More than half the world's population is actively using the internet, with which exploring the world of doing business at your fingertips is an everyday necessity. Digital transformation has made it essential for every business to automate it's processes.
From opening a bank account to money transfer; from taking a new sim card with remote authentication to doing web check in for airlines. In the fast moving world with digitalization Knowing Your Customer (KYC) is important for every business to keep a check on its working as well to ensure that everything goes well as per the rules and regulations of law. However she has always been a manual time consuming and boring process.
Enters Accura Techolabs with its amazing and innovative product 'Accura Scan' with the aim to solve the issues of fraud, wait time, and create seamless experiences for digital KYC.
Accura Scan - KYC in just 10 seconds
Accura Scan helps in Customer On-Boarding and Digital KYC for Remote Account Opening or User Authentication. It's a one-stop solution being an ID Card Scanner, Visa Scanner and Driving License Scanner, Passport Scanner, with Face Match / Recognition / Authentication all with the use of a mobile camera as simple as a Selfie.
Procedure of getting KYC done :
From any country and in any language, customers can scan official documents.
Once the Optical Character Recognition (OCR) is done, the customer is asked to click a selfie to face-match with documentation.
Further with the help of artificial intelligence (AI) live-checking is performed where verification of user's position to prevent wrongful acts.
At last, a quick background check is performed before onboarding the user, using AI and machine learning (ML) algorithms.
All this can be performed in just 10 seconds whereas the traditional KYC process used to take up to two days time period.
Targeted Customers base :
Banking, financial institutions, telecom and travel industries are the targeted audience. The product got its first clients from an exhibition in WTM London in 2018.
Currently, more than 500 companies are considering the solution for their use, while over 25 international clients are successfully working with it including Ahli United Bank, Commercial Bank of Dubai, Deem Finance, C3 Cards, Easy Pay, and Japan Tax Free.
Companies like Verismart, Trulioo, Urjanet, Yoti, and Zighra are major players in the market using blockchain to automate KYC and risk profiling. However, Yashin says, "Our USP is our proprietary OCR technology; the face biometric solutions have a plug-and-play model."
Funding and Revenue model
The startup is bootstrapped with $100,000 which is recovered within 6 months of launch as per the founder.Accura Scan’s licence is available on an annual basis. The licensing fee varies across sectors, and depends on the customer usage.
Amidst Covid-19, Accura Scan is providing free ID verification to the government and healthcare institutions, which helps in KYC and biometric attendance ensuring easy identification of users during distribution of rationing food, PPE kits and other essential services.
The Road Ahead :
Going ahead, the startup plans to get on on-board 15 banks, dozen airlines and telecom companies, for generation of revenue amounting to $3 million year on year.
Further, Accura Scan aims to become one of the top players for KYC and User Identity Verification checks. Yasin says, “We are in the midst of developing more modules to create a super journey for the customers using AI and Deep ML.