IDfy Blog

World's Top 100 Regulatory Technology Company...Again!

Yes, we've been selected...for the 2nd year in a row...in the REGTECH100, a list of World's Top 100 Regulatory Technology Companies released annually by FinTech Global. While last year we took our first bold step into the League of Big Boys, this

Digital KYC

This will reduce customer drop-offs during Onboarding by 80%

You cannot stop customers from submitting incorrect or unusable digital documents. But you can inform them about it in the first session itself. The delay in doing so causes them to drop you and go elsewhere. This is where our Right-First-Time (RFT) API comes in.

Dissecting the SEBI Circular dated Nov 5

There was some excitement in the industry on November 5, 2019 when SEBI released a circular with eKYC Authentication in its headline. Is eKYC back? Can we go back to the days of Aadhaar-based authentication? Obvious questions from all concerned. We read the notice

Digital KYC

Why it's important to get digital documents 'Right First Time'

That's exactly why we've built a SDK that helps the customer get it 'right first time' at the time of uploading their documents.

AML

New AML rules bring KYC to the digital age

Reading the new Prevention of Money Laundering Act (PMLA) of August 20, can feel a bit like reading tea leaves. While we wait for clarifications and further announcements let’s take a look at what the future holds for us based on what we know so far.

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 operate in IndiaFit and Proper Criteria for Selection of Participants in

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

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 machines). There'll be disruptions galore in the coming years. AI, Data

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 card or proof of possession of an Aadhaar number is now

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 customer onboarding much simpler. According to the new rules, Fintechs can

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 Associates Only someone who’s been living under a rock for the last two years would have missed the explosion of real money skill gaming in India. What used to be, at

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 not far behind. Leading Indian Gaming companies - like Dream11, Ballebaazi,

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, 2019 If the Supreme Court’s Aadhaar Judgment on 26th Sep had shocked the industry into silence, the Aadhaar Amendment Ordinance has breathed a new

"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 the industry. "I think what people will also realise is that

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 can help companies authenticate their users lawfully and at a cheaper