Mastercard links with Signzy to bolster RegTech

Mastercard
Mastercard

Mastercard has detailed a new partnership with Signzy, as the bank strengthens its RegTech capabilities. 

In collaborating with the startup based in India, Mastercard enables Signzy’s video-based KYC (Know Your Customer) solution for its banking customers.

Deployment of Video KYC will allow end-users to complete and submit their application from their own homes. Backed by artificial intelligence (AI) and machine learning (ML) technologies, Signzy’s Video KYC solution features security protocols to prevent unauthorized system intrusion or attempted fraud. 

Arpit Ratan, Co-founder of Signzy stated: “Mastercard has strongly advocated digital transformation in the financial services space and has led by example. It is a matter of great pride to be chosen as their Video KYC partner. 

“Our efforts are geared to offer our partners a mobile-first, customer-centric digital experience for their customers. Signzy’s AI-led, on-premise API framework allows easy integration across multiple platforms providing a quicker and completely remote and paperless customer-onboarding, taking care of all security protocols.”

In India, this launch will further Mastercard’s goal to drive inclusive growth via financial inclusion by enabling individuals and small businesses to go online. 

Earlier this year, the payments technology company partnered with various players and launched low-cost innovations that allow merchants to start accepting digital payments without incurring additional or high infrastructural costs. Video KYC will further the ease and speed of onboarding in minimal time.

Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, added: “Mastercard’s partnership with Signzy will shorten the traditional clunky, time consuming and expensive KYC process for financial institutions. Signzy’s AI and ML has well-established links to many KYC databases in India which allows seamless support for e-KYC and Video-KYC. 

“Therefore, the platform also solves the problem of many SME’s in India who may not have all the KYC documents. With V-KYC, SME’s can now complete their contactless KYC process remotely at their convenience from their homes and shops.”

“Mastercard and Signzy are assisting merchant acquiring banks to easily on-board SMEs in remote corners of the country for digital payments acceptance, open SME accounts and NBFCs to underwrite and disburse SME loans. During the nationwide lockdown, Signzy’s Video KYC come as a big relief for financial institutions and SMEs.”