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KYZO - Groundbreaking Digital KYC - Brings Formidable Form, Shape and Gravity to Solving India's KYC Crisis

twitter-logo PTI        Last Updated: April 1, 2019  | 11:23 IST

(Eds: Disclaimer: The following press release comes to you under an arrangement with PR Newswire. PTI takes no editorial responsibility for the same.) BANGALORE, April 01,2019/PRNewswire/ -- FRSLABS is delighted to announce the birth of 'KYZO', a never seen before Digital KYC product to help consumers and businesses deal with the burdensome KYC process. KYZO is a free Digital KYC app for consumers that allows them to scan and store any officially valid ID, photo and other relevant identity documents. Cutting edge OCR and computer vision technology will automatically extract the ID details and pre-fill an identity form for later use by the Customer. The documents in KYZO stays in the customer's phone (encrypted) and never transferred or backed up to cloud, putting to rest the threat of mass hacking, leaks and privacy concerns. At the point of sharing KYC (say to open a Bank Account), the customer simply scans the unique QR generated by the Bank, consents to share the identity data and authenticate using a PIN. The data seamlessly transfers to the Banker's App. The data transfer is done offline such that no network connectivity is needed making it convenient to work even in the remotest parts of the country. P Shankar, CEO of FRSLABS iterates: "Know Your Customer' or 'KYC', follows a common man like a shadow for a range of rights and services. Insurance, investment, health, education, social welfare and financial services: one cannot get past without KYC. Yet, existing KYC processes are marred with paperwork, intrusion and delays at best, and outright exclusion at worst. Incumbent KYC methods rely heavily on centralised cloud storage, national identity infrastructures such as Aadhaar or paper KYC. Centralised KYC services are the subject of prolonged legal scrutiny marred with privacy concerns and paper KYCs are just not cool anymore." The developing world is home to more than 6 billion of the world's 7 billion mobile subscriptions, making this a technology with considerable potential for registration, storage, and management of digital identity (World Bank Report, 2016). Identity should be a public good - for consumers. And identity verification should be simple and seamless - for businesses. This is precisely what KYZO purports to solve. About FRSLABS FRSLABS - on a mission to break down financial barriers for humanity - is an award-winning research and development company specialising in digital identity and fraud prevention solutions. Learn more at https://frslabs.com . Related Links: https://kyzo.app Source: FRSLABS PWR PWR

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