Know Your Customer or KYC in short can be massive a headache for companies and Financial Institutions. The Government has made it mandatory for any Financial activity above Rs. 50000 to be accompanied by a valid Identification Proof. It means more form filling for the companies and the customer.
Using the Pixuate Technology we have made it very easy for Companies to collect the Customer Identification data. Customers have to simply take a picture of their Valid ID Cards and send it to the respective Company. The Company can process it and extract the relevant information automatically.
Here is an example of how it works. Pixuate uses the Optical Character Recognition (OCR) feature to recognise text in an image. When the image from the customer is loaded into the service, it will scan the image for possible characters.
The photo ID is saved separately. The remaining text is scanned and only the relevant information is provided in text form.
This can be copied into the relevant directories of the companies register. Countless hours spent reading and typing in ID Card information can be reduced by completely automating the process.
Pixuate can detect what kind of document is uploaded by comparing it to pre-loaded templates like PAN Card, Aadhar Card, Driving License, etc. Accordingly the system can read and extract the data points like name, date of birth, etc. This value could be then used to validate the authenticity of the card by comparing it with the Aadhar Card Website database.
We’ve recently rolled out the PAN CARD and AADHAR CARD scanning service. It can be deployed on servers as well.
The main goal of Pixuate is to make technology more intelligent. With the release of the KYC services, it is another feather in our cap!