Central KYC is a new concept introduced by Govt. of India to reduce the efforts of the individual to submit various records to prove the identity of a person.
When we do investment or take a loan / credit card / purchase a mutual fund /insurance, we are suppose to submit a set of documents to prove your identity, address and photograph as part of the KYC (Know Your Customer) requirements.
The above we need to do at every new company or firm we do business with. Central Govt. has introduced an easy and new method to reduce the repeated steps by introducing the CKYC number.
When one of the customer file a set of documents to one of the FI (Financial Institution) or Bank or Mutual fund company or Insurance company they in turn will file this with CKYC portal and if the same details are already registered through another firm /bank /mutual fund company prior to our filing we will come to know that the same is already available with CKYC so they will confirm the details including their CKYC number. If it is not there CKYC will check all the required data is correct and if so will accept the records and later issue a unique CKYC number to the individual. This 14 digit number is enough to open new accounts with FIs/Banks/Mutual Funds and Insurance in future by using this number without submission of any KYC documents.
Dimensions CKYC Module
- This will allow you to connect from your KYC module or customer registration page by integrating our software to your page. At this stage the data collected can be passed to us.
- We will accept the above data through our API (Application interface).
- We also accept additional information needed for CKYC apart from normal KYC.
- We will accept the documents and photographs etc.
- All these images are stored to the linked Digital Vault.
- Later you can check the data individually from the interface we provide for CKYC/DV.
- Later probably end of the month you need to file the detail of new customers / correction in existing customers can be done at this stage you all need to provide the list of loaners etc for filing with CKYC portal. You may just list out these people and pass to our CKYC portal.
- The CKYC portal will trim the photo and change the names and zip the file checking all parameters and limits like each photo has to be of certain size and file size has limits and file naming conventions are there and zip naming conventions are there and final zip file size is also having restriction based on the method in which you are uploading the data to the CKYC portal. If could be zip file downloaded from system or SFTP or API method the base content of the file is the same.
- We will prepare the zip files based on your methods so your job is to request the final output file for which you need to provide who are the people whose data you wish to upload to KYC.
- The produced zip file can be uploaded to the CKYC site though the FI login and needs to be digitally signed. Or you may leave this in SFTP folders (which system will do) or you may pass the data after all trimming and ensure the data is complied with the need of the FI.
- If the FI is opting for manual upload (small volumes) then the system will produce a small zip file testing all the rules of CKYC file upload from your data.
- IF FI is opting to SFTP method the FI should have a SFTP facility in your site or you should white list our servers to get it done for you. In this case bigger quantity of data can be uploaded in one go.
IF FI is opting for API then the upload will be in real time so the data will be sent through API to CKYC.
Dimensions Digital Vault (DV)
- Dimensions has developed a unique Digital Vault: This will allow you to store your digital images in an organized manner and you call recall these images / documents easily
- Digital vault is a generic tool to store files / images in a manner useful to you.
- Since it is a generic storage system you can store your files on to this
- This will act as your digital store for all your digital documents like the physical documents.
- All your customer data is in digital formats and accessible at any time
- You can become CKYC compliant very easily. Your existing customer data also can be uploaded using this method to ensure all your data is CKYC compliant
- There is no dedicated manpower required as your normal counter staff or IT personal can handle the solution
- IT is highly cost effective
- Works with Dimensions Software like NBFC software for Gold loan, Vehicle Finance, NCD modules, Deposit products and Financial Accounting.
- If you’re not using Dimensions ERP still, we can integrate our solution with your application.
- Hosted model so that accessible from anywhere in the country.