SERVICES

  • Accounting Opening Process (KYC)

Accounting Opening Process (KYC)

Fast, Effective, Accurate Account Opening Process by Info-Kin Solutions

Overview

Fast, effective and accurate workflow solution designed to simplify Account Opening Process for financial services. Free your team to focus on value and customer satisfaction not spends time on error-prone manual processes or inefficient software programs. With our Services, you can improve customer satisfaction, accelerate on boarding, increase operational oversight and help meet regulatory requirements while reducing financial, reputational, legal and regulatory risk. When we say automation, we mean everything — scanning AOF forms, extraction of KRA documents, extraction of Ckyc documents and submission of KRA and cKYC documents

KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their clients before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on. KYC is a client identification program that verifies and maintains records of the identity and address of investors.

Info-Kin Solutions is the leading provider of KYC (Know Your Customer) technology and data management solutions. Today, many financial institutions rely on Info-Kin Solutions to free their business from the complexity of managing their KYC, entity data management, regulatory and compliance risks.

Highlights

  • Easy maintenance of client data and easily retrieve information.
  • Ensure compliance with KYC regulations and meet ongoing regulatory changes.
  • Accelerate your onboarding and customer due diligence process.
  • Workflow, tasks, checklists, triggered alerts for compliance checking.
  • Document management and tracking system with detailed MIS report.
  • Branch Wise / Marketing Team Wise Rejection alert through email.
  • Explore and Implement opportunities of peripheral integration.
  • Easy integration with back-office solutions.
  • Data cleaning and enrichment.
  • Define the type of identification documents required.
  • 100 % transparency with reports to provide visibility into the process.

Advantage

  • Reducing Processing Costs.
  • Cost, Time and Manpower saving.
  • Improve efficiency and productivity.
  • Increase financial transparency.
  • Improve adherence to audit requirements.
  • Focus on more strategic objectives.
  • Improve Turn-around time.
  • Stream Line overall Workflow Process.
  • Transparency in Performance.
  • Continues process improvement.
  • Reduces operational risks.
  • Complete compliance to KYC regulations.
  • Conduct faster KYC with fewer errors and false positives.
  • Minimize data errors, rework and delays with consistent process and integration.
  • More flexibility, great control and easy to use.
  • Unlimited number of users can access.
  • A configurable, fast, secure, robust, and highly scalable solution.
  • Automation of the entire document process and follow ups.

Workflow Process

  • Inward PAN no. (In warding Account Opening Form from Branch)
  • Audit (verification of filled form)
  • Call Verification Process (CVP) call client to verify important personal details.
  • Scanning (Scan full form with given documents)
  • Data entry (Data entry of full form)
  • Checker
  • Export CDSL / NSDL / UCC / KRA / CKYC / Sync with Back Office Software.

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