POSCentral Know Your Customer is built on the basis of an initiative taken by the Indian Government. It enabled customer to complete their KYC process only once across the financial sector. The objective is to reduce the burden of producing KYC documents by customers every time they interact with a different Service Provider.

Key Features

  • Interface with multiple source systems
  • Master for rules & governance of data
  • Data augmentation for enrichment/correction of input records
  • Search & bulk upload for new customers
    • Search the customer in own Base
    • Generate the bulk upload file for new records
    • Response file upload and tracking status of multiple updates
    • Capturing the documents
  • Compare, download and create modifications
    • Bulk download from CKYC and compare the details of the customer
    • Prepare the delta file for bulk upload response
    • File upload and tracking status of multiple responses
  • Reading update notification
    • System keeps a track of notifications from CERSAI for modifications.
  • Generate files for other systems
    • Generating files for surround systems like MIS, EDW
  • Secure FTP Auto Connect
    • Auto upload and download of files making the connection risk free from human error
  • Actionable Dashboard
    • A single screen which gives complete visibility of pending uploads, pending notifications or pending modifications along with ageing analysis
  • User Access Management
  • Auto Escalation emails
    • Provision to trigger emails for cases that require urgent attention on ground of pending beyond x days
  • Billing Management Reports
  • End-to-End Audit Trail
  • Inbuilt Work Flow
    • API search for probable matches
    • Having a configurable workflow module, making it very easy for it to suit the current process of the organization

Why do Financial Institutions need it?

IRS Can Prevent Tax Evasion
“A Central KYC Records Registry” will mean a reporting entity, which is owned and controlled by the Federal & State Governments and authorized by these governments to receive, store, safeguard and retrieve the KYC records in digital form of a taxpayer in such a manner and to perform such other functions as may be required by the Federal Government

RBI/2016-17/177 DBR.AML.BC.47/14.01.01/2016- 17 dtd. 8 December 2016 All Scheduled Commercial Banks (SCBs) are required to invariably upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017, with Central KYC Records Registry. SCBs are allowed time up to February 1, 2017 for uploading date in respect of accounts opened during January 2017.