SMEs in India can now be completely paperless, utilize remote and secure onboarding solution. Mastercard has agreed to partner up with Signzy, a leading RegTech startup based in India. The partnership enables Signzy’s video-based KYC (Know Your Customer) solution for its banking customer.
Customers can now complete and submit their KYC applications from their homes safely. Also, it will be 99 percent faster than the orthodox way of submitting applications. With artificial intelligence (AI) and machine learning (ML) technologies, Video KYC uses security protocols to prevent unauthorized system intrusion or attempted fraud.
This launch is to enable individuals and small businesses to switch to online. As the co-founder of Signzy, Arpit Ratan, says, “Mastercard has strongly advocated digital transformation in the financial services space and has led by example.
Furthermore, earlier this year, Signzy partnered with various organizations and launched low-cost innovations that allow merchants to start accepting digital payments without incurring additional or high infrastructural costs.
Ratan concurs Signzy’s AI-led, on-premise API framework enables easy integration across multiple platforms providing a quicker and completely remote and paperless customer-onboarding, taking care of all security protocols.
Meanwhile, Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, said “Mastercard’s partnership with Signzy will shorten the traditional clunky, time-consuming and expensive KYC process for financial institutions. Signzy’s AI and ML have well-established links to many KYC databases in India that allow seamless support for e-KYC and Video-KYC.”
The platform is the solution for many SMEs in India that do not have all the KYC documents. Besides, Mastercard and Signzy are assisting merchant banks to onboard SMEs outside of the city for setting up digital payments with ease, open SME accounts, and NBCFs to underwrite and disburse SME loans.
Rajeev also concurred during the nationwide lockdown, Signzy’s Video KYC come as a support for financial institutions and SMEs.