Mastercard has forged a partnership with India-based regtech startup Signzy to enable video-based KYC solution for its banking customers.
Under the agreement, Mastercard will provide its clients with Signzy’s Video KYC solution to enable a paperless, remote onboarding for end-users.
Through this solution, end-users can submit their KYC application remotely, which is said to be 99% faster than paper-based onboarding.
Signzy’s Video KYC solution is equipped with artificial intelligence (AI) and machine learning (ML) technologies.
It features security protocols to prevent fraud and provides the ability to deal with high volumes of video KYC applications.
Signzy has a client base of over 90 financial institutions including banks, NBFCs, insurance firms, asset management companies and more.
Some of its clients include the State Bank of India (SBI) and ICICI Bank, Aditya Birla Sunlife AMC, and BoB Financial.
It has offices in New York and Dubai, and by partnering with Mastercard it can serve financial firms around the world.
Signzy co-founder Arpit Ratan said: “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.”
Mastercard teamed up with Signzy to develop an onboarding facility for its global merchant clients.
The launch of Video KYC will complement Mastercard’s aim to drive financial inclusion in India.
Mastercard South Asia SVP of market development Rajeev Kumar said: “Signzy’s AI and ML has well-established links to many KYC databases in India which allows seamless support for e-KYC and Video-KYC.
“Therefore, the platform also solves the problem of many SME’s in India who may not have all the KYC documents.
“With Video-KYC, SME’s can now complete their contactless KYC process remotely at their convenience from their homes and shops.”
“Mastercard and Signzy are assisting merchant acquiring banks to easily on-board SMEs in remote corners of the country for digital payments acceptance, open SME accounts and NBFCs to underwrite and disburse SME loans.”
Recently, Mastercard and Amazon.ae signed a strategic partnership to provide customers with value-added benefits and online savings.