About the Company

Veri5Digital is India’s leading Identity verification and onboarding service provider with a suite of products that includes Video ID KYC, Aadhaar Offline KYC, eSign and eNACH.


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Supreme court's judgement on Aadhaar and its use by private organizations all but pushed the BFSI sector back to its legacy processes of manual verification. Some sectors saw as much as 40% downturn in the new customer acquisition when compared to the eKYC era. The worst-hit were the fintechs, who relied solely on the presence-less feature of Aadhaar to onboard customers but had to look for a non-existent alternative method of verification. Though Offline Aadhaar based verification did help, It came with its own limitations. Companies like us(read Veri5Digital) built solutions like Video-based customer KYC to help the sector get back to its feet, though without exclusive approval from RBI and other regulators the solutions were just a band-aid on the problems faced. With RBI's

RBI recently released a new circular with respect to the use of Offline Aadhaar and Video-based KYC to verify the identity of the customer. AS per the new amendment regulated entities are now allowed to used Video-based KYC or Offline Aadhaar along with a recorded proof and location of the customer to complete KYC.   Please find the circular below, RBI Master Circular   Watch this space for a detailed analysis of the same.

2018, saw $1.5 billion lost due to fraudulent incidents in the world. With over 500,000 identity theft-related frauds being reported, combined with a bulk of unreported incidents ID theft is one of the top 3 types of fraud affecting the banking and financial sector in the world.   FATF and Anti-Money laundering laws Considering how fraud was affecting the financial system and its negative impact on the economy Financial Action Task Force (FATF) was constituted in 1989, an inter-governmental body whose main objective was to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF issued its first recommendations in the year

Dalberg along with Omidyar network India recently did human-centered design-based research on how Aadhaar is being received and used by the masses. You can access the actual report here. In this post, we try to summarize what we learned from the report and what we thought it all came down to. The Inception Aadhaar was conceived as an ambitious project to provide universal identity to more than one billion Indians, Aadhaar is unparalleled in its reach and aspiration. An important objective of the project has been to improve the ability of the Indian state to provide efficient, transparent and targeted delivery of welfare services to a large number of residents who depend on it. In the years following Aadhaar's launch, its use

When you hear about "Digital identity" or KYC, you in all probability are thinking about banks and loans. KYC is something that you hear from banks or loan agents all the time and well, we do talk about these a lot! Here is the thing, though we might not usually have heard about KYC with respect to any other industry. It has extensively being used in insurance, recruitment, software, and gaming. Think about it, which business wouldn't want to Know who they are dealing with i.e. their customers Save money My guess, none. FRAUD is not limited to Banks My running theory is if there is a financial transaction taking place, there is a possibility of identity theft and fraud there than anywhere else. Think

Digital Signature schemes were first defined in 1984, while the first commercial product came in to being in 1989. It's been more than 30 years since digital signature has been available for use in various formats. Though most people tend to confuse digital signature with an electronic signature and more often than not use them interchangeably. In this article, we aim to define what each of these terms means and how do they differ from each other and from what we call an Aadhaar eSign? What is a digital signature? Digital signature is a mathematical sequence that is used to authenticate the validity of a digital message or a document. in laymen terms, digital signature uses algorithms to add itself to a digital document

If you are a part, have been a part of the banking and payments sector then you know what I mean when I say RBI and its regulations dictate everything that happens there. Right from how customers need to be acquired to how they should be interacted with and where or where not the money received should go.   As such the past year especially has been eventful, RBI came up with 2 major regulations for the sector, Use Aadhaar eKYC or Offline Aadhaar for KYC Don't use third-party DSAs(direct service agents) to acquire customers. Both of these had a significant effect on how the companies in the sector i.e. banks, NBFCs, and payment banks function. During our time in the industry, we have

If you have had the chance to have a look at our article on eNACH, you should have noticed we speak about “Mandates” extensively there.    Yes, this is an extension of our article on eNACH. I wanted to talk about “Mandates”, more specifically “eMandates”.   In most cases, eMandates and eNACH are used interchangeably. In this article though we try to define what exactly these terms mean and why is there confusion on the subject.    To begin with, let’s start by defining what eNACH is?   NPCI the creator of eNACH and the regulator for payments in India on its website defines “National Automated Clearing House (NACH)” as a web-based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature, implemented

There has been a tremendous amount of conversation on the web about the use of biometric information by organizations specifically by governments and global conglomerates to track citizens and users respectively. What most of these conversations point to is how the information gathered by various platforms are being used or rather misused by to drive agenda and influence public opinion. In this article, I wanted to talk about the flip side of things. Specifically, I wanted to talk about how face match/recognition algorithms can be used for the greater good.   Here are 5 things that face match can be used for, Control access One of the most obvious uses of face match technology would be to control access to sensitive data or premises. An authorized

Over the past year, we released Veri5KYC, a suite of products catering to KYC and verification needed by BFSI and Fintech industry. Companies in the transport, delivery, and ecommerce space also adopted Veri5KYC products to ascertain the safety of their customers and protect themselves from identity fraud.   One of the major questions that we get from our customers, especially for companies that fall under RBI and PMLA guidelines, is whether they should consider doing an IPV(In-person Verification) after going through Digital KYC or Offline KYC process? And if this applies to all fintechs irrespective of the size or volume of transactions? In this essay, we bring out parts of RBI Circular, PMLA guidelines, and UIDAI directives to try and answer these questions. To

Being a lending focused startup is hard business and from all our conversations with our customers both in lending and subscription-based companies we realized that the hardest part of both of them was to get the recurring payment in, i.e. EMI for lenders and monthly subscription fee for SaaS products from the customers.  The problem is quite similar in case of utility bills too, the customers tend to forget the deadline leading to the disconnection of services not because she didn’t want to pay, ultimately leading to irate customers and a bad reputation for the company.  Here is the question, how do we make sure that payments are made on time, EMIs are paid every month and subscriptions aren't disconnected. In this article,

If you anything like me, you would have at least ones rented, bought things on EMI or would have taken a loan from a bank sometime in your life and if you have, you might have received an SMS or an email which goes something like this This particular SMS was on a standing instruction on my credit card for something I rented out from Rentomojo.   India’s rental economy at the time of writing this article exceeded $1.5 billion in revenue, combined with the loan disbursements of more than INR 25 trillion it makes sense especially for a company working in any of these industries to try and automate repayments.   One such way i.e. credit card based standing instruction is what you saw

According to a report by Securitas , identity theft accounts for 35% of all financial frauds in India. Combine this with the possibility of using this money for terrorist funding, the problem doesn’t just stop at losing money.  While banks and financial institutions try their best to secure their systems to avoid loss, money launderers and criminal entities look to exploit new loopholes almost everyday. This is where KYC comes into the picture, KYC allows banks to confirm if the customer is who she says she is.    KYC is a requisite and mandatory requirement to verify the customers by collecting reliable information and supporting documents. Individuals verify their identity by providing government registered documents like passport, national ID card or any other

In our constant effort to improve Veri5Digital, we spend countless hours researching, evaluating and building products and features that can help “YOU” our customers.  Last month, our team worked on features that would allow you to customize your KYC app, be compliant with regulatory guidelines, configure flows and colors.   UIDAI We Do Flow Changes and UIDAI signature UIDAI’s latest update made changes in the flow of how Aadhaar XML was downloaded. Our new upgrade takes it into account and in addition also checks the new UIDAI signature on the Aadhaar XML to authenticate the information in the file.    Input Aadhaar Masking in XML We Do Flow RBI’s guidelines on KYC mandates masking of Aadhaar numbers and making sure the same is not stored. We implemented

In our introductory chapter we took you through the major highlights that RBI master circular on KYC had and how it affected you as a regulated entity.  In this installment of the blog we shall discuss outsourcing and audit related stipulations.  All regulated entities are expected to comply with audit related provisions of KYC Policy, following is a list of major provisions that you should be aware of,