There are complexities of compliance and lack of proper legal framework to perform Onboarding/KYC digitally.

First, one of the major issues is pertaining individuals and roles and the lack of regulations for eKYC for all the said roles. An individual entity can have multiple roles within an organization and each role may require a different set of compliance regulations to be followed. In case of a bank, an individual may be onboarded as a costumer, employee, vendor etc. Here customer onboarding has to happen in line with country’s central bank regulations; likewise, each role may require separate compliance regulations. Different sectors many need different stakeholders to be onboarded; requiring different compliance regulations.

Second, is to ensure that the KYC applications running on mobile platforms are secure. The security issues like Malicious code injection, Code Tampering, Reverse Engineering, Man-in-the-middle attack, Data Security/Privacy, etc. need to be taken care of, especially in the light of the fact that the mobile platforms are hostile in nature and are subjected to a lot of security risks.

And the third, is to ensure great user experience and flexibility of the total solution. Users have to be provided option of doing KYC from anywhere and whenever. Towards this, adopting mobile platforms and apps is the way ahead.

In summary, Onboarding/eKYC has to be legally compliant and has to have forensic proof to identify individuals in multiple roles. The multiplicity of roles increase the complexities of compliance and complicates the process of successfully performing eKYC. The eKYC app needs to be highly secured, despite the hostile nature of mobile platforms.

Having worked with Regulatory Agencies across multiple countries, we have got deep insights into the Big Picture and Specifics of how to make eKYC an success for all stakeholders – Regulatory Bodies, Businesses and Users. This has resulted in an eKYC platform having:

Support for multiple channels through which KYC can be performed – Desktop, Web based, Android and iOS platforms
Integrations with National eID or Digital ID initiatives or other available regulatory mechanisms for seamless validation of User Identity
Highly flexible and scalable eKYC platform, independent of business systems
Configurable KYC templates, KYC work flows, compliance requirements
Single channel integration of eKYC platform with business systems, thereby preventing the exposure of internal core business systems to the external world
Highly secured mobile apps, protected using world class core security products ensuring protection against malicious code injection, Code Tampering, Reverse Engineering, Man-in-the-middle attack; and ensuring the Data (critical information and cryptographic keys) Security while it is stationary, in process and in transit.
Flexibility for integration with external verification databases like AML, CFT, etc…