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In the current scenario, everyone knows the KYC term, 'Know Your Customer'. Whether trying to get any utility connections or opening a Demat account, eKYC is a regulatory policy developed and applied worldwide to prevent unnecessary activities like theft, fraud, and money laundering. The customers must submit essential documents and photocopies of valid government identity proofs during a KYC process that are collected and stored in a database.

What is Adhaar-Based eKYC

Aadhaar-based eKYC is an electronic Know Your Customer (KYC) process that uses the Aadhaar card as proof of identity and address. The Aadhaar card contains biometric and demographic information of the cardholder, which can be used to verify their identity. eKYC eliminates the need for physical documents and in-person verification, making it a fast, secure, and convenient way to verify identity.

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Adhaar-Based eKYC Solutions

Meon Aadhaar eKYC Solution is a comprehensive and efficient digital identity verification solution designed to streamline the customer onboarding process. It uses Aadhaar-based eKYC, a secure and reliable method of verifying an individual's identity. This solution enables businesses to quickly and easily verify the identity of their customers, thereby improving customer experience, reducing costs, and increasing operational efficiency.

Benefits of Meon Aadhaar eKYC Software

Meon Aadhaar eKYC Solution offers several benefits to businesses, including:

Streamlined Customer Onboarding Process

Meon account opening software simplifies customer onboarding by eliminating the need for physical documents and in-person verification. It makes the process faster and more convenient for the business and the customer.

Increased Operational Efficiency

Meon Aadhaar KYC Software automates the identity verification process, reducing the time and effort required for manual verification. It plays a vital role in improving operational efficiency and reduces costs.

Improved Customer Experience

Meon Aadhaar eKYC service offers customers a seamless and hassle-free onboarding experience. This improves customer satisfaction and reduces the likelihood of customers abandoning the onboarding process due to lengthy and cumbersome verification procedures.

Enhanced Security

Meon eKYC account opening software solution uses Aadhaar-based eKYC, a secure and reliable method of identity verification. It ensures that only authorised individuals can access services or perform transactions.

How Meon Aadhaar eKYC Software Works

01 Sign Up

Users can sign up using their mobile number or email address. OTP validation is used for both methods.

The user's contact number is collected along with their relationship status.

02 Pan Validation

The user's PAN number is validated from both the Income Tax and KRA databases. The system also has an OCR facility for PAN.

03 Plan and Segment

Users are asked to select a plan and segment. Payment can be processed within the system.

04 Digilocker

The tool fetches the user's address details and PAN from Digilocker. This is successful in all cases where Aadhar and mobile are linked.

05 Additional Details

The tool collects the user's contact number and bank IFSC code. The bank account number is automatically fetched. A penny drop check if the name matches the account holder's name.

06 PAN and Signature Upload

Users can upload their signature manually, take a photo, or draw it on the screen. The tool automatically fetches the PAN from Digilocker, but the user can provide it again if needed.

07 Client Selfie

Users take a selfie. The tool fetches their geolocation and applies it to the PDF. A liveliness check is done to ensure the user is present.

08 E-sign

The tool supports E-sign through various vendors. The name is cross-checked with Aadhar.

09 Admin Verification

Admins can verify all user details. A dropoff mechanism is available for users who still need to finish the KYC process.

10 Data Push

All data is pushed automatically to the relevant agencies without any file format. Dashboard and MIS: The tool has status-based buttons and filter-based MIS to track progress and generate reports.

Why Choose Meon Aadhaar eKYC Software Solution?

Meon Aadhaar eKYC Solution is a reliable, efficient, and cost-effective solution for businesses of all sizes. It offers several advantages over traditional KYC methods,including:

Faster and more Convenient
01

Meon Aadhar KYC Solution eliminates the need for physical documents and in-person verification, making the onboarding process faster and more convenient.

More Accurate
02

Aadhaar-based eKYC uses biometric and demographic information, which makes it more accurate than traditional KYC methods.

Secure
03

Meon Aadhaar eKYC Software uses a secure and encrypted channel to authenticate Aadhaar details, ensuring that only authorised individuals can access services or perform transactions.

Cost-Effective
04

Meon Aadhaar KYC Software eliminates manual verification, reducing the time and effort required for KYC. This improves operational efficiency and reduces costs.

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Frequently Asked Questions

Q: What is KYC?
A: KYC refers to a must-have process of identifying and verifying the customer's identity. It is required for the customer when opening an account and periodically over time. In simple words, banks or other financial institutions must ensure that their customers are genuinely who they claim to be.
Q: What is Aadhaar-based eKYC?
A: eKYC stands for electronic Know Your Customer. It verifies a person's identity using electronic methods such as Aadhaar-based biometric authentication, PAN, passport, and other government-issued identity documents.
Q: What is Aadhaar-based eKYC software?
A: Aadhaar-based eKYC software is a digital identity verification tool leverages the Aadhaar biometric database to verify an individual's identity in real-time. It allows businesses to authenticate the identity of their customers remotely and securely using their Aadhaar number and biometric data.
Q: How does Aadhaar-based eKYC work?
A: eKYC verifies a customer's identity using unique identification details, such as an Aadhaar number, PAN number, or passport number. The customer's details are checked against government databases to ensure accuracy and validity.
Q: What are the benefits of Aadhaar-based eKYC software?
A: Aadhaar-based eKYC software provides several benefits to businesses and individuals, including:
  • Faster verification process: It enables businesses to verify the identity of their customers in real-time, reducing the time and effort required for manual verification.
  • Increased accuracy: It eliminates errors and discrepancies in identity verification, as it relies on biometric data for authentication.
  • Reduced costs: It reduces the costs associated with manual verification and paperwork, as it is a paperless and automated process.
  • Enhanced security: It ensures the security and privacy of individuals' data by using encryption and other security measures.
Q: : How does Aadhaar-based eKYC software work?
A: Aadhaar-based eKYC software uses the Aadhaar database to authenticate an individual's identity. The individual provides their Aadhaar number and biometric data (fingerprint or iris scan) to the business, which then submits this information to the Aadhaar database for verification. The database checks the information against its records and responds to the business, indicating whether the individual's identity has been verified.
Q: Is eKYC mandatory?
A: eKYC is mandatory for certain financial services, such as opening a bank account or investing in mutual funds. However, it is optional for all services, and some businesses may still require traditional KYC methods.
Q: What are the documents required for eKYC?
A: Various documents, such as PAN, client image, signature, income proof, bank proof, etc., are required.
Q: Is Aadhaar-based eKYC safe?
A: eKYC is considered safe when implemented correctly. However, there have been instances of data breaches and identity theft, so it is important to use secure channels and follow best practices for data protection.
Q: Who can use eKYC?
A: eKYC can be used by any individual or organization that needs to verify the identity of their customers, such as banks, telecom companies, insurance providers, and government agencies.
Q: What are the penalties for non-compliance with eKYC regulations?
A: The penalties for non-compliance with eKYC regulations vary depending on the severity of the violation. Businesses may be subject to fines, suspension or cancellation of their registration, or legal action.
Q: Can eKYC be used for international customers?
A: eKYC is currently only available for Indian residents and cannot be used for international customers. However, other countries may have similar electronic identification processes for their residents.
Q: Can eKYC be used for financial transactions?
A: Yes, eKYC can be used for financial transactions such as opening bank accounts, investing in mutual funds, and buying insurance policies.