Page 25 - Banking Finance November 2020

PRESS RELEASE

Mastercard Partners with Signzy for Global Rollout of Video KYC

and completely remote and paperless customer-
onboarding, taking care of all security protocols.”
Rajeev Kumar, Senior Vice President, Market Development,
South Asia, Mastercard, said, “Mastercard’s partnership
with Signzy will shorten the traditional clunky, time
consuming and expensive KYC process for financial
institutions. 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 V-KYC, SME’s can now complete
their contactless KYC process remotely at their convenience
from their homes and shops.”
Mastercard recently announced a partnership with Signzy,
a leading RegTech startup based in India, to enable Signzy’s Rajeev also added, “Mastercard and Signzy are assisting
video-based KYC (Know Your Customer) solution for its merchant acquiring banks to easily on-board SMEs in
banking customers. With this partnership, Mastercard remote corners of the country for digital payments
customers will benefit from a completely paperless, remote acceptance, open SME accounts and NBFCs to underwrite
and disburse SME loans. During the nationwide lockdown,
and secure onboarding solution for end-users.
Signzy’s Video KYC come as a big relief for financial
Deployment of Video KYC will allow end-users to complete institutions and SMEs.”
and submit their KYC application from the safety and
Signzy’s clientele has more than 90 Indian financial
security of their homes. This would be 99% faster than the
institutions, ranging from banks, NBFCs, insurance firms,
traditional paper-based KYC process. Backed by artificial
intelligence (AI) and machine learning (ML) technologies, Asset Management Companies and so on. Some of the
Signzy’s Video KYC solution features security protocols to marquee names in this list include the State Bank of India
(SBI) and ICICI Bank, Aditya Birla Sunlife AMC, and BoB
prevent unauthorized system intrusion or attempted fraud.
Financial Ltd etc. Moreover, Signzy’s offices in New York and
Further, the solution offers industry-leading scalability to
Dubai and partnership with Mastercard equip the company
deal with high volumes of video KYC transactions.
to serve financial institutions across the globe. Mastercard
In India, this launch will further Mastercard’s goal to drive has collaborated with Signzy to develop onboarding
inclusive growth via financial inclusion by enabling
solutions for merchants and has a global partnership with
individuals and small businesses to go online. Earlier this them to scale up the solution across markets worldwide.
year, the payments technology company partnered with
various players and launched low-cost innovations that allow Recently, Mastercard also announced a commitment of Rs 250
merchants to start accepting digital payments without crores (US$33 million) to help reboot Indian SMEs and enable
incurring additional or high infrastructural costs. Video KYC business recovery amid Covid-19 outbreak. As part of this
commitment, Mastercard will roll out multiple initiatives to:
will further the ease and speed of onboarding in minimal
time. i) bring small businesses into the digital economy by
enabling them to go online
Arpit Ratan, Co-founder of Signzy said, “Mastercard has
strongly advocated digital transformation in the financial ii) provide them with catalytic inputs to operate growth-
oriented businesses, including but not limited to access
services space and has led by example. It is a matter of
to credit, know-how, and value-added services while
great pride to be chosen as their Video KYC partner. Our
efforts are geared to offer our partners a mobile-first, supporting them in meeting the new norms of safety
and health protection
customer-centric digital experience for their customers.
Signzy’s AI-led, on-premise API framework allows easy iii) empower women owned enterprises to unlock their
integration across multiple platforms providing a quicker economic potential.

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