Know Your Customer
Know your Customer (KYC) is the process of identifying and verifying the identity of clients by a business. The term is also used to refer to banking and anti-money laundering regulations which govern these activities. Basic KYC (recorded through the centralised KYC Registration Agency systems) is a one-time exercise while dealing in securities market etc. Once the Basic KYC is done through an eMudhra registered intermediary, you need not undergo the same process again when you approach another intermediary. Know your customer (KYC) policy is an important step developed globally to prevent identity theft, financial fraud, money laundering and terrorist financing. The objective of KYC is to enable banks to know and understand their customers better and help them manage their risks prudently.
e-KYC solution from eMudhra is a turn key solution that helps business houses take advantage of the Aadhaar based KYC services provided by UIDAI. The solution makes implementation of e-KYC services hassle free and efficient.
e-KYC Service Implementation:
Aadhaar eKYC service provides an instant, electronic, non-repudiable proof of identity and proof of address along with date of birth and gender. Implementation of Aadhaar based eKYC service requires registration as a KUA with the UIDAI, implementation of the KUA server and biometric client software that adheres to UIDAI specifications. This involves alot of effort and commitment towards incorporating the required business processes and deploying the new technology.
Using eMudhra's turnkey solution for KUA server and biometric client software, ensures fast and cost effective implementation of eKYC services. The out of the box solution from eMudhra enables customers to carry out business process reengineering and integration changes to the software that might be necessary to enable smooth operation of eKYC services.