IDfy and BeatRoute Join Hands to Digitise On-ground KYC
IDfy, a leading Regulatory Technologies solutions provider, and Beatroute Innovations, a mobile app platform for field force, are collaborating to digitise on-ground, agent-assisted KYC for telecom, banking, lending, investment, and insurance industries.
IDfy’s AI-based identification and authentication APIs will integrate with BeatRoute’s field force platform to technology-enable the physical KYC process. The combined offering gives field agents the ability to collect documents in digital formats, auto-fill customer forms, and run realtime validation and verification of documents and pictures.
“This collaboration improves KYC turnaround time and right-first-time rate, and offers companies the extra security of a physical verification along with the cost and time advantages of digitisation,” said Wriju Ray, CBO and co-founder at IDfy.
An internal IDfy study has revealed that it costs a company Rs 1 Crore to onboard their first 100,000 customers through physical KYC. The same can be done for Rs 15 Lakhs through digital KYC.
A September 26 Supreme Court ruling has barred private enterprises from Aadhaar-based eKYC. IDfy APIs will give BeatRoute-armed field agents the ability to instantly identify and authenticate customers without depending on Aadhaar data.
“Many of our customers, such as Money on Mobile, ePaisa and Pepsico, have started using our platform to expedite the process of customer evaluation and onboarding since the Supreme Court ruling on Aadhaar-based eKYC,” said Vinay Singh, CEO and co-founder at BeatRoute Innovations.
BeatRoute’s field force platform offers seamless mobile app-based workflow for field agents to visit customer location and complete the KYC process with live customer picture and POI and POA document scans. BeatRoute’s latest release watermarks live customer pictures in line with DOT guidelines for digital KYC.
