Introduction

Is cryptocurrency for the future? Maybe, but it is already a hit in the present. Crypto has gained momentum in many countries and India is no exception. Cryptocurrency is a digital asset that works as a medium of exchange. Just like the share market, there is also crypto trading where price moments are monitored. Our client provides a platform for crypto trading. Now, our client wanted us to perform Aadhaar and PAN verification of the customers for a smooth onboarding.

KYC norms are mandated by the GoI and are necessary to comply. These prevent any kind of fraudulent activities. Identity verification is important to determine the age, address, and background of the user while PAN verification is necessary to check if the bank account information provided by the user is authentic since the transfer of money is involved. It is important to check if the money is not routed to a different account other than mentioned.

The major issues for our client were to perform quick KYC as the physical verification is a lengthy process and leads to more user dropouts. KYC norms can’t be ditched because they are moderated by the government. Since the crypto popularity is increasing in the nation they didn’t wanna lose out on this opportunity and wanted a quick system for the KYC. We helped our client solve all these problems.

Services offered by us to the Client:

• Since the platform has a wallet system for the transfer of money, Identity verification of the players was necessary. It was also needed to ensure that the user is of a trading age.
• Bank account verification to check if the account is legit and to ensure the anti-money laundering act by the Indian Government.
• PAN verification to check the bank account owner.

How do we do it?

We needed to make sure that the user identity is accurate as per the terms and conditions and also needed to ensure that the documents submitted by the user are authentic. Documents provide the background of the user like age, address, etc. This was done through ID verification where the address of the user was also verified. We customized our APIs according to clients’ needs and used real-time KYC and OCR technology to make the process smooth, fast, and risk-free. We check the identities through real-time Aadhaar verification combined with video KYC. The bank account verification is done in order to ensure that the amount goes to the designated account and is not rerouted in any manner.

With our APIs, you simply have to input the ID number, say PAN number or Aadhaar number in this case, into the system and it will give you results in an instant. We check the inputs through the government as well as the public database. So, the chances of error are almost equivalent to zero. Our APIs extract data like name, age, d.o.b, address, photo, mobile number, and gender for ID verification. All this process is spontaneous. We won’t keep you waiting for the results.

After the services, the user onboarding process was made flawless. The risks of fraudulent users were minimized and the dropout rates of the users were reduced significantly and the client felt more assured during the transfer of money into the user’s account.