1.2 KYC Maintenance

KYC maintenance is to setup KYC related configurations, which are used during party onboarding process and standalone KYC. Through KYC maintenance different parameters such as automated or manual KYC, region, etc., can be configured.

KYC (Know Your Customer) Maintenance allows organizations to manage and configure customer verification processes for different KYC types such as Address, Identity, and more. It ensures compliance with regulatory requirements by enabling businesses to define automation, mandatory checks, service providers, and validity periods for each KYC type.

Key Configurable Parameters in KYC Maintenance:

KYC Type – Specifies the category of KYC verification, such as Address, Identity, Employment, or Financial Information.

Automated KYC Configuration – Determines whether the KYC process is automated or requires manual verification.

Mandatory KYC Configuration – Defines whether a particular KYC type is compulsory for customer onboarding and transactions.

Automated KYC Service Name – Identifies the system or service used for automated KYC verification.

Service Provider Name – Specifies the external agency or provider responsible for conducting automated KYC checks.

KYC Validity Period – Defines the duration for which the KYC data remains valid before requiring re-verification.

Note:

KYC Maintenance is used for Standalone KYC Process. For KYC through Party Management, refer Properties Maintenance.
To initiate KYC Maintenance
  1. On Home screen, click Party Services, under Party Services, click Maintenance.
  2. Under Maintenance, click KYC Maintenance, under KYC Maintenance, click View and Update KYC.
    The View and Update KYC screen is displayed.

    Figure 1-3 View and Update KYC


    Description of Figure 1-3 follows
    Description of "Figure 1-3 View and Update KYC"

  3. Select Party Type from the available Party.
    The available type are:
    • Retail
    • SMB
  4. Click the Operational Menu (3 dots) icon and select Unlock for the required Party Type to edit the details. For more information on fields, refer to the filed description table.

    Table 1-3 Add KYC - Field Description

    Field Description
    KYC Type Select the type of KYC needs to configured.
    Is Automated Flag to identify if KYC type is automated.
    Is Mandatory Flag to identify, if KYC type is mandatory to be captured during party onboarding process and standalone KYC creation.
    Service Name Enter the service name for the automated KYC. Service name is the service as provided by KYC service provider during integration process.
    Service Provider Enter the service provider of the KYC service.
    Validity Period Validity period of the KYC defined in months. If no value is configured, it will be considered and no validity period. Validity period will be used to populate KYC expiry date during KYC creation.
  5. Click Save button to save the configuration.

Parent topic: Configurations