Mastercard partners with Signzy for global rollout of Video KYC solution
By Edil Corneille
Mastercard announced today a partnership with Bangalore-based Signzy, a RegTech startup, to enable Signzy’s video-based KYC (Know Your Customer) solution for its banking customers. Mastercard customers will benefit from a completely paperless, remote and secure onboarding solution for end-users. The COVID-19 pandemic has made social distancing the norm, hence the deployment of Video KYC will allow end-users to complete and submit their KYC application from the safety and security of their homes.
Backed by artificial intelligence (AI) and machine learning (ML) technologies, Signzy’s Video KYC solution features security protocols to prevent unauthorised system intrusion or attempted fraud. The solution offers scalability to deal with high volumes of video KYC transactions.
In India, this launch will further Mastercard’s goal to drive inclusive growth by enabling individuals and small businesses to go online. Earlier this year, the payments technology company partnered with various players and launched low-cost innovations that allow merchants to start accepting digital payments without incurring additional or high infrastructural costs.
Arpit Ratan, Co-founder of Signzy said, “Mastercard has strongly advocated digital transformation in the financial services space and has led by example. It is a matter of great pride to be chosen as their Video KYC partner. Our efforts are geared to offer our partners a mobile-first, customer-centric digital experience for their customers. Signzy’s AI-led, on-premise API framework allows easy integration across multiple platforms providing a quicker and completely remote and paperless customer-onboarding, taking care of all security protocols.”
Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, said, “Mastercard’s partnership with Signzy will shorten the traditional clunky, time consuming and expensive KYC process for financial institutions. Signzy’s AI and ML has well-established links to many KYC databases in India which allows seamless support for e-KYC and Video-KYC. Therefore, the platform also solves the problem of many SME’s in India who may not have all the KYC documents. With V-KYC, SME’s can now complete their contactless KYC process remotely at their convenience from their homes and shops.”
Rajeev also added, “Mastercard and Signzy are assisting merchant acquiring banks to easily on-board SMEs in remote corners of the country for digital payments acceptance, open SME accounts and NBFCs to underwrite and disburse SME loans. During the nationwide lockdown, Signzy’s Video KYC come as a big relief for financial institutions and SMEs.”
Mastercard has collaborated with Signzy to develop onboarding solutions for merchants and has a global partnership with them to scale up the solution across markets worldwide. Recently, Mastercard announced a commitment of US$33 million to help reboot Indian SMEs and enable business recovery amid COVID-19 outbreak.
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