Complaer’s Post

🚀Are you tired of the never-ending KYC process every time you sign up for a new fintech or banking service? We hear you! Whether it's buying shares, mutual funds, or insurance, the constant need to update details can be exhausting for both customers and financial institutions alike. But fear not! The Financial Stability and Development Council (FSDC) has proposed a solution to streamline the KYC process. Say hello to the era of uniform KYC and one-time KYC! Under this new proposal, customers will only need to provide their KYC documents once. In return, they will receive a 14-digit KYC code. This code will be unique to each customer, granting access to all verified customer details across various financial services. Gone are the days of redundant paperwork and endless form-filling. With the implementation of this system, accessing financial services will be more convenient and hassle-free. 💡#SaturnConsultingGroup #Taxation #NRIs #Finance #Technology #KYC #Fintech #Innovation #FinancialServices

Don't let regulatory changes catch you off guard! 🔍💼 Stay ahead of the curve with Trustt's robust KYC solutions, empowering your Payment Aggregator (PA) with state-of-the-art tools for enhanced due diligence.  Safeguard your business and embrace the future of compliance excellence! 💥 #Technologyyoucanbankon #kyc #digital #identity #digitalbanking #financeinnovation #fintechrevolution

🛰PAYMENTHUB SERIES📌Post 1 ✈️ Key Features of a Payment Hub 1. Centralized Processing: All payment types (domestic, cross-border, ACH, RTGS, card payments) are processed through a single platform. 2. Multi-Channel Support: Integrates with various payment networks like SWIFT, SEPA, Fedwire, UPI, and card networks. 3. Standardization: Converts diverse payment formats (e.g., SWIFT MT, ISO 20022, proprietary bank formats) into a single standardized format. 4. Real-Time Capabilities: Supports real-time payment processing and settlement, ensuring faster transaction processing. 5. Automation: Automates tasks like payment routing, validation, and compliance checks, reducing errors and manual intervention. 6. Compliance and Risk Management: Includes tools for AML, KYC, fraud detection, and regulatory reporting to ensure compliance with financial regulations. 7. Visibility and Reporting: Provides real-time tracking of payments, audit trails, and detailed analytics. 8. Scalability: Designed to handle high transaction volumes and adapt to new payment types or regulatory requirements.

A new KYC has been proposed 'Uniform KYC' and it can break the barrier of centralized KYC from just capitals The FSDC (Financial Stability and Development Council has proposed a uniform KYC system to simplify the process of submitting KYC details. Finance Secretary TV Somanathan said the initiative aims to make KYC records interoperable across the financial sector, saving customers from the hassle of multiple submissions and reducing operational costs for financial institutions. Also, our finance minister Nirmala Sitharaman plans to adopt a risk-based approach for KYC. But will it change the whole KYC process for banks and NBFCs? We have uncovered the whole gist of this proposed 'Uniform KYC' ▶ Slide through ▶ Share your thoughts in the comment. Rajendra Awasthi, Sushmitshri Babu, Sagar Kirpekar, Aniket Khadilkar, Gopi Dinesh Sivasubramanian, Mrinank Sharma, George C John, Vivek Bandebuche, Dheeraj Jaiswal #bankingtechnology  #banking #ezeeai #kyc

K is for Know Your Customer (KYC) Level 🆙 your KYC processes with our Open Banking capabilities. Real-time access to verified financial data directly from customers' bank accounts = immediate access to accurate information. Open Banking insights are faster and cheaper than traditional KYC checks. The availability of enriched data favours more comprehensive customer profiles and enhanced due diligence = better risk assessment and fraud detection. Learn more about Moneyhub’s account verification service https://buff.ly/3O1lQlm and find out what else is possible with our Open Data APIs: https://buff.ly/4fHLvf2 #OpenBankingPaymentsAZ #openbanking #payments #KYC #KnowYourCustomer #compliance #accountverification

#Fides is partnering with Avallone.io, a top KYC solutions provider and the Grand Finale winner of the Mastercard Lighthouse Spring 2024 program. This collaboration strengthens our commitment to providing clients with the most robust and efficient compliance tools available. By leveraging Avallone’s comprehensive #KYC platform and expert advisory and managed services, alongside Fides' unparalleled global multibank connectivity, we are empowering clients with: 🔍 Seamless KYC Processes: Whether you need to collect KYC, screen counterparties, or respond to Bank KYC, Avallone’s platform simplifies and automates KYC workflows, saving time and resources. 🔐 Enhanced Security & Compliance: Avallone’s expertise ensures the highest KYC standards are met, mitigating risk and protecting businesses. 📊 Expert KYC Guidance: Avallone’s team of KYC specialists offers ongoing advisory and managed services, helping navigate the complex regulatory landscape. 🌐 Global Cash Connectivity: Fides' core competency in providing seamless multibank connectivity empowers businesses to streamline their financial operations across multiple banks, ensuring efficient and secure global transactions. This partnership is a #game-changer for businesses seeking to: ☑ Simplify KYC processes ☑ Boost compliance efficiency ☑ Reduce onboarding friction ☑ Mitigate risk and fraud ☑ Stay updated on ever-changing sanctions ☑ Navigate complex geopolitical landscapes ☑ Streamline global financial operations ☑ Attain global cash connectivity Stay tuned for more details about this exciting partnership or book a demo today to speak with an expert about how to achieve compliance and connectivity excellence! https://fides.ch/en/#demo #Partnerships #Compliance #RiskManagement 

Learn more about the game changing role of Corporate Digital Identity (CDI) for KYC. Banks can benefit from having a holistic and reusable view of the customer by combining publicly sourced and privately shared information. #CDI #KYCtransformation #KYCinnovation https://bit.ly/3wrap0S

Prioritize security and build trust with your clients through ReactivePay's advanced KYC capabilities. Our KYC solution ensures: 🔍 Thorough Customer Verification: Minimize risks with comprehensive identity checks. 📜 Regulatory Compliance: Stay ahead of global and local regulations effortlessly. 🔗 Seamless Integration: Easily incorporate our module into your existing systems. #Fintech #OnlineBanking #DigitalTransformation

Navigating Financial Crime Risks in SEPA Instant Payments Guide Link: https://lnkd.in/gKA2psza The ComplyAdvantage's comprehensive guide on "Financial Crime and SEPA Instant Payments." This guide provides valuable insights into the evolving landscape of instant payments in Europe, highlighting key challenges and regulatory updates. Key Highlights: - Fraud Risks: The guide reveals a staggering 68t% year-on-year increase in instant payment #fraud, emphasizing the need for robust fraud prevention strategies. - Regulatory Landscape: It outlines the updated regulations that demand enhanced verification processes and real-time compliance measures to protect consumers and businesses. This manual is essential for anyone involved in the financial services sector, especially as we move toward a more integrated and secure #payment ecosystem in #Europe. Maximilian Salomon Sam Boboev Tony Moroney Igor Babych MEHDI SARDAOUI Arjun Vir Singh #financialcrime #instantpayments #SEPA #compliance #complyadvantage