The data is encrypted and is totally safe to use.
Mumbai: FRSLABS, India’s emerging fintech start up, is aiming to change the face of KYC by appealing to both Individuals and businesses, with its unique Digital KYC App – ‘KYZO’. Kyzo uses cutting edge OCR and computer vision Technology to digitize customer identification documents for use anywhere and anytime.
For end consumers, KYZO provides a quick and easy way to scan and save their ID documents in their Mobile devices. The scanning and face capture technologies work offline without the need for internet connectivity. The data is encrypted and is totally safe to use.
Unlike other apps available in the Market, with KYZO, the scanned documents would stay in customer's phone (encrypted) and not backed to cloud, avoiding the threat of mass hacking, leaks and privacy concerns.
For businesses, KYZO makes the onboarding process simple and hassle free. With a simple one step integration of KYZO Software, businesses can begin to accept KYC from customers in no time. The KYZO Software generates a unique QR code that allows customers to scan and share their KYC.
At the point of sharing KYC, the customer simply has to scan the unique QR generated by the business and consent to share the identity data and authenticate using a PIN. The data seamlessly transfers in under 10 seconds. The unique technology enables the transfer totally offline, meaning it could work even in remotest parts of the world, breaking barriers for financial inclusion.
Shankar, CEO of FRSLABS said, “KYC is an indispensable part of progress. Be it opening a bank account, obtaining a SIM, renting a car, or onboarding a delivery partner to your business, KYC is both essential and mandated. However, current KYC processes are time consuming, overly intrusive and full of friction. With KYZO, we aim to give customers and businesses a reliable method to on-board quickly and confidently.”