iFlow CKYC: A Single Window Platform to Offer One Time KYC Verification

Authored by: Mohammed Mansoor    Reading Time: 02 min 15 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 discusses the iFlow CKYC platform to digitize KYC records and enable a single window platform for Banks and NBFCs to perform one-time KYC verification with CERSAI CKYCR API Integration

If you missed our previous blogs about Digital KYC Verification, click https://isolve.in/blog/ to know more.

iFlow CKYC Software Integration

How it works?

iFlow CKYC API platform integrates the KYC process with CERSAI CKYCR (Central KYC Records Registry). CKYCR stores all the customer data on a single server. All regulated organizations like banks and NBFCs can access this single server.   

  1. Financial institutions collect the documentation required for KYC verification as part of the customer onboarding process.  
  2. Documents Required:   
    1. Filled & signed CKYC form   
    2. Self-attested Proof of Identity   
    3. Self-attested proof of Address   
    4. Photograph   
  3. The FIs submit the collected documents to CERSAI. CERSAI verifies and stores 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.

The Outcome

  1. Enhanced Operation: iFlow CKYC enables the inter-usability of KYC records amongst CERSAI-registered financial institutions. As a result, the FIs eliminate the time and effort of verifying the customer again. 
  2. Cost Optimization: Since CKYC promotes mutualization of costs across many FIs, the central storage of client KYC data lowers the cost of KYC verification.  
  3. Customer experience: With the help of the KYC number, the FIs confirm their customer’s KYC. As a result, both the customer and the financial institution experience hassle-free onboarding.  

KYC Compliance: CKYC centralizes customer KYC data from all financial authorities, including RBI, SEBI, IRDA, and PFRDA.

Central KYC Registry – A Single Point Interface for KYC Records

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.

Stay compliant with regulations and ensure data privacy of your customers!!

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