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:
Let’s talk about each of these:
The Regulated Entity will have the capabilities to search the details of its customers with the following documents:
Voter ID card
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
The Regulated Entity can update the details of its customer basis the variation between the already existing details and the latest documentation received
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
Our tech-DNA ensures that the product is customizable as the user requires
Cheers to savings time, money, and effort 🍾
Reach out to firstname.lastname@example.org for a demo now!