Before we talk about eKYC Saas Software, we want you to get familiar with the terms, to familiarize yourself a little more with this type of services and how your organization may take advantage and improve some of their internal processes.
For this, we will enter the successful case of The Unique Identification Authority of India as an example of how this system can manage databases even of a complete country.
Understanding the concept
In Europe, the technology of biometric recognition in citizen security is highly appreciated, since it allows in many cases, to identify the perpetrators of thefts in public and private places. This is clear as additional factors to the identification of citizens under a single and standard system.
This is one of the reasons why The Unique Identification Authority of India (UIDAI) intends to use the eKYC Service as the main component to carry out its program to accredit the identification of each Indian citizen, first passing identification and collection of the biometric information of each person.
One of the results will be the Aadhaar, a 12-digit identification that will solve a long-standing problem. The Aadhaar has been used by the government and some official banks to facilitate the money transactions between these organizations and the common people.
Authentication based on Aadhaar allows establishing the identity of a holder with some of the identification methods. Aadhaar’s eKYC service provides the KYC (Know Your Customer) information (i.e., crucial information such as photo, ID, and proof, and residence address and proof of address) in digital data center format of UIDAI.
Such information is pre-verified and further digitally signed by all major Indian regulators such as RBI, TRAI, IRDIA, SEBI and so on, as a legally valid KYC document. This allows you to connect easily and quickly using the Internet and avoiding tons of paperwork and delays in the processes.
The data are made available to anyone who can acquire them through the eKYC service, only after they have been fully validated through a fingerprint scanner or an iris scanner. These scanners are registered in specialized digital databases by authorized suppliers.
It is important to note that to use Aadhaar’s eKYC service, the organization will have to register as a KUA (KYC User Agency) with UIDAI. It is a legal process that the companies that offer solutions in eKYC serviceoffer, at least in their vast majority. The UIDAI has established the parameters of approval to be KUA.
Aadhaar eKYC Software and Process? How does it work?
One of its characteristics is that it will collect and provide information without papers, hence the KYC acronym (Know Your Customer). And its main function is to verify the information of a citizen electronically through the Aadhaar 12 digits’ number of authentication.
The identification and authentication process that provides the eKYC Service has the following steps:
1. Is given a link to the subscriber.
2. The subscriber enters his fingerprint and accedes to request loaded with previous information.
3. Subscriber diligence and supplies the missing information.
4. The application is signed by the subscriber, who delivers it to one of the organizations responsible for it.
5. The signed application is approved.
6. A second verification and approval are done.
7. The certificate is delivered to the subscriber
All this process is done with the least intervention of papers and intermediaries and of course based on digital means.
Why having an eKYC Software?
The processes of identification and authentication usually require a lot of documentation to generate and subscribe, which generates greater expenses and needs as physical storage spaces of the documents
With the eKYC Saas Software delays are reduced as well as the risk of errors due to human intervention, which will always generate more errors than the processes of information automation.
Advantages of the eKYC Software
Finally, you should take into account next features at the time to acquire or having this kind of solution:
There are plenty of software technology solutions company around the India specialized in finances and offering different types of eKYC software and eKYC service so your organization or any business house can take advantage of this large database implemented by the UIDAI.
The main idea of obtaining the Aadhaar e-KYC software is to have access to the information of registered individuals with their full knowledge for obtaining benefits such as promoting their services. This tool that works under a real-time scheme that can give you the option to reach thousands of residents to make your services known. Also, the solutions offered today offer a whole process of consulting and accompaniment so that everything is really transparent, clear and approved by government agencies.