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 like an Aadhaar card. After that OCR is used to capture and verify the document.
• Facial Recognition: Advanced facial recognition technology is used to match and verify customer photos with the photo of PAN Card and Aadhaar Card.
• 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 has set specific rules for the banks to follow to use the VCIP. The main aim of V CIP is to improve customer service and transparency in how banks interact with the customer. Here is a small glimpse of the RBI guidelines.

• • It is a must for all banks to create and maintain a system for collecting and storing customer information.
  • The information collected by the CIP Bank should be accurate and up to date.
  • Banks must inform the customer why they are collecting information.
  • CIP Bank has to provide the data on the customer’s request.

Advantages of VCIP in KYC

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.

Surepass For VCIP

Surepass a trusted identity verification API provider offers Multiple APIs that streamline V CIP.  The Surepass Video KYC simplifies the Video-based customer verification process. It offers an unassisted VCIP solution in which a link is sent to the customer. On receiving the link customer has to choose the preferred language.

A live video will be recorded with face detection, geo-location tracking, eyeblink detection, random face turning, and random number call-outs. After capturing the video, an SDK file is generated, and the bank has to download the video for verification. To check the document authenticity banks and organizations can use document verification APIs. These APIs quickly verify the person and documents efficiently in real-time.

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. By using technologies like facial recognition, face liveness check and live video calls, ensures 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.

Banks and businesses can use Surepass V CIP KYC solution for efficient and quick online customer onboarding and customer verification processes.

FAQs

1. What is the Full Form Of V CIP in the Bank?

The VCIP full form is Video-Based Customer Verification process used in KYC. It is an online method of verifying customer identities using video calls, facial recognition, liveness and document verification.

2. Is VCIP KYC legally valid?

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

3. What is VCIP In Respect Of KYC?

VCIP is an online way of customer verification using a facial recognition check from the authorized bank. It eliminates the use of paper and is completed in a few clicks and minutes.

4. What is Geo-Tagging in VCIP?

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