1 Online KYC Modes

This topic describes the KYC check process.

KYC is the abbreviation for Know Your Customer, also sometimes referred to as Know Your Client. KYC or KYC check is the mandatory process that banks and financial institutions employ to verify the identity of potential customers whenever an account, loan or credit card application is being made. KYC check is also undertaken periodically for existing customers, as and when the need arises.

KYC check is important as it is the means by which banks and financial institutions can ensure their customers are genuine and also ensure that no customers that are involved in illegal activities such as terrorism, money laundering or other illegal schemes, are onboarded to the bank.

Based on the outcome of the KYC check, the bank or financial institution may decide whether to open the account/loan/credit card (in case of originations) or not for the applicant.

OBDX supports Online KYC of Retail Individuals as well as Stakeholders (part of SMB Applications) that are new to the bank. There are several modes/means by way of which Online KYC can be conducted in the Retail and SMB Application Forms. They are as follows –

The Online KYC mode that is part of an application form will be dependent on the mode that is enabled as part of the Originations Workflow Maintenance undertaken by the bank administrator for the specific product category.

This user manual documents the Online KYC modes that can be enabled for an application form initiated on behalf of a business. The Online KYC modes are applicable for stakeholders of the business that are new to the bank.