Mastercard announced a partnership with Signzy, a RegTech startup, to enable the latter’s video-based KYC (Know Your Customer) solutions for its banking customers. This will allow Mastercard to provide a completely paperless, remote and secure onboarding solution for end-users.
In India, this launch will further Mastercard’s goal of driving inclusive growth via financial inclusion by enabling individuals and small businesses to go online, Mastercard said.
Recently, Mastercard partnered with various players and launched low-cost innovations that allow merchants to start accepting digital payments without incurring additional or high infrastructural costs. Video KYC will further the ease and speed of onboarding in minimal time.
“Our efforts are geared to offer our partners a mobile-first, customer-centric digital experience for their customers. Signzy’s AI-led, on-premise API framework allows easy integration across multiple platforms, providing a quicker and completely remote and paperless customer-onboarding, taking care of all security protocols,” said Arpit Ratan, co-founder of Signzy.
Deployment of video KYC will allow end-users to complete and submit their KYC application from the safety and security of their homes. This would be 99% faster than the traditional paper-based KYC process.
Commenting on the development, Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, said, “Mastercard’s partnership with Signzy will shorten the traditional clunky, time-consuming and expensive KYC process for financial institutions. Signzy’s AI and ML has well-established links to many KYC databases in India which allows seamless support for e-KYC and Video-KYC. Therefore, the platform also solves the problem of many SMEs in India who may not have all the KYC documents. With V-KYC, SMEs can now complete their contactless KYC process remotely at their convenience from their homes and shops.”
The two companies are assisting merchant acquiring banks to easily on-board SMEs in remote corners of the country for digital payments acceptance, open SME accounts and NBFCs to underwrite and disburse SME loans.
Founded in 2015 by Ankit Ratan, Ankur Pandey and Arpit Ratan, Signzy works with over 90 Indian financial institutions including ICICI Bank, State Bank of India and Aditya Birla Sunlife AMC.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.