Fintechs and Telcos to Achieve Regulatory Compliance with 90% Cost Savings
Mumbai, India: IDfy, a Mumbai-based leading Regulatory Technologies company, announced the launch of their Video KYC platform that allows banks, fintechs, and telcos to do their KYC transactions over live video, saving more than 90% of physical verification costs while staying compliant with regulatory norms.
Companies have been struggling to keep KYC costs economically viable while staying compliant since the September 26, 2018 Supreme Court judgment banned the use of Aadhaar eKYC by private enterprises. Industries like fintechs have experienced a slowdown in their growth due to inability to justify physical KYC costs. This is especially so for small-ticket customers and those from remote locations leading to financial exclusion of those most in need of immediate financing.
IDfy’s Video KYC involves a live video session with a user that establishes their presence during the KYC transaction, confirms their identity as per the government ID card and records it for the purpose of audit and compliance. IDfy’s Video KYC automates the user experience removing the need for call centre and its associated costs.
“IDfy’s Video KYC platform will help companies onboard customers remotely, in real-time, at a fraction of the cost of physical KYC costs, making these companies competitive, efficient, safe, and customer-friendly,” said Wriju Ray, co-founder and CBO, IDfy.
“Reverting to the old paper-based physical KYC processes have proved to be expensive and inefficient leading to a slowdown in India’s emerging Fintech sector. Video KYC will help the industry onboard customers from remote areas and those needing small ticket and short-term loans, as well as help reduce instances of fraud,” said Navin Surya, Chairman (Non-Executive), Fintech Convergence Council.
IDfy’s suite of APIs for data extraction, forgery detection, and real-time verification from public sources, have digitised the identification and authentication components of KYC. The Video KYC platform ensures live-presence of the customer and co-relates it to the submitted ID document, thus making IDfy’s Digital KYC a complete end-to-end solution meeting all regulatory requirements.
Baldor Technologies Private Limited (IDfy) is a Mumbai-based Regulatory Technologies company with solutions in fraud detection and digital KYC.
IDfy’s fraud detection platforms are built on the latest in machine-learning based anomaly detection, machine vision, and identity authentication techniques. These systems catch new and emerging fraud as well as fraud that previously went undetected, keeping clients, their customers and employees safe and secure.
IDfy provides risk and fraud solutions processing 800,000 people profiles every month for more than 200 companies across India, Indonesia, Philippines, and the USA.
IDfy is a Global REGTECH100 company – amongst world’s top 100 innovative companies in Regulatory Technologies.
IDfy has been funded by NEA, Blume Ventures, BEENEXT, and DI.
Intuit QuickBooks Partners With Milaap to Support Small Businesses During COVID-19
Initiative to provide funding, resources and tools to small and micro businesses
Bengaluru, Karnataka, India: Intuit QuickBooks today announced the launch of the Small Business Relief Initiative, in collaboration with Milaap, to help small and micro businesses in India to raise money to tackle the challenges arising from the COVID-19 lockdown. Intuit’s QuickBooks Online is the world’s leading financial management solution for small businesses and accountants.
The Small Business Relief Initiative aims to raise funds for small and micro-businesses that are facing difficulties in paying employee salaries and in covering business expenses due to COVID-19. India has around 6.4 crore MSMEs that contribute to 29% of the GDP and employ 11.1 crore people. (Source)
As the COVID-19 induced lockdown continues, most of the small and micro businesses in the country are struggling to survive mainly due to cash flow problems. The Small Business Relief Initiative brings together Milaap’s crowdfunding platform with Intuit QuickBooks’ expertise, to provide local businesses with the resources and tools they require to start a crowdfunding campaign in a few clicks, via the Milaap platform where qualifying businesses that have been impacted by COVID-19 can raise micro-grants to meet essential business expenses.
Talking about the program, Aditi Puri Batra, Country Manager, Intuit QuickBooks India, said, “Small and micro businesses play an important role in the larger supply chain and thus their health is imperative to kick-start the industry when the lockdown eases. While the Government of India and Reserve Bank of India have taken multiple steps to address the liquidity crunch faced by these businesses, there is a need for more programs that can put cash into their hands as not every one of them may have access to lending. We are hopeful our initiative fills that gap and empowers these small and micro businesses that are also a crucial source of employment for millions of people in the country.”
Intuit QuickBooks India is also fundraising by enabling its employees in India to donate funds to a small and micro business of their choice on Milaap’s platform and creating awareness about the initiative across its small business network and associated brand channels.
Regarding this initiative, Mayukh Choudhury, CEO and co-founder, Milaap said, “Small and micro businesses are a lifeline for countless communities. Over the last decade, Milaap has supported over 1.5 lakh micro and small businesses. An immediate financial stimulus, for these vulnerable businesses is the need of the hour. Such a stimulus will address not only the availability of goods across local areas, but also the sustenance of employment across the economy.”
How the Small Business Relief Initiative works:
Intuit QuickBooks India Small Business help site: Intuit QuickBooks is providing its network of small businesses with a resources and tools site that enables businesses to start their own fundraiser or support an existing one. From there, small businesses can share their story on Milaap and request help covering employee-related and business expenses. Then everyone – friends, family, neighbours, companies – can all search the Small Business Relief Initiative site to find small businesses in need and donate directly to them.
Milaap.org Small Business Relief Fund: Milaap.org, India’s largest crowdfunding platform for medical emergencies and social causes, has launched the Small Business Relief Initiative where people can donate to support the overall initiative. Donors in India will be able to donate towards a business of their choice on the Milaap platform.
The Small Business Relief Initiative in India follows a similar program Gofundme launched by Intuit QuickBooks in the US in partnership with Gofundme.
Milaap is South Asia’s largest crowdfunding platform for personal and social causes, especially in healthcare emergencies, micro businesses, and in natural crises. Milaap’s community of funders come from over 130 countries across the world and have contributed over Rs. 900 crores, for 200,000+ projects across India. Over the last 10 years, Milaap has become a preferred platform for people to raise funds for and contribute to the causes they care about in India. Milaap.org has the vision of making giving a part of everyday life for Indians. The website has over 2.5 million page views every month, and is growing 3x yearly. The e-mail support extends over 15 hours a day, 7 days a week, and is rendered via a dedicated team that hand-holds users through any procedure on the website. The platform’s single minded goal is to ensure an easy, trusted, and engaging way of giving for Indians.
Board Infinity has Introduced Microlearning to Enable Education Continuity Amidst COVID-19 Outbreak
New Delhi, March 2020: As schools and colleges around the world have shut down its classrooms to limit the coronavirus outbreak, college authorities and educators around the globe have shifted its focus to the online medium. With online classes being the norm today, Board Infinity, a career tech startup has introduced micro-learning in Personal Finance & Investment Planning, Data Structure &Algorithms, AI & ML, Product Management, Placement & Internship Preparation, and Python for Data Science. These modules are available from 10 hours to 20 hours depending upon the learners’ needs. Students can thus master the fundamentals from the comfort of their home and at an affordable cost. On successful completion, the learners also receive a digital certificate for each program.
In addition, the students have the advantage of live classes& mentoring from the industry experts to strengthen the fundamentals of each course. The experts include Rahul Baid – Senior Consultant, Deloitte Consulting; Yashwant Pachisia– AVP, Commercial Banking, HSBC; Ashish Anand – Marketing Director, Droom Technology; Mirza Rahim Baig – Analytics Leader, Flipkart; Kunaal Naik – Analytics Practitioner, Lifeaholic Evangelist, DELL EMC; Ruble Joseph – Vice President, eClerx; Naggapan Ramaswamy – Product Manager, Razorpay& Aditya Mehta – Data Scientist, General Mills
Speaking on this occasion, Sumesh Nair, Co-Founder of Board Infinity says, “COVID-19 has thrown life out of gear for everyone, whether it is business, parents or students. But thanks to technology, students are able to enhance their skills & continue their education. Keeping this in mind, we have introduced a shorter duration program for students & working professionals to continue their learning and get accustomed to new-age skills. This is a great time to upskill till the market picks up in the upcoming quarters.”
He further added that since the lockdown, we have added more than 8000 learners &there has been a surge in traffic from cities other than the top 10 such as Madurai, Nagpur, Jalandhar, Calicut, Belgaum, Raipur, Udaipur, Ranchi and Kanpur.
About Board Infinity
Board Infinity, a career-tech start-up aims to impact the entire skilling ecosystem using its unique expert-led model and live classes across domains. The start-up is bridging the gap between job seekers and the industries by making them learn as well as earn byproviding various job opportunities. It also gives directions to the students with the right knowledge to make effective career choices so that they are ready to face the corporate world. In addition, the company provides short skilling courses delivered by industry experts in live classes format across emerging technologies and management roles.
Board Infinity products have been designed with the best expertise in the industry and are aimed at students going for higher education as well as working professionals. Today, the platform has 700+ experts with tremendous growth year on year and they serve customers across 50 cities in India.
Mark Osborne to join ePropelled’s Commercial Advisory Board
Lowell, MA | March 18, 2020 – ePropelled, a leader in magnetic engineering technology for electro-magnetic motors, today announced the appointment of Mark Osborne to the company’s Commercial Advisory Board.
“We are lucky to have Mark as a member our Commercial Advisory Board,” said CEO Nick Grewal. “Mark is knowledgeable of the automobile industry and is passionate about advancing automotive technology. Mark’s sound advice and enthusiasm for motors and electric vehicles are what we need to help drive us to our goals.”
Mark has worked in the auction industry for 30 years both in the US and the UK, and currently holds the position Global Director of Motorsport at Bonhams. Mark’s involvement in motorsport dates from an early age when he attended Formula 1 races in the 1970s. Currently he serves as a consultant within the world of Formula 1, and has worked with numerous teams up and down the community over the last 5 years. In the auction world, his consignments rank as world record price achievements for marques including Rolls-Royce and for both McLaren and Williams. Mark is a regular attendee and competitor at motor racing circuits throughout North America.
Marks says, “ePropelled has embraced the timely and crucial demand for efficient future technologies at this critical juncture. I’m proud to be associated with the company and the important work they are doing to integrate their advanced magnetic engineering into our everyday lives.”
ePropelled is a leader in magnetic engineering innovations that define the future of electric propulsion. Our patented intelligent motors and generators are software controlled and enable new levels of both energy and system-level efficiencies in aviation, aerospace and electric vehicles as well as industrial and HVAC applications. For more information, please visit www.ePropelled.com.
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