Tuesday, June 2, 2020

Capital Float Partners with Hyperverge to Launch Video-KYC to Onboard Customers in the Time of Social Distancing

As social distancing is the new normal, consumers and businesses are breaking all old habits that involve in-person meetings. And as they restart their lives, they are looking for new “presenceless” ways to conduct their work in safe ways.

HyperVerge announces the release of Video KYC solution with Capital Float. Video-KYC allows a customer to remotely authenticate KYC verification with Capital Float from the comfort of their home or office. The entire process takes the customer between 2 to 5 minutes and offers an enhanced experience to the borrower, when compared to the tedious traditional verification processes.  Thus, the system is safe from a COVID perspective, and it also offers a better customer experience than earlier.

The HyperVerge system is 100% compliant with the Jan 9 RBI regulations that permitted Video KYC for all regulated entities (banks, NFBCs, wallets). Further, it is built to enable each agent to be able to process 200 KYCs a day, which is an improvement of 10 times over in-person-verification. Lastly, HyperVerge AI checks for errors and frauds in real-time in a way that was not possible earlier. 

This new way of working is a win-win for both the customer and for lenders, and is going to be the “new normal” for KYC. This is a critical moment in time where the government has relaxed lockdown rules and is stimulating the economy to restart while keeping infection numbers within limits. Movement of goods is increasing and consumption is resuming. Solutions like video-KYC play an important role right now as they allow for businesses to open up in a safe way.

Speaking on the development, Gaurav Hinduja, co-founder and managing director of Capital Float said, “Video KYC is the new normal post-COVID-19 as businesses have redefined their model of operations. This feature will enable customers to complete the verification process remotely, from the comfort of their homes or offices. The V-CIP solution is expected to drastically reduce onboarding time, subsequently shortening wait times for the borrower. We, at Capital Float, aim to constantly improve customer experience while ensuring compliance from a risk and regulatory perspective. We are excited to partner with Hyperverge in this regard and are pleased to extend the benefit of Video-KYC to our customers“.

Commenting on the launch, Kedar Kulkarni, Co-founder and CEO, HyperVerge said, “COVID-19 crisis is putting pressure on all businesses to innovate. Together with Capital Float, we have created a 100% safe and contact-less process that will be used by thousands of Indians who can get a loan without having to leave their house.”

About HyperVerge:

HyperVerge is a B2B SaaS company providing AI-powered solutions focusing on enterprise sales to entities in BFSI - Banking, Lending, NBFC, Insurance, Mutual Funds. The HyperVerge Fintech Stack offers onboarding (digital KYC, video KYC), fraud check, data verification, credit scoring, contract verification with most solutions centered on vision AI. In the very recent past, HyperVerge technology has been deployed by food delivery apps to ensure that alcohol ordering and delivery is restricted to adults only.

With an accuracy of 99.5% (the highest among competitors) and 280 million KYCs in 2019, HyperVerge’s technology is built for scale. Today, the company has 50+ clients (JIO, Vodafone, MoneyTap, Bajaj Finserv, KrazyBee amongst many others) and has a presence in Mumbai, Delhi, Jakarta, Ho Chi Minh City, Palo Alto, and Irving. 

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