Shufti Pro Launches Customized Video KYC Service Model for Indian Businesses

June 11 06:44 2020

London, UK – Shufti Pro has launched Video KYC service to facilitate businesses in digitizing their KYC process through a video call. Users and customers can get their identity verified through a video call, saving banks and businesses cost and time. A specific video KYC model where banks can use their own KYC expert for live verification, is also offered keeping in view the recent regulatory developments for banks and businesses in India.

In terms of the provisions of Prevention of Money-Laundering Act (2002) and the Prevention of Money-Laundering (Maintenance of Records) Rules 2005, that are amended from time to time by the Government of India, Regulated Entities (REs) are now required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions.

REs shall take steps to implement the provisions of the aforementioned Act and Rules, including operational instructions issued in pursuance of such amendment(s). For this purpose, Indian regulation introduced Video KYC also known as Video-based Customer Identification Process (V-CIP), which plays a crucial role. It is a method of customer identification by an official of the business by undertaking seamless, secure, real-time, consent-based audio-visual interaction with the customer to obtain identification information including the documents required for CDD purpose and to ascertain the veracity of the information furnished by the customer.

In light of these recent amendments, Indian businesses are required to carry out video KYC through their own employees. Shufti Pro offers three different Video KYC models one of which is the best fit for Indian businesses that can assist them to comply with regulations by integrating this service for customer verification. Video KYC service offers personalized services as per compliance guidelines for Indian businesses. The service will facilitate businesses in India for client on-boarding, user registration, processing high profile transactions, and re-verification of existing users. Shufti Pro’s Video KYC service also ensures regulatory compliance with the RBI guidelines and replaces the outdated authentication mechanism.

Shufti Pro designs its services keeping in view the needs of businesses and end-users.  Speaking about the benefits of the new service, Victor Fredung, CEO of Shufti Pro said:

“As the regulations around KYC and AML are becoming stringent, Shufti Pro is always in a bid to make its services and products even better that can successfully adhere to changing regulations. Our AI-powered KYC solutions are technically advanced fulfilling data protection requirements. This new personalized video KYC service is designed in line with feedback from businesses and regulations across India. Now businesses can deliver better and faster user verification with greater accuracy.”

Video KYC allows customer verification through a live video arranged by KYC experts. Moreover, enhanced document authentication is also done using face matching, automated data extraction, and Machine Learning techniques, all in real-time. The process for video KYC can be performed from the comfort of your home. All you need is a laptop, smartphone, or tablet with a working internet connection. The system records all interactions and stores them for the future under PCI-DSS and GDPR. This service identifies and onboards customers extremely fast using Artificial Intelligence (AI) and reduces the cost and time drastically.

Shufti Pro’s Video KYC service will impact and benefit businesses in India by preventing scams and malicious activities. To deal with criminal activities such as money laundering and to make sure investor assets are safe, this face to face digital KYC verification is an effective solution. Video KYC service reduces paperwork and streamlines business operations through automation.

Shufti Pro’s award-winning Video KYC service is already available in the global verification market that has won MEFTECH 2020.

To find out more about Shufti Pro’s AI-powered Video KYC service, visit: www.shuftipro.com

About Shufti Pro

Shufti Pro is an identity verification SaaS that offers KYC, AML, and KYB solutions to worldwide clients. Using a hybrid approach of AI and HI technology, Shufti Pro keeps accuracy results as high as 98.67%. Having verified users in over 232 countries and territories, Shufti Pro is a pioneer in IDV services.

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Website: www.shuftipro.com