C-KYC | Streamline Financial Inclusion and Security with Digital Solutions

The financial institutions have been providing assistance to various business sectors and storing the account details of a vast range of individuals. It becomes difficult for them to store all this vast information in one place, which is why financial institutions are most likely to be affected by the imposter’s identity theft and spoofing attacks. A report states that in 2023, almost 298.878 individuals were negatively affected by the spoofing attacks. Due to the emergence of these spoofing attacks, it is essential for financial industries to utilize CKYC solutions to store customers’ confidential information in secured directories that are accessible only by authorized personnel.      

Central Know Your Customer – Simplifying the Customer’s Onboarding Journey

Central know your customer is a storage unit accumulating all the KYC document information in the company’s secured database. The financial sector can utilize the central KYC service to store the customer’s confidential information in one place. This stored information can be used in other operations, reducing the time and effort spent reauthorizing the recurring information. It allows financial institutions to seamlessly onboard new customers, as their authorized information is already stored in official directories. CKYC effectively complies with the KYC regulations, making it trustworthy for customers to access risk free financial services. It protects customers and enterprises from the hassles of identity verification every time they want to acquire a business service.     

C-KYC Solutions – Digital Services for Real-Time Verification 

Central KYC services provide real-time customer authentication by incorporating digital identity verification services. The digital authentication of customer’s documents and identities can help financial institutions seamlessly store confidential information on one secured platform. They can use optical character recognition to accurately extract the client’s information and store it in a digital forum that is strictly accessible by only authorized personnel. The financial sector can utilize blockchain technology to secure the customer’s information in different blocks while assigning encrypted codes to provide excess protection. 

Blockchain technology can completely eliminate the threat of document forgery. The API integration digital solution can process piles of customer information and store them in digital format which can be authorized in real time . These services reduce the occurrence of document duplication. They can also screen out similar identities as these entities may be impersonating an authentic customer. 

C-KYC Process – Initiate Customer Authentication with Ease 

The C-KYC process includes the collection of customers’ financial identities and securing them in a safe database. A central KYC process can be completed through the following stages:

  • Data Accumulation: The central KYC process begins with the collection of customer’s identity documents before opening new financial accounts. Customers are required to submit their identity cards, passports, and utility bills, which are later authenticated before being stored in the official directories. 
  • Data Authentication: The documents are verified through digital identity verification services after successfully collecting the required information. 
  • CKYC Records and Number Creation: The authenticated customer information is stored in the central KYC directories, where a specific numeric code is assigned to the customer’s document files.
  • Data update and Access: Customers can use this code to access and use the validated documents to access other services without getting their accounts verified regularly. This service can also allow the authorized staff to update information in the central KYC directories.         

CKYC Service – A Rationalized Solution for Various Industries  

Central KYC services can store the accumulated data in various business sectors. The financial industry can use it to store the customer’s identity information and analyze their financial transactions and histories. They can authenticate the investor’s identity and source of income and store their information in the directory for future proof and use. Insurance companies can also utilize this service to verify the legitimacy of the enterprise towards which their funds are being used. Central KYC services can also be incorporated into the forex industry to store the trader’s and broker’s financial identities and analyze risk patterns. 

Central KYC – Providing Seamless Financial Assistance 

The central KYC can streamline the financial sector as it can provide seamless financial assistance to them. This strengthens the customer’s experience as they are not required to repeat the same process whenever they want to access business services from other platforms. This data storage method eliminates duplication, preventing spoofs from impersonating the authentic customer’s identity. Central KYC services are backed with KYC compliance, which protects them from dealing with unvalidated entities and ensures protection from imposters who want to commit money laundering fraud.   

Summing It Up 

Central know your customer is an efficient data storage service that helps various industries streamline their regular business operations. CKYC simplifies the customer’s onboarding process because their information is stored in government directories and can be accessed by legitimate entities at any time, making the onboarding process faster and more convenient. These services can be used in the financial, insurance, and forex industries. They ensure compliance with the KYC obligations, which protects them from the risks of impersonation attacks and money laundering.