VCIP, Process, And Advantages

VCIP in KYC is a digital solution that simplifies the customer verification process with customer consent. It replaces the repetitive KYC data provided to different institutions. Now customers can streamline the KYC process without visiting a bank from their home. It is a complete video-based customer verification process with the same legal validity approved by RBI. The customers just have to ask the bank to provide the KYC information whenever they need it. Here in this blog, you will learn everything about the V CIP, its process and its Advantages. So, stay tuned until the end.

What Is VCIP in KYC?

VCIP full form is a Video-Based Customer Identification Process, it uses facial recognition and customer due diligence for the video KYC process. It does not require paperwork or multiple days spent in KYC. Customers can complete their KYC process with a few clicks in minutes. The authenticity of the documents was checked during the live video call. 

Steps Involved In The VCIP Process

The whole V CIP process contains the following steps

• Initiation: The customer begins the VCIP process through an app or website.
• Video Call: A live video call between the customer and the representative is scheduled.
• Document Verification: The company representative asked the customer to display their documents on camera. Details are cross verified through Digilocker and official databases in real time. Document should be redacted or blacked out.
• Facial Recognition: Advanced facial recognition technology is used to match and verify customer photos with the photo of Identity Proof Documents
• Liveness Detection: Face liveness detection technology is used when the person is live during the video call. It ensures that no photo or video is used during the video call.
• Completion and record keeping: After the verification process is complete, the session is recorded and stored securely.

RBI VCIP Guidelines

The RBI requires banks to follow these key RBI guidelines for the Video Based Customer Identification process (V-CIP):

• Live Video Verification: Financial institution must conduct secure, consent based video verification through an authorized trained official.
• Identity Verification: Verify customer identity using RBI permitted documents and authentication.
• Facial recognition: Use face matching and liveness selection to prevent identity theft.
• Data Security: Protect customer information through encryption and secure storage.
• Geo-Tagging: Collect customer’s live location, date, and time of verification as required.
• Record retention: Securely preserve video recordings and verification records in accordance with RBI requirements.
• Fraud Prevention: Detect forged documents, spoofing and suspicious activity during verification.
• Audit Compliance: Regulated entities must complete the required audit and verification checks activating accounts as applicable.

How VCIP Enhances Security, Compliance, and Convenience?

Traditionally the CIP bank process was a time-consuming process without proper remote verification. However, the arrival of VCIP has changed the overall CIP bank with many advantages.

• Enhanced Security: VCIP is embedded with advanced technology like face liveness that eliminates the risk of identity fraud.
• Add Convenience: Allows remote verification with proper security without the physical bank visits.
• Compliance: V CIP helps the bank follow the rules and regulations to prevent money laundering and terrorist funding.
• Reduce operational cost: Eliminating manual visits and paperwork with automation, V CIP reduces operational costs.

VCIP Solution for Businesses

Video-based Customer Identification solution allows banks, NBFCs, and other regulated businesses to verify customers remotely, with no branch visit or paperwork. The customer receives a secure link, chooses their preferred language, and completes a short live video session.

Face detection, geolocation tracking, eye blink detection, random face turns, and random number call-outs confirm that a real person is present and block spoofing. Your team can then download the recorded video for verification and audit.

It makes the customer onboarding process simpler, lowers operational costs, and an auditable trail that supports RBI KYC compliance.

Conclusion

V CIP full form is Video Based customer identification process used in KYC (Know your Customer). It makes the customer verification process easy and convenient both for banks and customers. Technologies like facial recognition, face liveness check and live video calls, ensure 100% accuracy in verification.

V CIP adds automation and high security by reducing the chances of identity fraud. It is a legal process approved by the RBI. With the help of this process, customer can complete their verification process from sitting at their home.

FAQs

Ques: Is VCIP KYC legally valid?

Ans: Yes, the V CIP or video-based customer verification process is legally valid and approved by the RBI.

Ques: What is Geo-Tagging in VCIP?

Ans: The Geo tagging in V CIP refers to tracking the current location of the customer during the VCIP along with latitude and longitude.