Visa has selected India-based fraud detection solutions provider IDfy as the preferred partner for remote verification and onboarding of its cardholders.
Under the partnership, IDfy will complete the Video KYC of Visa’s credit cardholders in India.
IDfy’s Video KYC platform will allow Visa card-issuing banks in the country to issue credit cards to their customers instantly.
The platform offers configurable APIs for features like ID OCR, ID Verifications, FaceMatch and Liveness to the banks for verification and onboarding.
Banks can now complete a customer’s KYC process via a live video call – which will help them accelerate customer onboarding.
The use of Video KYC feature was approved by the country’s central bank the Reserve Bank of India (RBI) under its Master Directives issued earlier this year.
IDfy co-founder and CBO Wriju Ray said: “Our Video KYC platform is designed to give customers the best remote KYC experience while keeping banks and financial institutions safe from fraud.
“We are happy to offer Visa issuers and hence cardholders, an onboarding experience befitting Visa’s customer-centric values.”
The platform will also capture customer ID images, extract information and compare faces between pictures on behalf of the banks to identify customers. It records the customer’s GPS location as well.
The Mumbai-based company is already verifying as many as 10,000 customers each day for Visa’s partner banks.
Visa head of products for India and South Asia Arvind Ronta said: “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.”