The KYC solution was developed by integrating multiple services into a cloud-based platform, streamlining the compliance steps in accordance with RBIs structure and business demands. Customers will benefit from several new functionalities such as real-time, automated and cross-border commercial register checks. As a result, customers no longer have to provide original documents in the KYC process, if the required company information can be accessed via official and authoritative sources.
The contract is also a further milestone in RBIs fintech engagement, as kompany was one of five participants in the first round of RBIs fintech partnership program Elevator Lab. During the program RBI and kompany developed the proof of concept for this group-wide business KYC solution.
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