On October 13, 2020 In order to rollout Signzy’s video-based KYC (Know Your Customer) solution to its banking customers globally, Mastercard has entered into partnership with Signzy, a leading RegTech startup. The customers of Mastercard, with this partnership will benefit from a 100% paperless, remote and secure onboarding solution for end-users.
Gist about Signzy’s video KYC solution
Backed by– It is backed by Artificial Intelligence (AI) and Machine Learning (ML) technologies.
Security protocol– In Order to prevent unauthorized system intrusion or attempted fraud, it features security protocols.
Industry-leading scalability– It offers industry-leading scalability to deal with high volumes of video KYC(V-KYC) transactions.
Reduces time and expenses– As it will be 99% faster than the traditional paper-based KYC process, it will reduce the time and cut the expensive KYC process for financial institutions.
Benefits to SMEs
- The platform addresses the problem of many SMEs(Small and Medium-sized Enterprises) in India, who may not have all the KYC documents.
- This is because Signzy’s AI and ML has links to many KYC databases in India which allows seamless support for e-KYC and V-KYC.
- SMEs with V-KYC can complete their contactless KYC process remotely at their convenience.
i.Mastercard and Signzy are assisting the merchant who acquire banks to easily on-board SMEs in remote areas of India for digital payments acceptance, open SME accounts and NBFCs(Nonbank Financial Companies) to underwrite and disburse SME loans.
ii.This launch in India will promote the goal of Mastercard to drive inclusive growth through financial inclusion by enabling small businesses and individuals to use online.
Signzy’s clientele has more than 90 Indian financial institutions, including State Bank of India (SBI) and ICICI Bank
Points to Recall
Reserve Bank of India (RBI) in January 2020, for the 1st time has introduced Aadhaar-based Video Customer Identification Process (V-CIP).
RBI has amended guidelines under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, to introduce V-CIP.
Mastercard’s Commitment of Rs 250 crores (US$33 million) for Indian SMEs
To help reboot Indian SMEs and enable business recovery amid COVID-19 outbreak, Mastercard had announced a commitment of Rs 250 crores (US$33 million)
Recent Related News:
i.On September 25, 2020 Fino Payments Bank Limited(Fino Payments Bank) in association with fintech partners has introduced Near Field Communication(NFC)-based contactless payments solution for mass transit systems, particularly for state bus transport services in India. It was developed by Fino Payments Bank in partnership with fintech firms like City Cash.
ii.On September 16, 2020 DBS Bank India Ltd(in short- DBS Bank India) launched an online credit solutions platform, ‘DBS Digital Business Loans for SMEs’ to provide loans for Small and medium-sized enterprises (SMEs) businesses in a convenient manner with credit facility up to Rs 20 crore.
Headquarters – New York, United States
President and CEO-Elect– Michael Miebach
CEO – Ajay Banga(Michael Miebach will take over as CEO by January, 2021)
Co-Founders– Ankit, Arpit and Ankur