Comprehensive CKYC Management
Regulated by key authorities including RBI, SEBI, IRDAI, and PFRDA, financial institutions must navigate intricate compliance requirements while managing massive volumes of customer data.
Phoenix emerges as a game-changing solution, transforming the arduous CKYC reporting process from a manual, error-prone task to a streamlined, intelligent system.
Our process in four easy steps
Upload
Bulk upload your customer data through API or Excel
Process
Let our system process. Search, Download, Create Batch File and Upload to CKYC
Manual Review
Take action on cases with issues such as missing data point/rejections and resubmit
Response
Wait for response from CKYC. Connect through webhook or reports
Problem Statement
Process
Central KYC Registry (CKYCR) is a registry that serves as a central record for KYC information of all the customers of RE’s, authorized to carry out the functions of CKYCR
CKYCR hosts more than INR 53 Cr of KYC records as of March’22
All Regulated Entities (RE) are required to acquire and upload the customers’ KYC records in the CKYCR (CERSAI) database within 7 days of onboarding a customer. ​
Failure to do so can result in penalty and punitive action by the regulator(s).
Regulated Entities (RE) are all regulators of the financial sector i.e., RBI, SEBI, IRDAI & PFRDA
Challenges
To update the records, RE ‘s perform multiple steps to ensure the customer’s data matches with the detail’s captured in CKYC/registry.
If there are no records for the customers in Registry, the RE creates a CKYC record, by following multiple steps.
To process a single CKYC record, RE must complete a check on 100+ data fields
In BAU, 100+ data fields are reconciled with the CKYC database using multiple sets of API and complex processes.
Almost 30-50% of the records fail to complete the STP journey.
This is a complex regulatory compliance requirement faced by all RE’s .
Product Offering
A features section highlights your product’s key attributes, engaging visitors and boosting conversions.
CKYC Search and Download – APIs
Search the CKYC records with Aadhaar, PAN, Driving License, Passport, Voters ID, CKYC no.Â
CKYC Upload and Update
Automated process to upload and update to CERSAI portal with UI for monitoringÂ
Unsolicited Notification Download
Download unsolicited notification as per the latest regulation
Feature Highlights
Cost Efficient
Significant reduction in overall cost of ownership. 20% less than competition
Technology Driven
AI/ML based solution to automate all manual steps.Image merging, cropping, compression, Aadhaar masking and OCR capabilities
Highly Scalable
Significant reduction in cost with scalable solution. Lakhs of records processed in a day
Operational Efficiency
Only one Maker and Checker operation user are needed for the entire process.
User-Friendly Interface
The intuitive design ensures smooth navigation, enhancing user experience without needing technical expertise.
24/7 Customer Support
Round-the-clock assistance is available, ensuring issues are resolved quickly, keeping your operations running smoothly.
CKYC Regulation Updates
Regulations are ever evolving and we stay one step ahead with our solutions
Unique IP for each financial institute
CKYC number masking
Updated reporting TAT from 10 days to 7 days
Mandatory download of unsolicited notifications
Top questions answered
We pride ourselves with subject matter expertise. Here are some top FAQs.
Yes, a case can be processed with out PAN details. It is mandatory to have either have PAN or FORM 60 details for customer. Our system is capable of handling this scenario and auto-populating PAN number where ever available.
Get in touch for customised solution to auto populate missing data and reduce your manual efforts.
We have observed only 0.5% of CKYC rejections through our process. These rejections are sent to manual queue with actionable for cases to be worked and re-submitted.
Trusted by Leading Financial Institutions Across India.
Join Us in Your Lending and Compliance Journey Today.