A Central KYC System to Offer One-time Customer Verification
A Central KYC System to Offer One-time Customer Verification
Authored by: Mohammed Mansoor Reading Time: 02 min 17 sec
Authored by: Mohammed Mansoor Reading Time: 02 min 17 sec
Financial services face several challenges in managing multiple-KYC utilities, which has become a tedious process to verify customers manually. RBI introduced the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) to centralize and digitize customer KYC documents. The primary goal of CERSAI CKYC is to reduce repeated KYC verification.
This blog talks about iFlow CKYC Platform capability to digitize KYC records and enable a single window interface for Banks and NBFCs to perform one-time KYC verification with CERSAI CKYCR API Integration.
If you missed our previous blogs about Digital Customer Onboarding and KYC Verification, click: https://isolve.in/blog/ to know more about it.
Central KYC is the procedure of centrally storing the customer’s KYC information.
1. Financial institutions collect the documentation required for KYC verification as part of the customer onboarding process.
2. Documents Required:
a. Filled & signed CKYC form
b. Self-attested Proof of Identity
c. Self-attested proof of Address
d. Photograph
3. The FIs submit the collected documents to CERSAI. They verify and store the customer data in CKYCR.
4. Customers receive a 14-digit KIN (KYC Identification Number) after completing CKYC within 2–5 working days via email and SMS.
5. The CKYCR portal allows FIs to access the customer KYC information anytime.
The customer can utilize the 14-digit KIN to complete KYC with any other bank, insurance, NBFC, or securities intermediary without resubmitting their KYC documentation. FIs can use the KIN to verify the KYC of a customer registered with CERSAI.
CKYC is an ideal solution introduced by the Indian government to lessen the hassle for FIs to verify their customers’ identities. Also, it improves the overall security, stability, accessibility, and processing of new and existing customers.
iFlow CKYC is a reliable solution that assists financial institutions and NBFCs adhere to the government effort to unify the KYC process for all financial institutions under a single window. It also aids in the prevention of money laundering and other illegal financial practices with deduping and checker functionalities. It offers a verification process that is safer and more effective, compatible with current onboarding practices.
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