The Anti-Money Laundering Act mandates firms engaging in finance and investment to implement a Know Your Customer (KYC) system to verify the identification of service users prior to conducting transactions. However, identity verification by filling out documents is a burden for firms seeking to verify information and makes things harder for customers.
To address this issue, SCB TechX has created an innovative eKYC (Electronic Know Your Customer), a digital identity verification solution that simplifies KYC. Customers can verify their identity through mobile phone, tablet, or computer anytime and anywhere by scanning their ID card and taking a photo of their face.
Reduces the complexity of procedures and costs associated with verifying and storing information.
Reduces the possibility of human errors during verification process.
Enhances the customer experience by enabling 24-hour, easy and quick verification, eliminating the need to visit business or service locations.
Verifies whether the user matches the one on the ID card and transforms service users’ ID card snapshots into digital information instantly, eliminating the need for manual data entry.
Verifies whether the user and the person in the photo are the same person.
Compares the information on the user’s ID card to the Department of Provincial Administration’s database to see if the details are valid.
Connects the digital ID platform for cross-platform identity verification, thereby assisting enterprises without direct connection to the NDID and reducing connection and administration costs.
SCB TechX offers 3 types of eKYC.
SCB TechX offers an SDK package that provides customers access to a range of eKYC service APIs, such as liveness + OCR. Additionally, it provides supplementary DOPA services and an SDK package for NDID. By integrating SDK into their solutions, customers can tailor it to suit their customer journeys and cater to their own clientele. This includes customization options such as themes, backgrounds, logos, button colors, and more. Customers will be relieved from the burden of designing their own screens, resulting in significant savings in effort and resources.
This option is ideal for customers who already possess customer data and simply need to cross-reference it with DOPA. By utilizing this service there is no requirement to modify the screen flow or alter any aspect of the customer’s journey. Customers can simply transmit the information through the backend system, ensuring the accuracy of the dataset.
This approach is suitable for customers who do not require an SDK and have already developed their own front-end system. These customers can leverage NDID service by connecting through SCB TechX’s proxy. The major advantage is that customers do not need to invest in hardware for setting up nodes, establishing direct connections with the NDID platform, or manually upgrading nodes or data, significantly reducing costs.
InnovestX is one of our clients who use eKYC to accelerate the development process and cut through the complexity of KYC.
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