CKYCR by CERSAI, what does it mean for Institutions and Customers of Financial Services.
#CKYCR (Central KYC Registry) by #CERSAI is a game changing product if it gets implemented across Financial Institutions, as mandated.
Customer doesn’t have to go through document submission & verification everytime they buy any financial service through entities regulated by RBI, SEBI, IRDA, PFRDA
A 14 digit #KIN (KYC Identification Number) on CERSAI can save all the physical & electronic KYC documents, authenticated and verified by FIs, under their stamps and customer’s signature. Just quote the KIN while buying any financial service, & documents will be fetched.
It has a self cleaning model for de-duplication. Any FI who make change in the stored KYC will be responsible for the authenticity of the verification (trail is created). Any update in KYC info. is communicated to all FIs linked with that KIN to update their data
Add CKYCR with #IndiaStack & the best model is here for financial service through #FinTech
Benefits: Reduction in time & cost. No fake or duplicate ID even a person has given different documents with different FIs, it gives you a Probable Match data if two or more profiles are similar. #Accept or #Reject.
Issue will be scanning of KYC documents by FI, & its not #FREE (Works on pre paid wallet model)..