Visa selects IDfy as Preferred Partner for Video KYC
Updated: Jul 2
Mumbai, June 30, 2020: IDfy, a Mumbai-based fraud detection solutions company, today announced that it has entered into a partnership with Visa, the global leader in payments technology, for remote verification and onboarding of Visa cardholders. With this partnership, IDfy is now a preferred partner of Visa for completing Video KYC of Visa’s credit cardholders in India.
Video KYC allows Banks and Financial Institutions to complete a customer’s KYC process over live video. The RBI had allowed the use of Video KYC (V-CIP) through their Master Directives issued on January 9, 2020.
IDfy’s Video KYC will help Visa’s issuing bank partners to issue credit cards instantly by completing the customer verification process over a live video call. The platform is designed to scale with business growth, allowing Banks to rapidly onboard customers in large numbers. IDfy’s Video platform is already verifying 10,000 people every day for Banks and Financial Institutions.
“Our Video KYC platform is designed to give customers the best remote KYC experience, while keeping Banks and Financial Institutions safe from fraud,” said Wriju Ray, co-founder and CBO, IDfy. “We are happy to offer Visa issuers and hence cardholders an onboarding experience befitting Visa’s customer-centric values,” he added.
“As the country adapts to Covid-19, the industry is reimagining the future of digital banking. At Visa, we are committed to supporting issuers with an end-to-end digital issuance experience. In a time when physical KYC has been challenging, we are glad to partner with IDfy and provide video KYC facilities to issuers for digital customer onboarding and servicing,” said Arvind Ronta, Head – Products, India & South Asia, Visa.
IDfy’s Video KYC platform enables Banks and Financial Institutions to image-capture a customer’s IDs, extract their information, compare them with pre-filled data, compare faces between pictures, and record the customer’s GPS location, all with full adherence to prevailing data privacy norms.
IDfy’s platform also helps the customer generate the XML file for Aadhaar authentication and then validates it for the Bank as per RBI guidelines.
IDfy’s Video KYC solution provides a two-way video connection between the customer and agent, making it transparent, trustworthy and compliant.
IDfy’s APIs for ID OCR, ID Verifications, FaceMatch and Liveness are available to Banks in a customized and configurable manner.
About IDfy Baldor Technologies Private Limited (IDfy) is a Mumbai-based Fraud Detection company with solutions in KYC, Identity Fraud, Employment Fraud, Criminal Database Checks.
IDfy’s fraud detection platforms are built on the latest in machine-learning based anomaly detection, machine vision, and identity authentication techniques. These systems catch new and emerging fraud as well as fraud that previously went undetected, keeping clients, their customers and employees safe and secure.
IDfy provides risk and fraud solutions processing millions of people profiles every month for 200 companies across India, South-East Asia, and the Middle East. IDfy is ranked amongst Asia’s Top 5 Regulatory Technology companies (REGTECH100). IDfy is funded by MegaDelta, Blume Ventures, BEENEXT, and Dream Incubator.
For more information, please get in touch with
Anupam Mukerji firstname.lastname@example.org +91-98807-54868