Verified safe: inVOID shows KYC no more a bottleneck

September 09, 2020 2:00 AM

inVOID’s user-friendly technology enables businesses to onboard and verify customers quicker

Kunwar Raj, Co-founder and CEO, inVOIDKunwar Raj, Co-founder and CEO, inVOID

By Srinath Srinivasan

Co-founded and led by Kunwar Raj, inVOID specialises in one of the most commonly used technologies—customer verification and remote onboarding, which has become all the more relevant with the digital push that came with the Covid-19 induced lockdown and the subsequent surge in digital services. The company has raised seed funding from Palaash Ventures, TIDES, IIT-Roorkee.

While people go through KYC processes almost on a daily basis nowadays, there are certain pain points in implementing KYC and verification/ authorisation. “Today we are having two factor authentication which is largely secure. One of the important things we look out for is how to minimise frauds. With more and more people coming into digital economy, there are new ways of committing frauds,” says Raj.

What customers see as simple onboarding or verification process is actually a form of evolving security check in digital parlance. In order to make this process more effective, the company uses computer vision, bio-metric data and all forms of identification offered by government infrastructure, institutions, including a deep integration with UIDAI (Aadhaar, Digilocker, etc).

In the line of implementation of security, the evolution is live verification. “Today with smartphones around, we can get a live picture of the person authenticating a transaction or any other process and then verify the image/video captured for authenticity,” explains Raj. “Today, RBI guidelines allow this technology to be used by consumers and it is made possible by AI. Our customers, startups to large corporations, simply integrate our API and we charge them per API call,” he adds.

Post the lockdown, there has been a surge in the need for enhancing security in the gaming and crypto trading industries. “Gaming and crypto are two different industries with different challenges but the same security risk. The challenge in gaming platforms is the complexity of the platform itself and how much data is involved. Whereas in crypto trading platforms, the challenge is how simple we could make the security integration as there are lots of encryption already involved,” explains Raj.

According to him, the demand for security checks on crypto platforms grew as the segment itself grew. He says that in the last four months alone, Crypto platforms grew 400x compared to the period before the lockdown began. Today, large cybersecurity corporations and telecos are trying to go beyond multi factor authentication and bring about user validation—which is a combination of existing KYC tech and a plethora of user behaviour data/ habits that were not considered before—to confidently say that the person behind a transaction or a process is actually the user who initiated it.

“We think it is a matter of time before we roll it out. As a startup we are agile and innovating in user validation technology. Agnostic of sector, this will be a game changer. We are currently analysing a lot of data that come under our purview to enable the same,” adds Raj.

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