CKYC reporting is now a breeze 🌬

Make your Central KYC reporting smoother, quicker, and easier with Apollo’s CKYC APIs 🤖

The godfather of the FinTech space - RBI, has time and again reminded us that when it comes to compliance, they simply believe their deal is something no one can refuse 

So back in February 2017 when RBI suggested that Reporting Entities(REs) of all four major regulators of the financials sector i.e. RBI, SEBI, IRDAI & PFRDA were to report to CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) - we went into a flurry🧙🏻‍♂️ hunting for the best 3rd party solution to automate our reporting and comply with this regulation right away

What we discovered was a toxic combination of poor technology and high costs making 3rd party solutions a nonstarter, especially for the nascent fintech industry

It was at this point in time, we were left with no choice but to build the solution ourselves 

At Apollo, we believe magic is at the intersection of A+ quality people, efficiently written code, and disciplined processes

Over the last few years, we have built out the CKYC reporting solution on this ethos. But before we go deeper, let’s understand the basics of CKYC

What is CKYC?                           

The Central Know Your Customer (C-KYC) 👩‍💻is an initiative by the Government of India which allows customers to complete their KYC once with any 1 regulated entity in the financial sector such that the KYC of the customer then becomes accessible to all other regulated entities in the financial sector 

Under the PMLA (Prevention of Money-Laundering) rules 2005, the CKYC registry will receive, store, safeguard and retrieve the KYC records in digital form for all citizens of India

For a Regulated Financial Institution, the objective is twofold: save time and effort 

• Repeated collection of customer information is not required

  • Documents from any customer do not have to be collected and stored repeatedly by different regulated entities if collected once and uploaded on the CKYC portal by any 1 regulated entity unless there is a change in the customer’s information

• Repeated verification of customer information is not required

  • Verification of customer-specific documents is not a repeating exercise anymore once it is verified and uploaded on the CKYC portal by any 1 regulated entity unless there is a change in the customer’s information

Most regulated entities manage this function of compliance through full-time resources who simply manually, slowly, and painstakingly do the necessary reporting on the CKYC portal

As a growing regulated entity, this is unsustainable. That’s where Apollo's CKYC APIs come in and save the day! 😮‍💨

How does CKYC work with Apollo’s APIs?

We have built an end-to-end solution 😎 for C-KYC reporting where we cover the following aspects involved in the reporting process: 

✅ Search 

✅ Download 

✅ Update

✅ Upload 

Let’s talk about each of these:

Search 

• The Regulated Entity will have the capabilities to search the details of its customers with the following documents: 

  • PAN Card

  • Aadhar Card 

  • Passport 

  • Voter ID card 

  • Driving License 

  • CKYC number

Download  

• The Regulated Entity will have the capabilities to search the details of its customers with the following combinations: 

  • CKYC + DOB

  • CKYC + Phone no

  • CKYC + Pincode + DOB year

Update   

• The Regulated Entity can update the details of its customer basis the variation between the already existing details and the latest documentation received

Upload  

• In the case of a customer not being on the central repository, the regulated entity can add their details and welcome them to the central database

Our competitive edge!

Subtly tooting our own horn 🎺: Apollo Finvest has been a regulated entity for 30+ years and in the Fintech space for 4+ years now!

In this time we have also worked with 50+ FinTechs, dealt with north of 10 Lac customers, and managed regulatory reporting fantastically time and again! 

To conquer CKYC we followed the following steps:

• We first built the APIs for our internal users 🤗 

• Ensured that we had built something that they truly loved ❤️

• Fortified the technology to handle the reporting of our high-volume loans 🦾

• Saw firsthand the benefits of automation and now we are bringing this solution to the rest of the regulated entities!  🧘🏻‍♂️

Simply put our APIs are :  

• Tested at scale ✨

  • We are our biggest clients and have tested the APIs repeatedly with our data to ensure that the product is fool-proof

• Future proof 🔮

  • Being a regulated entity ourselves, we will always have our eyes on any and all compliance developments and be the first to implement them

• Cheaper, faster, less error-prone reporting. Simply efficient 🏎

  • No huge upfront cost to go live! Simply integrate and pay as you go

  • No need to employ any full-time resources to manually do CKYC reporting

• Customizable 🥷🏻

  • Our tech-DNA ensures that the product is customizable as the user requires

Cheers to savings time, money, and effort 🍾

Reach out to divya@apollofinvest.com for a demo now!