C-KYC with PiXL Technology
As a normal KYC procedure all the finance-related institutions used to record the data of every new customer who opened an account with them. Recently according to the new rule established, an authority named Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) which is an online platform, is solely responsible for maintaining i.e. receiving, storing, guarding, and retrieving the information of an investor associated with these institutions in the digital form.
The asset management companies, banks, insurance companies, and market intermediaries which are regulated by RBI, SEBI, IRDA & PFRDA have to register themselves with CERSAI and also handover the data of its existing customer base to it so that CERSAI can maintain a single and cumulative database for all the KYC. The customers need to fill a form and also be available in person in order to carry on the verification process, if they finally get registered with CERSAI and get a KYC identification number commonly known as KIN. the customers are intimated about it through SMS on their registered mobile number. So, if a customer gets an SMS after his application filing with CERSAI that indicates he is registered for the CKYC. Now C-KYC with PiXL Technology is here to help all.
The CKYC was brought in keeping various benefits and it also eliminates the previous struggle with the entire KYC process. Firstly, the associated institutions like insurance companies and banks would be free of duplicacy of the data. It was a practice which caused redundancy since the same customer had to be registered again and again while he was registering himself with the different financial institutions. Therefore, this new centralized data can help in saving the time, effort, and resources of both the financial institutions and the customer. Secondly, the centralized data can be used more securely as everything can be found at a single place and thus the fraudulent activities can be minimized up to a great extent. This further decreases the turnaround time. Finally, once a major investment is made for cKYC, it would reduce the cost incurred by different financial banks as they needed to spend a fortune for getting the KYC done individually and maintaining it.
The PixL.AI provides the platform for these new institutions to comply with this new regulation where the Central KYC can be incorporated. The institute has to comply with this before the RBI deadline and PixL.AI ensures them the same. We help them reduce the cost and time which they would have to otherwise incur for the entire setup. We have made it easy for them by bringing our AL and ML capabilities into use.