Protean eGov Technologies Limited, a leading provider of population-scale Digital Public Infrastructure (DPI), has significantly impacted over a billion through transformative digital services in its 28-year history.
A pioneer when it comes to verification services, the company first launched eKYC services in the year 2016. Over the last 8 years, Protean has a proven track record of facilitating over 950million+ eKYC transactions and significantly streamlining the online identity verification process.
Today, we are excited to unveil a ground breaking platform designed to transform and simplify compliance. Presenting, Protean’s CKYC solution; a FASTER, SMOOTHER and LEANER solution that promises to provide faster compliance, smoother on boarding and leaner operations for financial entities.
What is CKYC?
CKYC was a directive of the Indian Ministry of Finance, first announced in the Union Budget of 2012-13, and subsequently functional from 2016. Central KYC Registry is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector. CKYC was launched with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity. In easier words, “CKYC” centralizes the KYC information of customers, making it accessible to all financial institutions easing customer on boarding.
Protean CKYC
Protean's CKYC solution is specifically engineered to surmount the challenges faced by financial institutions in adhering to CKYC regulations. Our innovative platform reduces operational costs, ensures seamless compliance to regulations, all within reduced timeframes, increasing the ease of on boarding and reporting KYC-verified customers.
At Protean, we have built a SMART system that uses machine learning, AI, image recognition, and other intelligent engines to minimize manual intervention while processing millions of records and syncing your records with the CERSAI’s (Central Registry of Securitization, Asset Reconstruction, and Security Interest of India) CKYC database.
Key Features of Protean's CKYC Solution
1. Regulatory Compliance: Protean's CKYC solution assists all regulated Banking, Financial Services, and Insurance (BFSI) entities in becoming fully compliant with the CKYC regulations. The platform ensures that institutions seamlessly adhere to the stipulated procedures, avoiding penalties and regulatory issues.
2. Ease of Use: Automation is at the core of Protean's CKYC solution. The platform automates end-to-end processes, minimizing the effort required for compliance. By leveraging machine learning, artificial intelligence, image recognition, and other intelligent engines, Protean reduces manual intervention, making the onboarding and reporting of KYC-verified customers more straightforward.
3. Cost Reduction: Manually updating and syncing records with CERSAI's CKYC database can be resource-intensive. Protean has developed a SMART system with intelligent database pinging methodology, optimizing the frequency of database queries compared to competitors. This results in significant cost savings. Moreover, the entire reporting process, including data preparation and submission, is automated, further reducing the overall operational costs.
Thus, Protean's CKYC solution is not just a compliance tool; it's a strategic move towards digital transformation in the financial sector. By leveraging advanced technologies, Protean aims to empower financial institutions to on board customers seamlessly, ensure regulatory compliance effortlessly, and reduce operational costs significantly. Protean’s CKYC solution also happens to be a key addition to RISE with Protean. Amongst many others, CKYC is one of the end to end user journeys available on the platform. To know more, visit Rise with Protean here.
For personalized consultations and further insights into how Protean's CKYC solution can enhance your institution's compliance framework, kindly contact us at Talktous@proteantech.in or visit our official website.
Frequently Asked Questions:
1. What is Central KYC Registry?
Central KYC Registry is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity.
2. Do You Need a Digital Signature for Central KYC?
Yes, to use the Central KYC application, you need to prove your identity with a digital signature certificate.
3. What documents are required to be uploaded on to the Central KYC Registry?
The Central KYC Registry requires data as per the common KYC template to be captured along with the scanned copy of the certified supporting documents (PoI/PoA) and photograph.
4. What documents are required to be uploaded for EKYC or OTP based KYC?
Please generate a PDF file consisting the data you would have received in your system from Aadhaar while performing EKYC /OTP based KYC. This PDF file along with a photograph should be uploaded into CKYC. Aadhaar is one of the officially valid documents that maybe used as both POA and POI, however should you require to upload additional KYC proofs there is a provision for the same.
5. How will the institute obtain the CKYC numbers generated for records they uploaded?
The CKYC number will be notified to the customer through email/SMS. The institution may view the details in the Daily MIS report under ″Logs and Reports″. If it is a bulk file, the same will be notified through the bulk response file.
6. Will the Financial Institution get notification of the updates done?
On update of a customer record being processed at the Central KYC Registry, all linked financial institutions (institutions that have either uploaded or downloaded the KYC record for that customer), will receive an electronic update notification of KYC record. The financial institutions need to download the last updated record of the customer.
7. Is the CKYC number available to individuals on the website?
The CKYC number of any individual will not be displayed in any website as it is confidential data. Individuals may approach the financial institution where they provided their CKYC documents to obtain the number.
8. Search and Download of KYC record
- Reporting entity can search for the record by entering CKYC identifier or by entering a valid ID type and number.
- Reporting entity can download single / bulk records by entering CKYC identifier and an authentication factor (viz. date of birth (incorporation) / mobile number/pin code + year of birth).
-Authored by Kakoli Laha
