What is KYC video verification?

An official from the MSME initiates the video KYC process by inviting the customer to a video call. The customer’s Aadhaar card is then verified. This is done through Aadhaar authentication for banks and offline for other entities. The official also verifies the customer’s real-time location using geo-tagging software.

What is video based authentication?

In the video approach, customers can use a video chat function, such as Google Duo or Apple FaceTime, to display documents to verify their identity. Right now, the KYC process for onboarding new customers must be done in person, along with Aadhaar-based verification.

What is video based see IP in respect of KYC?

Video based Customer Identification Process (V-CIP) is an alternate method of customer identification with facial recognition and customer due diligence by an authorised official of the RE by undertaking seamless, secure, live, informed-consent based audio-visual interaction with the customer to obtain identification …

What is video KYC or video identification?

Video KYC or video identification is an online method of face-to-face identity verification in which organisations carry out their customer verification process through a video call assisted by a KYC agent. During the video call, the customer is required to digitally submit the identity documents for proof.

What is the new addition to the Digital KYC?

Going into the details, the new addition to the digital KYC is the video KYC feature. The process uses either Aadhaar eKYC, which is Aadhaar-based verification done online. It can also be done by combining a live photo of the customer using his Officially Valid Document (OVD) and his geo-location coordinates.

How does the KYC process work at the bank?

During the process, customer’s KYC documents are verified and their signatures are recorded through a video call with a bank officer, thus doing away with the need of physically visiting a bank branch. Terms and Conditions apply. Sorry, but the page you were trying to view does not exist.

What is eKYC API for KYC verification?

Through the eKYC API, any licensed service provider can then verify a customer. Remember, only UIDAI-licensed users can avail the feature of KYC verification online. You can avail two types of Aadhaar-based eKYC for KYC verification online: