The Election Commission of India issues the Indian Voter ID Card (officially known as the Elector’s Photo Identity Card (EPIC)) to adult Indian citizens who have reached the age of 18. It is primarily used for identity proof of Indian citizens when they cast their votes in local, state, and federal elections held in the nation. It may also be used for identity verification of name, address, and age verification for other needs like getting a SIM card for a phone or applying for a passport.

Definition: Automated onboarding is a process designed and scripted before user onboarding. It is an entire user or customer onboarding process that doesn’t require real-time human interaction and is frequently supported by in-app messages and instructions that are specifically created to ensure a positive onboarding experience and, therefore, customer satisfaction.

Making sure you are collaborating with reputable and legal partners/merchants is essential for business owners. Verifying your potential merchants’ GST identification numbers (GSTINs) is a crucial step in the digital onboarding process. Thankfully, the GST verification API has made this procedure simpler and more effective.

Identity fraud is on the rise, and con artists are getting more skilled. 52% of businesses reported experiencing fraud in the previous 24 months, according to a PwC-commissioned poll. 10% of them even claimed that their most disruptive occurrence cost them more than $50 million in financial terms. Personal data is being sold on the dark web, accounts are being hacked, and phishing emails are being sent.

It is common in India to ask for a driving licence for proof of identification be it for renting a house or giving away a bride, it is the longest-standing ID for Indians after Voter’s ID. By using a digital driving license verification solution, checking driving licence numbers can be done remotely, and only verified customers or users can be allowed access to digital platforms, online services, and secure shared economy services like renting a car or booking a hotel online.

About ten years ago, a new generation of banks entirely transitioned to digital operations. Neobanks, which are banks that only do business online and have no physical locations, cater to specific consumers’ demands by providing more convenience and reduced transaction costs. However, for these newer, online-first institutions, digital banking fraud can be particularly difficult.

The efficacy of customer identity verification has increased thanks to digital technology. Validating a bank account is an essential stage in the identity verification process since it verifies the client who is tied to that account. The traditional procedures for validating a bank account involved a lot of paperwork and several bank visits, and they were time-consuming. Financial institutions may now enrol consumers in only a few minutes thanks to the introduction of penny drop verification.

EDD is a vital component of the KYC compliance procedure in banking. It comprises gathering information to verify clients’ identities and assess the degree of money laundering risk that each customer poses. As a result, the client requested substantially more details during the EDD process than during the CDD process, because this information might be used to reduce the related risks.

The masked Aadhaar is a variant form of Aadhaar that the Unique Identification Authority of India (UIDAI) developed after taking into account the issue of data privacy for individuals. Read through to know more about what it is.

Finance Minister Nirmala Sitharaman advocated for the simplification of Know Your Customer (KYC) processes for financial services in a Budget speech that placed a broad emphasis on technology and tech-driven solutions. She also argued for increasing the utility of the DigiLocker platform for both individuals and businesses and giving Fintech Platforms more flexibility to access India’s digital infrastructure.

Artificial Intelligence (AI) is revolutionizing the financial services industry, known as fintech. From improving customer experience to reducing operational costs and mitigating risks, AI is having a significant impact on fintech. In this blog, we will explore the top 10 ways AI is being used in fintech.

Fintech as a Service (FaaS) is a business model that enables companies to outsource financial technology (fintech) services to a third-party provider. This model provides companies with a more flexible and cost-effective way to access fintech services and improve their financial operations. Let’s explore the concept of Fintech as a Service and the impact of API solutions on Fintechs.