How to Automate CKYC Compliance for Your Customer Legacy Records?

Authored by: Mohammed Mansoor    Reading Time: 03 min 30 sec

The Indian government implemented CKYC in response to the rise of fraudulent operations in the country’s financial sector. CERSAI manages the CKYC Registry (CKYCR), which serves as a central repository for all customer personal information.

CKYCR aims to ease the burden of KYC document generation and eliminate KYC compliance redundancies.

According to the most recent RBI update, all regulated organizations must upload their KYC data, including legacy records, to the CERSAI CKYC registry. However, upgrading KYC information for millions of legacy customer records is challenging for financial institutions.

iStart CKYC API integration simplifies CERSAI updates through efficient document management and processing while upholding CERSAI Standards.

Automate CKYC Compliance for Your Customer Legacy Records

iStart CERSAI CKYC API Integration Solution

Our CKYC solution employs powerful Machine Learning technology to scan and identify documents, allowing for accurate data processing. Our solution stores, retrieves, and parses various Official Valid Documents (OVDs) for a single customer based on factors such as Date of Birth, PAN Number, Aadhaar Card, Driving License, Voter Card, etc.

CKYC process for legacy records:

  • Data Collection: Transfer of customer OVDs to the processing center through dedicated Secure File Transfer Protocol (SFTP) along with data sheets of each application
  • De-Duplication: Employ maker/checker and de-duping functions to compare master records with CERSAI to exclude customers already registered with central KYC registry.
  • Data segregation: Automated data entry process to crop the copies of customer identification details and generate a separate zip file for each application form as specified by CERSAI.
  • Quality Check: A Quality-check (QC) is run on each record using a CERSAI-like checklist to guarantee that all images and fields are filled to prevent CKYC rejection.
  • Approval & upload: All processed records are authorized for bulk upload. The system will then build flat and zip files according to CERSAI’s specifications. The daily batch is digitally signed, and the completed files are uploaded to CERSAI’s SFTP address.
  • Download Report: The reports and the central KYC number of the approved customers are downloaded and uploaded to the master database of the FI.

 

What is the Central KYC number?

A KYC identification number is supplied to each customer who has successfully completed the KYC process. CKYC or Central KYC number is a 14-digit number linked with a client’s ID proof, which is safely stored in an electronic format.

Features of iStart CKYC Integration Solution

Accurate document parsing: Document and image scanning using advanced OCR and ICR technologies to precisely analyze and extract data to update required fields on the CKYC site Bulk CKYC Update: Multiple CKYC records can be uploaded at once using Straight through Processing’s bulk upload feature (STP). Our solution precisely parses data, resizes photos, and uploads data following CERSAI standards. Secured data transactions: All transactions are quality-checked in accordance with CERSAI standards. CKYC processing and uploads are carried out through a dedicated Secure File Transfer Protocol (SFTP). Intelligence Dashboards: Real-time MIS Dashboard that displays the details of CKYC documents uploaded, approved, and rejected, along with comprehensive insights on probable and confirmed matches. Audit Management: All CKYC uploads and revisions are monitored, and audit reports are stored for future audit assessments.

Digitization of legacy documents tailored to your convenience

iSolve is a RegTech firm established to expedite complex banking procedures and ensure compliance with major regulations using sophisticated AI/ML software solutions.

We are a central KYC registration agency partner for financial institutions, extending our knowledge and easing the load of the necessary CKYC verification procedure for the thousands of old customer records in your repository.

Eliminate your burden of due CKYC verification with iStart! Book a demo

Ensure Your Customer 100% Compliance with CERSAI

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