cKYC: Making Transactions Faster And Hassle-Free

cKYC: Making Transactions Faster And Hassle-Free

Every banking transaction needs to carry out KYC with its customers. However, when the same consumer wants to carry out various transactions with the bank, he has to repeat the process of KYC. This problem was addressed in the Union Budget’s meeting in 2013. The idea was simple, a centralized repository where all verified documents that are needed for a financial transaction are stored. This proposed idea is now known as cKYC and has been implemented since the year 2016.

customers-verification

What Is cKYC?

Central Know Your Customer also known as Focal Know Your Customer, is a centralized repository that stores records of customers who are constantly on the outlook for financial services. This system is regulated by the Central Registry of Securitization Asset Reconstruction and Security Interest Of India (CERSAI). 

cKYC helps all those who are constantly in business with various financial institutions or even have multiple transactions going on with a single monetary organization by making their documents’ verification process much easier. With the help of cKYC, an individual doesn’t have to always keep on uploading their documents and even verifying their e-signature every time they apply for credit, a heavy transaction, or any activity that requires them to have verification done. With a cKYC, the process of constantly uploading different documents gets eliminated. 

ckyc-explained

Benefits For Financial Institutions

Central Know Your Customer also known as Focal Know Your Customer, is a centralized repository that stores records of customers who are constantly on the outlook for financial services. This system is regulated by the Central Registry of Securitization Asset Reconstruction and Security Interest Of India (CERSAI). 

cKYC helps all those who are constantly in business with various financial institutions or even have multiple transactions going on with a single monetary organization by making their documents’ verification process much easier. With the help of cKYC, an individual doesn’t have to always keep on uploading their documents and even verifying their e-signature every time they apply for credit, a heavy transaction, or any activity that requires them to have verification done. With a cKYC, the process of constantly uploading different documents gets eliminated. 

ckyc-api

cKYC api With Kudos

With an intention to make all your transactions effortless, Kudos Fincance’s Plugin and Play module enable cKYC at just a click for you. Pioneering with our state-of-the-art tech platform enables our partners to process millions of requests daily in a secure manner. Along with that, you also get API-based search and download solutions for a faster cKYC. 

With their efficient APIs, Kudos Finance has completely eliminated the involvement of physical documents and their movement and storage. With their cKYC, it becomes much easier as well as faster to verify your applicant and that too in real-time. 

 

The steps Kudos has developed are also very simple ones. Once you have partnered with them, all you have to do for verifying your applicant’s cKYC is, 

  1. Enter your cKYC search URL allotted to you along with your company code and services bearer token. 
  2. Choose between PAN or Adhaar 
  3. Enter the id number of your selected document
  4. Use the search cKYC number in the download API 
  5. Lastly, you can choose to download using your applicant’s Date of Birth, Pin code, Year of birth, or even mobile number. 

 

cKYC API is making lending become faster and easier. With all the information available from the central repository, the turnaround period has reduced significantly and this, in turn, is also increasing the volume of lending as a whole. Make your verification process as well faster with Kudos Finance’s Plug-in and Play Module.

For more information click here.

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