Mastercard Incorporated MA recently collaborated with India-based RegTech startup — Signzy. The startup is best known for offering a digital onboarding solution, which eases the otherwise time-consuming KYC (Know Your Customer) process for clients, which comprises more than 90 financial institutions of India including banks, NBFCs, insurance firms, asset management companies and many more as well.
With this alliance, Mastercard’s customers will be able to avail Signzy’s remote and secure onboarding solution — Video KYC. The solution, which is equipped with artificial intelligence (AI) and machine learning (ML) technologies, will enable faster completion of KYC application by customers from the comfort of their homes. Not only does Video KYC feature security protocols to avert fraudulent activities but it is also capable of handling enormous volumes of video KYC transactions.
It is worth mentioning that the solution also enables paperless customer onboarding, which will actually accelerate the KYC process by 99%