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IRIS Scan implementation in MFL Credit Risk App and MML Loan Sourcing App

Iris recognition is an automated method of biometric identification - an advanced technology to verify the e-KYC details of the customer. Customer Information is validated against UIDAI data source (Aadhaar), one of the most cost effective, scalable and unique ID system.

How does it work?
Aadhaar ID, a 12-digit unique identification number is entered. An iris scan will be performed using single or both the eyes to authenticate the user. The app will take few seconds to scan the iris, and would retrieve the user information from UIDAI database if genuine.

IRIS implementation in MFL Credit Risk App and MML Loan Sourcing App
An instant Loan decisioning tool, that helps to determine a Loan amount, on the spot, to the customer subject to verification of e-KYC, credit-worthiness and other self-declarations. Leveraging the IRIS capability to perform e-KYC verification paves the way for cost-effective and less-labor approach. Information retrieved from UIDAI database, also helps to build an effective and genuine customer base.

Proof of Identity (POI) and Proof of Address (POA) of customers can be done with e-KYC. The iris-recognition technology will reduce the need for cumbersome paperwork, allowing people to enroll for banking and financial services in a more efficient paperless manner. Iris scanning technology definitely adds an extra layer of security to the overall authentication process.

Screen Shots

MCSL KYC Application

Know your customer (KYC) policy is an important step developed globally to prevent identity theft, financial fraud and money laundering. The objective of KYC is to enable financial institutions to know and understand their customers better and help them manage their risks prudently. MCSL KYC Application envisages to wrap up the verification process in a jiffy by strengthening Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions and Risk management. Customer details can be fed to the system through the app even in the absence of internet. Information from the Aadhar can be pulled either by using Iris scanner or Finger print scanner. It embraces different steps involved in an application processing like feeding details and Acceptance/ Rejection of the applicant. With the use of MCSL KYC Application company can embody fast and instantaneous data supply to LOS there by reducing the processing time, refraining of call center executives, status retrieval and CSE manpower utilization.