Video KYC Solutions and Services in India: Complying with RBI’s Master Direction on KYC

The RBI's change to its KYC guidelines has opened a new era in customer onboarding. It is now led by Video KYC. Banks, NBFCs, and financial institutions must now use this tech. It requires live, video-based customer verification. This system adds a secure layer to the KYC process. It ensures customers are present for identity verification. Banks must adapt to this shift. They must ensure compliance, security, and user-friendliness.

Pixl.AI offers a Video KYC Solution. It solves these challenges. It lets banks onboard customers while complying with RBI regulations.

Understanding Video KYC: How it Works

When a customer wants to open a bank account, the Video KYC process begins. Let’s break down the steps:

• Filling the Application Form: The customer starts the account opening process by filling out an online form on the bank's website or app. They must ensure their Aadhaar number and other essential details are correctly entered.
• Fetching Data :On the bank’s side, a backend system retrieves the customer’s details, including their photograph, from the database. This step ensures that the customer’s Aadhaar information is accurately linked. After submitting the form, the customer gets a notification to start the Video KYC session. A bank official connects with the customer via a secure video call. Here, cutting-edge technologies like liveliness checks and geo-tagging come into play.
• Face Recognition and Verification:In the live video, the bank employee screenshots the customer's face. The screenshot is then compared with a photo from the database. A facial recognition algorithm does the comparison. This comparison verifies whether the person in the video matches the one in the Aadhaar data. Pixl's solution ensures high accuracy in face-matching. It minimizes the risk of identity fraud.
• Geo-Tagging: A key part of RBI's Video KYC is geo-tagging. It captures the exact location and time of the video interaction. This ensures the customer is in India, as required by RBI rules. They require a domestic presence during onboarding.
• Capturing the Signature: During the call, the customer is asked to sign on-screen or provide a signature. The bank employee takes a screenshot of the signature. It is cross-referenced with the bank's customer records.
• End-to-End Encryption: Video KYC must be end-to-end encrypted. This ensures the interaction can't be intercepted or tampered with. It keeps the KYC process intact.
• Final Verification and Record-Keeping:After the call, the bank stores the screenshots, video, and other data. It saves them in its database. The system assigns this data to the customer's record. It is now available for future reference.

Compliance with RBI Guidelines

The RBI's Master Direction on KYC sets strict rules for Video KYC by financial institutions. These include ensuring that:

• The video session is live, not pre-recorded.
• The customer’s location is geo-tagged.
• End-to-end encryption is implemented throughout the process.
• Liveliness checks are performed to guard against spoofing.

Pixl's solution meets these standards. It combines AI facial recognition, real-time geo-tagging, and encryption. This gives banks a secure, efficient, and compliant platform.

Key Features of Pixl Video KYC Solution

• Facial Recognition Accuracy: Our platform uses advanced AI algorithms. They ensure our facial recognition is accurate and robust. The tech compares the customer's live image with their Aadhaar photo. It gives a real-time percentage match.
• Liveliness Checks: To protect against identity fraud, our system performs liveliness checks. This tech ensures the person in front of the camera is real, not a static or manipulated image. It prevents spoofing attacks.
• End-to-End Encryption: Security is at the heart of our solution. From the moment the video call starts, all data is encrypted, ensuring that no unauthorized party can access the interaction.
• Geo-Tagging:Compliance with RBI regulations requires accurate geo-tagging of the customer’s location. Pixl's solution integrates this feature. It ensures the customer is in India during the KYC process.
• Automated Data Storage:After the session, the bank will store all data (video recordings, screenshots, and geo-tags) securely in its database. This data can be accessed later for audit and verification purposes.

Why Banks Should Choose Pixl.AI for Video KYC

In today’s fast-paced digital world, financial institutions must be agile in adopting new technologies. Video KYC speeds up onboarding and is cheaper than in-person verification.

Pixl.AI stands out by providing:

• Our solution integrates with existing banking systems. It minimizes downtime and costs.
• Regulatory Compliance: We stay ahead of the curve by ensuring that our solution aligns with the latest RBI regulations.
• We offer banks and their customers unmatched security. We use end-to-end encryption and advanced fraud detection.

Addressing Fraud and Spoofing Risks

One of the biggest concerns in Video KYC is the risk of fraud. Pixl.AI tackles this challenge head-on with a range of anti-spoofing measures. Our liveliness detection tech ensures the bank's user is present. It reduces the risk of fake video submissions. Also, our solution rigorously checks the authenticity of customer documents and IDs. This makes it nearly impossible for fraudsters to bypass the system.

Conclusion

As India's financial landscape evolves, compliance with RBI's amended KYC guidelines is crucial. With Pixl Video KYC Solutions, banks can meet regulations. They can also offer a secure, seamless, and easy onboarding experience. By adopting this cutting-edge technology, banks can boost efficiency. It will build customer trust by protecting their data and verifying their identities.

Pixl.AI's solution lets Indian banks and financial firms stay ahead in compliance.