Mastercard on Tuesday announced a partnership with Signzy, a RegTech startup, to enable the latter’s video-based KYC (Know Your Customer) solutions for its banking customers. This will allow Mastercard to provide a completely paperless, remote and secure onboarding solution for end-users.
In India, this launch will further Mastercard’s goal of driving inclusive growth via financial inclusion by enabling individuals and small businesses to go online.
"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,” said Arpit Ratan, co-founder of Signzy.
Deployment of video KYC will allow end-users to complete and submit their KYC application from the safety and security of their homes. This would be 99% faster than the traditional paper-based KYC process.