from the UIDAI database. After agreeing with the form, the customer will get the chance to take an interactive KYC video. The bank employee will contact the customer with the security login provided by the bank. It can be in the form of a text chat. Later the employee will schedule to host a video call with the customer. Meanwhile, the employee will get the customer details and photographs from the UIDAI database through the bank server. At the time of the live video call, the employee will take a screenshot of the customer’s face. The bank employee will compare the live video photos with UIDAI photographs with a face recognition application and compare the percentage of accuracy. The employee will ask for a customer signature screenshot that needs to be tagged to a customer signature. And mark the CA number, GPS coordinate, Employee name, his id, date, time for future references. Screenshot of the customer’s face and the signature will be copied in the online CAF with the other markings. Apart from the screenshots, the employee will ask and verify the name, address, and dob of the customer. To accomplish the account the whole video is recorded as evidence and gets tagged with the corresponding CAF number. Screenshots of the customer’s face and signature and the whole video are marked against the customer record and stored in the bank server. The complete interaction along with the video, screenshots will be available on a single web page which can be linked to the customer record.
It helps organizations to carry out a liveliness check to guard against spoofing and other fraudulent manipulations. It also ensures minimal cost incurrence for the financial institution. Our service helps the banks to provide a check against spoofing and other fraudulent activities that can be carried out. PiX.AI platform keeps the data end to end encrypted as required by the RBI rule. Thus, this is how our product helps the financial institutions to keep themselves online with the new rule and be compliant with it.