Transforming KYC with Video Verification and Core Banking Integration
10xDS has developed a Solution approach for the KYC process for Banks. The solution introduced a Video KYC component along with Microsoft Teams and Power platforms for end-to-end processing and collaboration. Video KYC allows to initiate the KYC process anytime anywhere through a secure channel to present their identification documents, answer verification questions, and provide biometric data for facial recognition. Advanced document recognition technology is employed to verify the authenticity of identification documents and cross-check document data with official databases to ensure accuracy. Facial recognition technology is used to match the customer’s live image with the photo on their identification document, adding an additional layer of identity verification. Once the KYC process is successfully completed and verified, customer data is automatically updated and integrated into the Core Banking System, allowing for immediate account creation and activation.