WHAT IS KYC
KYC stands for ‘know your customer,’ and it is a useful technique for an organisation to confirm and thereby verify a customer’s validity. Before investing in various instruments, the customer must present complete KYC papers. Now KYC will be easy with Virtual KYC,
The Reserve bank of India requires all financial organisations to perform the KYC process for all customers before granting them the ability to conduct financial transactions.
Importance of KYC
KYC is a vital tool since it protects financial institutions and prevents unlawful actions. Non-individual consumers use financial services widely, such as trading and mutual fund investing.
Under KYC, banks have the ability to verify an entity’s legal status, cross-check clients’ functioning addresses, and verify the identities of their beneficial owners and authorised signatures.
Furthermore, the KYC procedure demands the type of the customer’s employment as well as the business conducted by the customer, which is useful in validating the validity of an individual and/or corporation.
Digital or Virtual KYC
Digital KYC is our AI-based authentication system that helps verify your customer details instantly in a smooth and secure way.
It is an online KYC process for customers who are not KYC compliant. By completing an online KYC form, you can complete KYC compliance. Completing digital KYC enables you to apply for loans and open online bank accounts with ease.
Paper works are tiring to do and Testlibra allows you to fill your KYC online without any fraud and it’s a quick process.
Test libra Virtual KYC
- Eliminates Manual paperwork.
- Admin can able to have a record of the candidate’s details.
- Collecting the government-issued ID card prior to the test.
- Verifying the ID card details through our portal.
- This is an optional feature a test can have.
Now say bye-bye to regular paperwork KYC and say Hello to Virtual KYC.