What is eKYC?
eKYC (Electronic Know Your Customer) is a form of customer identification and verification using technology to authenticate identity based on collected data such as:
- Images
- Customer portrait videos
- Identification documents such as ID cards, citizen cards, or passports
These data are cross-referenced with databases to confirm the customer’s identity.
eKYC can replace and meet all criteria for accuracy, safety, and security compared to traditional KYC, which relies on information collected by bank and business personnel.
Currently, with regulatory approval, banks in many countries are transitioning from KYC to eKYC, as eKYC represents the digital transformation of KYC.
Source: Admin compilation
