Central Know Your Customer (CKYC) is an initiative of the India Government where a centralized registry of KYC records of customers in the financial sector is maintained. The objective of the initiative is to have a structure in place that allows investors to complete their KYC only once, thereby reducing the burden of producing KYC documents every time a new investment is made with various entities.
It works by uploading customers/individual’s KYC data and images into the CKYC-R through the financial institution and retrieving the unique 14 digit CKYC number. A CKYC automated solution that assists the financial institution in meeting the Guidelines and prerequisites of CERSAI, RBI, IRDA, and PFRDA rules.
iSolve’s CKYC software isn’t simply used to upload CKYC documents; its unique CKYC framework ensures a start to finish measure at the board of the whole CKYC flow. With simple APIs or file transfers, it effectively incorporates with any heritage information base framework or back-office arrangement of the establishment. The registry for Central KYC or CKYC is CERSAI; which is responsible for keeping the information records for each KYC that is conveyed.
Seamless BFSI Platform Integration
Hassle-free APIs integration with zero disruptions on existing banking/financial system
Intelligent Automation Process
Complete CKYC automation life cycle with zero manual intervention enhancing overall business productivity
Customization can be done based on your requirements from start to finish
100% visibility of all your processes; detailed reports
Enrich customer data with the CKYC platform
Communicate with ease to CERSAI
Digitize and verify documents at ease
Monitor CERSAI responses in easy to understand the iFlow dashboard
Monitor your business with key reports, metrics & forecast
Direct cost saving, focus on your core business
Secured upload of a file to CERSAI
Edit, modify, update image & data based on CERSAI requirement
Search to CERSAI with API integration
Monitor operations anywhere
Automated file compression and batch creation for validated data
Various types of CBS integration - Automation
Integrate with Multiple CBS to manage CKYC
SFTP Storage security
CERSAI communication via SFTP for upload & download of customer documents with zero data breach
Image optimization – Automation
Auto optimization of images on CERSAI parameters
As per RBI guidelines, know your customer (KYC) and identity management for legal entities has been mandated from April 1st 2021. REs should upload LEs KYC data for accounts opened on or after April 1, 2021, on to CKYCR in terms of Rule 9 (1A) of the PML Rules.
Yes there is a separate KYC application form for verification of Legal Entity account holder. The updated form is available in CERSAI portal.
CKYC API Integration is a cloud based application which connects with central KYC records registry to send/receive requests and responses for customer KYC verification and identification.
The public authority of India set up CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India) and has approved it to play out the elements of a Central KYC Registry, where it gets, stores, protects and recovers the KYC records in a digitalized format.
CKYC stands for Central Know Your Customer is initiated by the Government of India under which an enrolled customer is given a unique CKYC number that is valid and used across the BFSI sectors like banking, insurance, mutual funds, provident funds, and other services. This is exceptionally helpful as the consumer doesn't need to enlist himself independently with each other financial institution he cooperates with.
Need to submit the below set of documents while submitting a Central KYC form:
iSolve CKYC compliance management helps banks, financial institutions, NBFCs (Non-Banking Financial Company), e-Wallet companies and other lending companies.
iSolve’s CKYC platform offers the best CKYC solution for all your compliance requirements. We offer customized solutions for various financial institutions. These include: