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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What’s the first step that a customer has to take when he wants to avail any service from a Bank or a Financial institution? It is the Know Your Customer (KYC) process.  KYC is a process where a financial institution verifies the identity and personal details of a potential customer. The RBI has made it mandatory for all companies to undertake KYC before offering any services to customers. While it has had a positive effect of reigning in unscrupulous activities like

With social distancing as the key preventive measure in the going global pandemic, expecting customers to come to the branches of RE’s, i.e. Banks, NBFCs, etc. seems out of the question. The biggest casualty of this situation would be the Know Your Customer (KYC) process which needs verification of documents and other aspects of a customers’ identity. Fortunately, technology is the answer to this predicament. And the ball was already set rolling in 2019 when the Government of India had notified

The NPCI (National Payment Corporation of India) has reintroduced eSign based electronic NACH (National Automated Clearing House) mandates. This latest update shared via a circular dated May 26, 2020, is bound to cheer Banks, Lenders and other institutions.  To fully understand the positive implications of reallowing this service, let's first take a look at eNACH and why it is essential. The NACH mandate  is an authorization given by a customer to Banks, Lenders and other institutions like Insurance companies, mobile service

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

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

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

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

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

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

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

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

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

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

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