Understanding OCR in Banking: Definition and Applications

| | Uncategorized
What is OCR full form in Banking? OCR is the process of using technology to read characters from printed or handwritten text included inside digital images of actual documents, such scanned paper documents (optical character recognition). OCR’s primary function is to read a document’s text and convert the characters into ... Read More

Biometric Verification in Fintech: The Future of Secure Online Transactions

Financial institutions (FIs) or Fintechs have historically been hotspots for fraudulent activity. The sector is a popular target for identity theft and online banking fraud, as well as financial crimes such as money laundering and terrorism funding. But, in the previous decade, its security has grown dramatically. It is now ... Read More

SEBI’s Regulations on E-Wallet KYC: What You Need to Know

| | Uncategorized
Banks and fintech have been ordered by SEBI to ensure that investors complete transactions for mutual funds using e-wallets that comply with KYC requirements. The start date for this is May 1, 2023. The most recent SEBI circular suggested that all e-wallets fully comply with the RBI’s KYC requirements. In ... Read More

Bank Account Verification: The Benefits of Using Bank Account Verification APIs

When a consumer opens a bank account, the bank goes through a procedure called bank account verification. It enables all required checks to be made on the account user and the source of their income, successfully stopping illegal activities like money laundering and the financing of terrorism. In this post, ... Read More

The Ultimate Guide to SaaS User Onboarding

| | Digital Onboarding
User onboarding, in particular for SaaS organisations, may raise the bar for your product. More sales may result straight from onboarding. So, encouraging new users to stay is essential. Additionally, the best way to build a community around your SaaS offering is through satisfied customers. These two factors are the ... Read More

Embracing Biometric Identity Verification: A Look at Belgium and Kuwait Telecoms

The country’s telecom authority has given Telenet, Belgium’s largest cable broadband service provider, permission to utilise facial biometrics for remote identity verification. According to the Belgian Institute for Postal Services and Telecommunications (BIPT), Telenet responded to an email with clarifications on how the implementation of biometrics fits within the nation’s ... Read More

The Benefits and Risks of Using Government Databases for ID Verification in Fraud Prevention

In today’s digital world, identity theft and fraud have become increasingly common occurrences. It is no secret that fraudsters are getting more creative, making it more challenging for businesses and individuals to protect themselves. However, with the advent of technology, there are various ways to mitigate these risks, such as ... Read More
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KYC – Know Your Customer: Definitive Guide

| | KYC KYX
What is KYC? KYC, or Know Your Customer, is a crucial aspect of any business that deals with financial transactions. It refers to the process of verifying the identity of customers or clients and assessing their potential risks and fraudulence. What is the meaning of KYC? KYC stands for Know ... Read More
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The Ultimate Guide to KYC in Crypto: Everything You Need to Know

| | KYC KYX
What does KYC in Crypto mean? The first step in Anti-Money Laundering (AML) due diligence is to Know Your Customer (KYC). A financial institution (FI) promptly implements KYC processes to identify and confirm a new customer’s identification. These procedures enable FIs to evaluate the risk profile of a customer based ... Read More
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India Implements AML Standards on Crypto Exchanges, Focusing on Transaction Accountability

| | AML/CTF
India has recently implemented Anti-Money Laundering (AML) standards on cryptocurrency and crypto exchange platforms, specifically focusing on transaction accountability. This move comes as India aims to regulate and monitor the rapidly growing cryptocurrency and crypto exchange industry, which has been a topic of controversy due to its association with illegal ... Read More