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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Khosla Labs Pvt. Ltd.
#18/2A, GRS Towers, Second Floor
Above Cafe Coffee Day
Sarjapur Road
Bangalore 560103

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According to a 2017 Forrester study covering 140 companies across the financial sector in the United States, 88% of the participants agree that the Onboarding experience has a strong influence on the lifetime value of customers. It is easy to see why. Customer Onboarding is an important moment of truth for the customer. It is his first intimate experience with the working style of the company. Hence it is recommended that onboarding should be as flexible and frictionless as possible. When customers see the speed, ease, security, and convenience of onboarding, a positive perception of the brand is formed which affects the long term brand loyalty. More than 50% of the respondents in the same study feel that KYC due diligence was

Every Indian financial institute which comes under the purview of the Reserve Bank of India (RBI) is mandated to carry out a Customer Due Diligence procedure before onboarding an entity. The RBI has also issued clear guidelines in the form of Know Your Customer (KYC) norms. In the initial days, KYC was a cumbersome process as it required a physical interaction between a potential customer and institutions. This proved to be expensive too. A recent estimate by mobile wallet Paytm shows that its Customer Onboarding costs were between INR 220 to INR 270. Besides being costly, the KYC process is susceptible to frauds too. Many cases have come to light where an individual used someone else's Aadhar or PAN Card for

The legendary former president of the United States of America once referred to banks as the master of all the country’s progress and industry and rightly so. Today, there is not even a single reasonable individual out there who would disagree with the idea of banks being the epicenter of any country’s progress and development. It is almost impossible to realize true national progress and prosperity unless the focus is put entirely on the advancement and better facilitation towards the banks that run the national economy. Thanks to the advancement of technology and those striving every day to make things better and smarter, Banking is no more a thing run on conventional models. Digital banking or what is aptly termed as

RBI's recent announcement allowed entities registered with it to use Video-based customer KYC (V-CIP)solution. That meant instead of sending agents to the customer's address, now REs could verify the customer's identity remotely via a recorded video call. RBI defined how V-CIP (video-based customer identification process) should be done, we have summarized the circular in our article here. As such, as a RE under RBI, you would have 2 choices Build a compliant V-CIP solution yourself Get a third-party provider like Veri5Digital to give you their pre-built tech In case you are contemplating option (2) this article is for you.   Things you must consider before buying V-CIP software for your company Check if the V-CIP vendor has the following features mandated by RBI RBi in its circular

About 3 people in 100 have credit cards in India, while there are 930 million debit cards and 1.57 billion bank accounts that are about 80 percent of the total population, that’s the data from January 2019.  Why is this important? Because if you are a business that depends on customers paying you EMIs or recurring payments. You might want to consider these numbers.  Not that there is a dearth of payment methods that allow you to get recurring payments, we made a list of all those that worked in India, in our article here.  Among all of them eNACH stands out for one reason only, that it works with net banking and debit cards, giving you access to a pool of 930 million

With the recent amendment in the Prevention of Money Laundering Act, 2002 (PMLA), the Ministry of Finance now allows different ways to capture client’s details electronically; Digital KYC.   We have tried to explain the amendment in our post here. In this article, we try to simplify it further to include what we (read legal team) thinks you should consider before you move your system towards a Video-based KYC process.   To begin with, we need to understand What is KYC? KYC (know your customer), is the process where businesses identify and verify various clients and also assess potential risks of illegal transactions during the business relationship. This is done to detect and avoid fraud in financial transactions quickly and has a legal bound

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