Online Gaming

How does the New Era of Online Gaming look like?

Online gaming has come a long way since the early days of Pong and Tetris. Today, millions of people worldwide engage in online games such as PUBG, Call of Duty, and League of Legends as both players and spectators. This growth is due to several factors, including the explosion of mobile devices and high-speed internet connections that have made gaming more accessible. 

The rise has also led to new opportunities for socialization and community-building. Many players enjoy not only the competitive aspect but also the chance to connect with others who share their interests from around the world.

However, with the growth of online gaming has also come a rise in the number of associated problems, such as gambling addiction, underage gambling, and fraud. In order to address these problems and ensure that playing games online remains enjoyable for everyone involved, the industry has begun to adopt a new era of responsible online gaming.

 In this blog post, we’ll explore what this new era looks like and how we can ensure that the gaming experience remains enjoyable for everyone involved while minimizing its risks.

The Era of Responsible Online Gaming

The new era of responsible online gaming is one that is focused on the safety and well-being of players. This means that operators are taking steps to prevent gambling addiction, protect minors, and ensure that players know the risks involved in online gaming.

Here are some of the key features:

  • KYC of Gamers: KYC is an important part of responsible online gaming. By implementing KYC, operators can help to protect their customers and ensure that their businesses are compliant with the law.
  • Self-exclusion tools: Players should be able to self-exclude themselves from online gaming if they feel they are developing a gambling problem. In this case, using a self-exclusion service helps.
  • Gambling awareness tools:  Operators should provide information about gambling addiction, responsible gaming, and self-exclusion.
  • Minor protection: This can be done by requiring players to verify their age before they can create an account or by using age verification software.
  • Social responsibility: This can be done by donating to charities, supporting responsible gaming initiatives, and educating players about the risks of gambling.

Types of Fraud in Online Gaming

There are many different types of fraud in online gaming. Some of the most common types include:

  • Account takeover: This is when a fraudster gains unauthorized access to a player’s account and uses it to make fraudulent transactions.
  • Credit card fraud: This is when a fraudster uses a stolen credit card to make a deposit or withdrawal from an online gaming account.
  • Money laundering: This is when a fraudster uses an online gaming account to launder money from illegal activities.
  • Impersonation: This is when a fraudster pretends to be someone else, such as a customer service representative, in order to gain access to a player’s account or personal information.
  • Botting: This is when a fraudster uses a computer program to automate tasks in an online game, such as playing the game or making in-game purchases.
  • Hacking: This is when a fraudster gains unauthorized access to an online gaming platform or server.
  • Scamming: This is when a fraudster uses deception to trick a player into giving up their personal information or money.

To protect themselves from these attacks, gamers should only sign up for gaming platforms and services using secure passwords and payment methods. They should also be wary of any emails or messages that contain links, even if they appear to.

KYC – The best practice

Know Your Customer (KYC) is a set of processes that a business uses to verify the identity of its customers. KYC is important for online gaming operators because it helps to prevent fraud, money laundering, and other illegal activities.

There are a number of different ways that online gaming operators can implement KYC. Some common methods include:

  • Requiring players to provide identification documents, such as a driver’s license or passport.
  • Checking players’ names against government databases to verify their identity.
  • Using facial recognition software to verify players’ identities.

Here are some of the benefits of KYC in online gaming:

  • Prevents fraud: KYC helps to prevent fraud by verifying the identity of players. This helps to ensure that players are who they say they are and that they are not using stolen or fraudulent credit cards.
  • Combats money laundering: KYC helps to combat money laundering by verifying the source of players’ funds. This helps to ensure that players are not using their online gaming accounts to launder money from illegal activities.
  • Protects minors: KYC helps to protect minors by verifying their age before they can create an account. This helps to prevent minors from gambling online.
  • Enhances customer experience: KYC can enhance the customer experience by making players feel more confident that their personal information is safe. This can lead to increased customer loyalty and satisfaction.

KYC is an important part of responsible online gaming. By implementing KYC, operators can help to protect their customers, ensure that their businesses are compliant with the law, and enhance the customer experience.

How can Signzy help with KYC in Online Gaming?

Signzy’s KYC solutions can help online gaming operators to:

  • Verify the identity of their players: Signzy’s solutions can verify the identity of players using a variety of methods, including government-issued ID documents, facial recognition, and biometrics.
  • Check the risk profile of their players: Signzy’s solutions can check the risk profile of players using a variety of data sources, including credit bureaus, government databases, and social media.
  • Monitor for suspicious activity: Signzy’s solutions can monitor for suspicious activity, such as money laundering and account takeover.

By using Signzy’s KYC solutions, online gaming operators can help to protect themselves from fraud and money laundering. Signzy’s solutions can also help to improve the customer experience by making it easier and faster for players to sign up and start playing.

Here are some of the benefits of using Signzy for KYC in online gaming:

  • Reduced fraud: Signzy’s solutions can help to reduce fraud by verifying the identity of players and checking their risk profiles.
  • Improved customer experience: Signzy’s solutions can make it easier and faster for players to sign up and start playing, which can improve the customer experience.
  • Compliance: Signzy’s solutions are designed to help businesses comply with KYC and AML regulations.
  • Scalability: Signzy’s solutions are designed to be scalable, so they can be used by businesses of all sizes.

If you are an online gaming operator, Signzy can help you to protect your business from fraud and money laundering. Signzy’s solutions are easy to use and scalable, and they can help you to improve the customer experience.

Final Thoughts

The new era of responsible online gaming is here, and it’s up to us as both consumers and developers to make sure that players are protected. By implementing measures such as self-exclusion, setting maximum deposit limits, monitoring for signs of problem gambling behavior, and enforcing age restrictions on platforms we can ensure that everyone playing games is doing so safely within their means. As the industry continues to grow, let’s make sure that player safety remains at the forefront of our minds.

Vendor KYC Verification: Verify Your Vendors Quickly and Easily!

The logistics and supply management industry have rapidly evolved over the last decade. With more complex delivery chains, stricter regulations, and a more significant focus on security, it’s no wonder that businesses are looking for ways to speed up processes and improve efficiency. One of the most important steps in this process is vendor KYC (Know Your Customer) verification. This step ensures that businesses know who they are dealing with regarding vendors and suppliers. In this blog post, we will discuss what Vendor KYC Verification is and how it impacts logistics and supply chain management.

Businesses that engage suppliers to provide goods or services can quickly become victims of Vendor Impersonation Fraud. Sophisticated criminals infiltrate a trusted vendor or somebody pretending to be them, thereby risking your business. Armorblox’s research team discovered a 73% increase in financial fraud email threats from 2021 to 2022. Financial fraud attacks accounted for 44% of sophisticated, targeted crimes, including wire fraud, invoice fraud, and vendor fraud.

What is Vendor KYC Verification?

Vendor KYC verification is verifying the identity and credentials of a vendor or supplier. This verification can be done through various means, such as third-party background checks, references, and documentation. Vendor KYC verification aims to ensure that the vendor is who they say they are and that they have the experience and credentials necessary to provide the services or products they claim to offer.

Third-party background checks are one of the most common methods of vendor KYC verification. This check can be conducted by an outside firm or the company itself. References are another standard method of vendor KYC verification. When checking references, it is important to verify that they are from legitimate sources, such as past clients or business partners. Documentation is also often used for vendor KYC verification. This may include identification documents, licenses, certifications, and other forms of proof that the vendor is qualified to do business with your company.

Vendor KYC verification is important in doing business with new suppliers or vendors. Verifying their identity and credentials can help protect your company from fraud or scams.

Why is Vendor KYC Verification important in logistics & supply management?

There are many reasons why vendor KYC verification is important in logistics and supply management.

  1. It helps to ensure that the vendor is who they say they are and that they are legitimate. This can help to prevent fraud and other issues. 
  2. It helps to ensure that the vendor has the proper licenses and permits for their business. This can help to avoid delays or other problems with shipments. 
  3. It can help build trust between the company and the vendor, leading to better relationships and more efficient operations.

A first layer of protection for companies comes from supply chain risk management and due diligence, and due to the rise of SaaS and outsourcing, good risk awareness is essential. The Global Fraud and Risk Report, “Mapping the New Risk Landscape, “published by Kroll in conjunction with Forrester Consulting in 2019, highlights global corporations’ biggest risks.

Globally, 28% of fraud was committed by external parties (suppliers & vendors), an increase of 10%. 68% of global companies consider fraud by external parties a high or significant concern.

According to KPMG’s Global Banking Fraud Survey, released in May 2019: Fraud recoveries were less than 25% of fraud losses, according to over half of the survey respondents. This low rate emphasizes the importance of prediction and prevention. 

Thus, companies should begin to consider implementing a tool and necessary workflows as vendor fraud grows in prevalence as a threat to many corporations.

The benefits of Vendor KYC Verification

KYC verification is a process that helps to ensure that your customers are who they say they are. This can be beneficial for several reasons:

  1. It helps to prevent fraud: By verifying the identity of your customers, you can help to prevent fraudulent activity. It becomes much harder for someone to commit fraud if they have to provide their real identity upfront.
  2. It builds trust: Customers who have been through a KYC verification process are more likely to trust your company. This is because they know that you take security and compliance seriously.
  3. It streamlines processes: A KYC verification process can help streamline other business processes, such as onboarding new customers or processing payments.

How Can Signzy Help with Vendor KYC Verification?

Signzy has a one-stop solution when it comes to verification. It provides a simple plug-and-play API solution. With just the vehicle number, you can get fitness details, Permit info, PUCC check, Insurance details, and much more! The same goes for authenticating the driver’s license.

Signzy can provide a complete user journey and simplify your workflow while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26%, which earlier with the manual process was 11%. 

Our three APIs that play a pivotal role in Vendor KYC Verification are:

Bank Account Verification API: With it, you can verify not just the validity of bank accounts but also the name and details of the user while leveraging the right technology for the job. In addition, the AI-driven API is highly customizable and can be integrated easily with your processes.

RC Verification API: Signzy’s Registration Certificate Verification Process allows onboarding of verified vehicles in no time with utmost accuracy & reliability (server providing 99.9% uptime).  Know more about the benefits it offers. 

GST Verification API: Our GST API validates the authenticity of a business or your partner as an essential aspect of easing and making GST compliances hassle-free. It helps you to

  1. Extract GST details, including Name, GSTIN, and address of the business, from the GST certificate.
  2. Search GST details of the entity using GSTIN and PAN. 
  3. View and track the GST returns of the entity.

Conclusion

Vendor KYC verification is essential to logistics and supply chain management. It helps to ensure the accuracy and reliability of the information, making it easier for businesses to monitor their vendors and ensure they comply with all applicable regulations. As a result, organizations can protect themselves from potential liability by implementing a comprehensive vendor KYC verification process while improving transparency across their supply chains.

We bring you to speed, security, reliability & ease. You can leverage artificial intelligence, optical character recognition, and other best-of-breed technologies – everything you need to scale successfully.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

 

 

How To Complete reKYC for DEMAT/Trading Accounts?

The digital reKYC process adds a new layer of security to financial transactions and trading accounts. It is an essential part of the Know-Your-Customer (KYC) process, to which banks and other financial institutions must comply with regulatory requirements. Re-activating a trading account through the digital reKYC process can be tricky, but it doesn’t have to be. This blog article will discuss how you can successfully navigate the process and easily re-activate your trading account through reKYC. 

Why is reKYC of DEMAT/Trading accounts important?

When you open the DEMAT account, the DP / broker will ask you to fill up a KYC form along with your client agreement form. KYC requires basic paperwork and the submission of essential documents. It also requires originals for complete verification.

KYC norms were put out by the RBI in 2002 and have been adopted by SEBI for all investment-related activities. This includes opening a trading account, DEMAT account, mutual fund investments, etc. The idea was to cut down on corrupt practices. Some examples are money laundering, acting as fronts for entities, trading in cash without audit trails, fraud, and financing of anti-national activities.

The same goes for reKYC process. It is really important to go for reKYC trading accounts for several reasons:

  1. The reKYC process will allow the account holder to continue to trade securities and access their account information smoothly. 
  2. It will help to ensure that the account holder’s personal information and security settings are up to date. 
  3. It will help to keep the account active and in good standing with the broker or exchange.

What is Digital reKYC?

Digital reKYC is verifying a customer’s identity using online methods such as video KYC, facial recognition, or government-issued ID. This process aims to make it easier for customers to get their accounts reinstated after they have been suspended for suspicious activity.

This process has become increasingly popular as it offers many advantages over traditional KYC methods. For one, it is much faster and more convenient for customers. Additionally, it helps to reduce costs associated with account reactivation.

A visit to the bank branch is not needed to update KYC: RBI

In its latest circular, the Reserve Bank of India (RBI) has said that If customers have already provided the appropriate documents, they are not required to visit a bank branch to update their ‘know your customer’ (KYC) details. In place of submitting KYC information, they can submit a self-declaration by email, registered mobile number, or any other digital channel if there has been no change. Banks should offer customers the ability to self-declare different aspects through various non-contact methods. These can include registered email addresses or mobile numbers, ATMs, digital channels such as web or app banking, and letters. If the address needs updating only, customers should let their bank know via any of these channels, after which it will be verified within two months.

Advantages of Digital reKYC

The advantages of the Digital reKYC process are many and varied, but some of the most notable advantages include the following:

  1. A more efficient and streamlined process: The Digital reKYC process is much more efficient than the traditional KYC process, meaning that it can be completed in a fraction of the time.
  2. More accurate data: Since the Digital reKYC process relies on digital data sources, the data collected is usually more accurate than that collected through traditional methods.
  3. Increased security: The Digital reKYC process is also much more secure than traditional KYC processes due to the increased use of encryption and other security measures.

Key steps in the reKYC documentation process for the DEMAT/Trading account

  1. The first step is filling out the KYC form if you are a new investor and opening your DEMAT account for the first time. The application forms require demographic information. This can be named residential address, office address, joint account holder details, account nomination, etc.
  2. The next step of the investor onboarding process is to present your identity proof. A PAN card is mandatory in this regard. You may also be asked to submit additional government-authorized proof. This can be a passport, driving license, voter ID, Aadhaar, etc.
  3. The third step involves submitting proof of residential address. The document should include the current address in the exact format. You can provide utility bills with link documents. Other documents, like bank statements, company letters, etc., can also be linked.
  4. Finally, you must submit a copy of your canceled Cheque. The account holder’s name must be embossed on the Cheque leaf. This is to verify your IFSC code and account details.

Conclusion

Re-activating a trading account through the Digital reKYC process is simple and efficient. By following these three steps, you’ll be able to get back into trading with minimal fuss quickly. The process takes just a few minutes and is completed from the comfort of your end customer’s home. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

IVF, Surrogacy & KYC – Importance of Verification in Fertility-care

According to Ernst and Young, India’s fertility market and IVF procedures saw a 20% increase during the last five years. But what is such news doing on a fintech page? Shouldn’t this be on a health blog?

Well, as technology spreads across all platforms, it also enhances healthcare. This time, it’s in ways where we not only preserve but create life. But it has many bureaucratic hurdles. Currently, the government has made verification of participants mandatory for any such medical procedures.

Where verification is necessary, Digitization becomes inevitable.

IVF And Surrogacy In India

Compared to the approximately 2.5 million cycles per annum globally, only 0.2 to 0.25 million IVF cycles are performed annually in India. But the future looks vibrant for the sector as the Indian fertility Industry was valued at more than $746 million in 2021. It is projected to reach $1,453 million by 2027 with 5-6 lakhs IVF cycles. In short, the IVF market is growing fast.

On the other hand, estimates show that more than 25,000 children are now being born through surrogates in India annually in an industry worth $2 billion. Hence both alternatives are in high demand in the country.

Why Do IVF And Surrogacy Need Digitization?

Aadhaar card and other identification documents are mandatory to avail of any service at ART/IVF centers. In addition, donors must also be registered with the Pre-Natal Diagnostic Techniques Act (PCPNDT) Cell. Such requirements enhance genuineness in parents who approach clinics for IVF and surrogacy.

But the primary issue with such measures is the hurdles it creates for potential parents. If anything, such procedures make the entire process onerous.

Digitization and technological resources can resolve this with simple and seamless digital tools. Moreover, it can make the process faster and easily accessible. Hence, the adoption of newer methods enhances medical procedures.

How To Digitize IVF And Surrogacy

If any person is looking for IVF, surrogacy, or any other form to have a child and wants to undergo the process, they need to share the Aadhar and PAN, and hospitals must verify the document.

In such scenarios, we can use the Application Programming Interface(API)I resource to process the soft copies of the required documents. APIs can collect and verify if couples seeking IVF are genuine and donors and surrogates and not volatile. With consent, it can also confirm if the parties involved have had any previous medical conditions that must be disclosed.

Additionally, it can be used not solely for Aadhaar verification but also for PAN and other document verifications to create a better picture of the involved parties for the associated hospital or clinic.

Where To Find Help To Digitize

If you are seeking IVF/surrogacy services, opt for the ones offering digitized interaction, as this usually helps maintain a safer approach. In addition, it ensures fortified data and reduces fraudulent practices.

Unfortunately, clinics and hospitals adapting to the technological demand are less in number or too slow at it. If you represent an enterprise that offers such services, you certainly will benefit from our products. At Signzy, we make sure that we provide the apt resources for digitizing your processes. We can make all your verifications seamless and automated.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com.

Blockchain Technology In The Indian Fintech Industry- How Will The Technology Venture The 2020s?

Did you know that the global market for blockchain technology will be worth $67.4 billion by 2026? The biggest market value distribution for blockchains is found in the banking industry. India is presently seeing the introduction of this technology.

India has developed into a significant global fintech industry hotspot and has given fintech start-ups considerable space. Covid-19 sped up the fintech sector’s expansion, which is now experiencing record investments and an explosive increase in the use of its services. It was essential for the financial industry to transition to app-based operations as sectors shifted to digital platforms.

The fintech industry has gone a long way with encrypted logins, full access to financial data, and practically all functions available at your fingertips. App-based processes do, however, need less time and effort, but it’s unlikely that they will result in secure transactions, protection against fraud, or transparency to prevent any wrongdoing. Here, blockchain technology has the potential to improve and even completely transform the entire tech-based financial industry.

Understanding Blockchain Technology

A blockchain is a decentralized, open, and distributed digital ledger that keeps track of transactions across numerous computers in such a way that any changes to the record would impact all following blocks and the network consensus. Increasing and leaving its mark in every industry, including fintech, real estate, agriculture, and healthcare, this mushrooming technology is expanding.

Boosting The Booming Fintech

It is clear that with blockchain technology, conventional financial processes may be completely transparent and based on fast, secure transactions. The new fintech transactions can create peer-to-peer networks, quick transactions, and total transparency without needing an intermediary.

Blockchain focuses on lowering the risk for financial institutions and offering secure, encrypted data that are safe and unmodified, potentially making the financial industry more transparent, less vulnerable to fraud, and less expensive for consumers. This enables the industry to concentrate on artificial intelligence- and machine-driven intelligence-based decision-making.

Financial Management Without Banks

Digital wallets, digital payments, and digital lending have all established new market segments due to the expanding new-age client sector. Blockchain technology can effectively govern this ecosystem. Blockchain-integrated digital wallets are protected by private keys while possessing their unique public address, allowing them to send and receive payments. With blockchain technology, wallet holders with private keys are the sole owners of the assets, unlike traditional currency, where banks take responsibility for holding money.

The Relevance Of Digital KYC

Trust and identification have always been difficult to establish in a financial transaction. Blockchain technology will be essential to automate the manual, paper-based, time-consuming, and expensive process of maintaining clients’ up-to-date records through digital KYC. igitization has enormous potential to keep data correct and foster genuine trust among parties conducting online business. Customer consent, data theft, and identity theft are essential parts that facilitate the task for all parties.

Borderless Payments With Blockchain Technology

Financial institutions can concentrate more on improving the speed and effectiveness of payment choices as the industry shifts toward borderless transactions. In addition, regulating the resources required to authorize payments and making them convenient for international payments further lowers the total cost of ownership.

Blockchain technology will revolutionize the fintech industry. Blockchain technology has excelled in the modernization of traditional financial institutions that fintech has risen to do. In addition, the data privacy advantage of blockchain has been building up the much-needed trust between users and providers in the fintech industry.

With an increasing focus on payments, closely followed by securities and trade finance, blockchain will focus on evolving complexity and delivery timeframe, improving financial institutions’ operational efficiency.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

 

 

Harnessing Hospitality With KYC- How Signzy Can Help The Hospitality Industry Be Safe

Did you know that for the hospitality industry, statistics indicate that organizations lose upto 6% of annual revenue from fraudulent activities perpetrated by guests and employees? For example, a hotel operator earning approximately $10 million in annual room revenue may experience losses between $500,000 and $600,000.

Preventing this while moving forward in the industry is a parlous task. One of the effective ways of this is to conduct KYC-‘Know Your customer’ for all the customers. KYC is the process of verifying the user’s identity and is typically done by several methods such as ID paper upload, face recognition, electronic ID verification, etc.

Digital KYC is rendering to be a mandatory process in the hospitality industry. Let’s examine how this is blooming and why fintech companies will help enhance this growth.

Relevance Of Digital KYC Processes

Digital KYC is as essential as ever in the financial technology sector to prevent financial fraud, identity theft, money laundering, and terrorist financing. As a result, it is widely used in the banking and fintech industries. But this begs the question of how KYC helps the hospitality industry? First, more and more states demand that the hotel has a copy of the guest’s passport or ID. But the issue with this solution is a lower Revenue Per Available Room (RevPAR) and increased time per check-in.

As Hotels lean towards online and kiosk check-ins, this process becomes more difficult. It would be great for customers to offer their passport or ID information ahead of time, which includes a scan of the passport and a picture of the guest. If this information could be stored in the hotel’s Property Management Software before the arrival of guests, it would be far more convenient.

Digital KYC in International Hospitality

Financial institutions in Scandinavia, Central, and Western Europe reported considerable savings and improved affinity for their services after implementing an effective Electronic ID (eID)-based KYC process a few years ago. But when you implement such methods, ensure that you avail the assistance of an established fintech resource provider. Else, the road might turn out to be quite bumpy.

Availing Fintech Industry Service Providers

A good service provider might seem complicated to find at first, but if you know where to look, you can get the best. They will ensure that the proposed solutions are specifically designed for your needs rather than a conglomeration for general clients. It will also be maximized in digitization. But, most importantly, it should comply with regulatory guidelines without compromising comfort or security.

At Signzy, we provide the most secure customer onboarding, e-signing, and authentication services. We ensure that all our clients, especially from the hospitality industry, encourage using electronic IDs, passports, and ID cards as verification documents and utilize digitized KYC methods. We can provide you with state-of-the-art customizable AI-driven resources for this. In addition, we can help you obtain required information from OVD(officially Verified Documents), retrieve the data, and store documents and signed agreements in archives.

Electronic IDs

It is essential to understand what an electronic ID is? Electronic identification is an electronic system for legitimizing users on the Internet or other computer systems. For example, using an electronic identity, users can identify, sign contracts, and approve transactions on websites such as banks and public portals.

Once onboard, guests can quickly access their loyalty program information. In addition, if they use an eID, there is no need to worry about remembering a username and login, as the eID provides authentication.

Signzy’s Impact In The Hospitality Industry

Signzy’s contributions in the industry are not unprecedented or novel, as we have always emphasized upgrading the onboarding and KYC processes in financial technology for nearly a decade. The hospitality industry, too, has seen its fair share of this.  

Recently the regulations are becoming more stringent as fraudsters are finding advanced ways to trick hotels. As the behemoths in the hospitality industry acknowledge and adopt KYC and identification processes as mandatory, it is only sensible for the mid-level players to do the same. The era of digitization is here, and it is now.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.