How Aadhar eKYC Solution Empowers Your Business Onboarding Process

Aadhaar eKYC

Aadhaar eKYC Solution India is the world’s largest country, with around 1.44 billion people living there, according to January 2024 data. The Aadhaar card empowers Indian citizens to assign a unique identity to everyone. This identity is transferred to the individual and is widely used for various authentication processes, including eKYC online.

Manual KYC verification was a blunder associated with various human-based errors, requiring numerous photocopies and multiple checks. Compared to traditional KYC, Aadhaar eKYC Services minimise human intervention, simplify the process, and save crucial time.

Overview of Digital eKYC Solution in India

eKYC has the same equivalent validity as the offline KYC procedure, where the documents are taken online, and the identity is verified through Aadhaar authentication. E-KYC service providers offer faster, more reliable, and trustworthy customer onboarding solutions that can be accomplished from a distance. Every Aadhaar user’s details are stored in the UIDAI database and can be verified through Aadhaar OTP or biometric verification.

Aadhaar eKYC uses Aadhaar for verification rather than collecting various address and identity documents such as ID proof, address proof, age proof, etc. So, users do not need to carry physical documents and undergo multiple checks. To access all the essential papers related to identity and address proof, the user needs to submit an Aadhaar number, and all the documents will be fetched directly from the DigiLocker, allowing the users to experience advanced technology to enhance their experience.

Aadhaar OTP Verification through Account Opening Software API Solution

Meon is a trustworthy eKYC provider integrating the Aadhaar verification API with various financial entities. Banks, NBFCs, and other financial institutions can authenticate their customers’ identities after the client provides their Aadhaar number and OTP.

Working process of Aadhaar eKYC API Solutions

  1. In this process, the user enters KYC details, including name, Address, date of birth, etc.
  2. The user fills out the UID number, and an instant OTP is sent to the registered mobile number linked with UIDAI.
  3. Client-specific Aadhaar XML data is generated and received by the eKYC service provider.
  4. The customer submits the OTP on the given eKYC online form.
  5. The Aadhaar OTP decrypts the XML file, and information such as the user’s name, gender, date of birth, Address, zip code, and photo is fetched.
  6. This retrieved and pre-validated data is employed to authenticate the user’s KYC online.

How Customer Onboarding Solution with Aadhaar is a Better Option for Businesses?

Modern technology like Digital eKYC online is a cutting edge solution in banking that provides convenience to open the customer’s account from anywhere and anytime. Rather than visiting the physical branch of the bank’s office, the user can open the account based on their Aadhaar card. The traditional KYC process is time-consuming and may take five to seven working days. That’s why banks and financial institutions rapidly shift from conventional to digital ekyc solutions that take 5 minutes to complete.

Whether the user wants to open a bank account or get new insurance policies, the digital KYC solution must have a process. Apart from the paperless process, it reduces the transactional cycles and provides convenience to customers and organisations. Introducing the concept of e-KYC is a bliss for businesses to improve their services and prevent identity theft and other forgery-related issues. According to the Prevention of Money Laundering Rules 2005, EKYC service is a valid process for KYC verification through online mediums. The essential demographic details and photographs will be fetched from UIDAI due to the e-KYC service process.

Hire Meon as your eKYC Provider to Streamline your Account Opening Process across Industries.

Accurate data will be fetched directly from DigiLocker after the user submits the Aadhaar OTP in the EKYC form.

No need to worry about data leaks and data is encrypted from third parties.

After successful validation, the demographic details will be transferred to the e-KYC database server for KYC compliance.

Advantages of Meon Aadhaar eKYC Service in India

Compared to traditional KYC, Meon provides a customised eKYC account opening software solution, which reduces the customer onboarding turnaround time and can be accomplished within 5 minutes.

The entire process is online; users do not need to represent physical copies of address IDs, identity cards, etc.

Meon’s customer onboarding solution strictly adheres to industry compliances and makes for a faster account opening process.

Meon provides a dynamic platform for eKYC where the users can change the workflow of customer onboarding based on their business requirements.

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