IDfy Blog

RBI's 'Regulatory Sandbox Enabling Framework' Highlights

Last week, the RBI released the ‘Enabling Framework for Regulatory Sandbox’ (RS). Key highlights of the framework are summarised below:Eligible applicants - Companies incorporated and registered in India or Banks licensed to

Revenge in Oil: Art Talk

I enjoy art and I was nervous for my session but Oh Boy! I did not expect fifty people. But there I was, in a dark room with a projector and people waiting

IDfy

Kho Kho in the Rain

This was an evening when our over-worked and hyper-pressured tech and product teams went out to let their hair down. Or, wet in this case.

RBI

Rs. 1.75 Crore Penalties for KYC Violations

The RBI is getting tough for any violations on those fronts. PNB, UCO Bank, Corporation Bank, and Allahabad Bank just the latest to be slapped with fines by the RBI to the tune of Rs 1.75 Crores. These are for non-compliance with KYC requirements and opening of current accounts.

HDFC Bank

HDFC Bank fined Rs 1 Crore for KYC violations

The industry is realizing that Digital KYC solutions that combine realtime checks, tampering detection, face recognition and face liveness technologies provide the same level of time and cost efficiencies as Aadhaar eKYC.

I have a hammer. Where is the nail?

We live in interesting times. People are predicting the end of jobs (through machines), the end of diseases (again through machines), the end of governments and monetary/fiscal policies (through tech that run

RBI's new KYC Master Directives in 6 Bullet Points

The RBI released its new KYC Master Directives. We've read the 60-page document and distilled it down to the 6 bullet points that matter to you. Aadhaar is now an OVD: The Aadhaar

Will the new offline KYC rules really ease Fintech's pain?

Unlikely! While the Economic Times article on the subject strikes an optimistic tone, it's unlikely that the new offline KYC rules issued by the RBI, allowing Fintechs offline Aadhaar KYC options, will make

RBI

SEBI 'Innovation Sandbox' to Address 'Data Access' Issue

After the RBI, it is now the turn of SEBI and IRDAI to launch their own Regulatory Sandbox Frameworks for Fintech and Insurance companies. SEBI, thankfully, also addresses access to data as an important factor in its 'Innovation Sandbox'.

PayTM

Two Important Lessons the PayTM Mall Fraud Saga Teaches Us

Fraud Detection is not a cost head that needs to be budgeted and minimized. In fact, it's a strategic investment that insures the company's future.

IDfy

Video KYC can help separate customer 'identification' and 'authentication': Wriju Ray to ET Prime

The requesting entity can download the video. But how would the entity authenticate whether this is the same person transacting now? So, it could take the video and match it with the documents available with the Central KYC Repository (CKYCR)

IDfy

IDfy’s Machine Learning Solutions Driving Responsible Gaming in PokerBaazi, BalleBaazi, and RummyBaazi

IDfy, a Mumbai-based company listed amongst world’s top 100 regulation technology companies, today announced that it has partnered with Baazi Games to keep their gaming platforms - PokerBaazi, BalleBaazi, and RummyBaazi - safe from user fraud and money laundering.

Dream11

IDfy is Verifying Lakhs of IPL Fans Every Week for Dream11

Partnering with IDfy has helped us provide uninterrupted and hassle-free user experience, especially at the KYC stage.

RBI

Access to data crucial element in Regulatory Sandbox: Wriju Ray to Economic Times

RBI's Regulatory Sandbox, in our opinion, is really about enabling AI in the KYC process. However, without access to data - a pre-requisite for any AI-based solution - the Sandbox could fall short of its promise.

The rise of Real Money Gaming in India and Regulations around it

Our take on Gaming Regulations in India with insights from Nishith Desai AssociatesOnly someone who’s been living under a rock for the last two years would have missed the explosion of real

Five global examples of Gaming fraud Indian Gaming companies can learn from

Indian Gaming companies are eyeing almost Rs 12,000 Crores by 2023. That's bigger than the current Indian Fintech sector. Going by this we can safely assume that stricter regulations on gaming are

eSign

Is eSign still relevant?

Digital KYC costs anywhere between Rs 10-15 per transaction. In fact, for very high volumes like large telcos, this could even go as low as Rs 5 per transaction.

Offline Aadhaar heralds a digital-age KYC process, but stops short of making a complete shift: Wriju Ray

A guest column written by Wriju Ray, co-founder and CBO at IDfy, published in ET Prime on March 25, 2019If the Supreme Court’s Aadhaar Judgment on 26th Sep had shocked the industry

"eSign will change or become redundant": Wriju Ray to Economic Times

In a report published in the Economic Times today, Wriju Ray - CBO at IDfy - spoke about the lack of use cases for eSign that might lead to it becoming redundant for

IDfy Launches Aadhaar Masking: ET Tech

A report in the Technology edition of the Economic Times has reported on the recent twin product launches at IDfy - Aadhaar Masking and Video KYC. The report says that "both these mechanisms

IDfy Launches Video KYC for Remote Customer Verifications

Fintechs and Telcos to Achieve Regulatory Compliance with 90% Cost Savings IDfy, a Mumbai-based leading Regulatory Technologies company, announced the launch of their Video KYC platform that allows banks, fintechs, and telcos to

IDfy has Launched Video KYC to Reduce Cost by More than 90%: Economic Times

An Economic Times article today has reported on IDfy's latest product release - the Video KYC platform. "IDfy has launched a video KYC method to help service entities collect full user documentation through

Aadhaar

Aadhaar, Data, Privacy: What’s on the Cards

IDfy's legal counsel take stock of some imminent developments in the realm of Aadhaar, PMLA, and KYC regulations in January 2019.

IDfy

"Lack of clarity on taxation limiting access to funds for Indian start-ups" Ashok Hariharan, CEO of IDfy, on CNBC Awaaz

Speaking on CNBC Awaaz, Ashok Hariharan - CEO of IDfy - said that the lack of clarity on taxation structures for foreign investors is keeping international VCs away from the Indian eco-system, thereby limiting access to capital for Indian start-ups.

Aadhaar

RBI Following Foreign Regulators; Fines Citibank, Bajaj Finance, Bank of Maharashtra

Complying with norms is getting real serious with global financial institutions being slapped with large fines by regulatory authorities in the first month of 2019.