The recent crackdown by the banking regulator RBI on a large payment giant has reiterated an important message to the fintech community on the criticality of the most basic requirement, and that is compliance.
Fintech companies are constantly innovating and introducing new technologies to the financial services industry. However, they are adopting inferior and inadequate authentication measures, leaving their customer data vulnerable.
Fintechs of all sizes face a range of regulatory challenges, including compliance with KYC and Anti-Money Laundering (AML) regulations, data protection, cybersecurity, and regulatory oversight by the RBI.
Compliance is crucial in the fintech industry to ensure the security and trust of customers, to adhere to regulatory requirements set by authorities such as the RBI, and to avoid legal issues and penalties.
RISE with Protean: A Comprehensive Solution
As regulatory demands continue to shift, the need for top-notch, reliable authentication services has never been more critical. Enter Protean’s Rise platform, designed to be a fintech’s best friend and offering enterprise-grade authentication and verification services that are both robust and agile enough to adapt to the changing regulatory landscape.
In the most popular use case, Protean enables companies to scan and read images of KYC documents, including photographs and selfies, using AI Deep Learning Algorithms to validate the information written on the card/documents. The platform streamlines the discovery and application of digital assets like APIs, micro-services, and user journeys, thereby enhancing API use and its integrations for businesses in India.
The RISE with Protean platform provides numerous benefits to Fintechs, including:
- Industry grade verification solutions
- Improved security and compliance
- Enhanced customer trust and reliability
Efficient and automated compliance procedures with Protean
With the rise of digital wallets and contactless payments, competition among digital wallet providers has intensified. Such compliance oversight could lead to customers seeking alternative platforms for transactions, potentially hurting the loyal customer base that was built over a period of time and spending crores in acquiring the customer base. In the worst case, this could even sound like the death knell for certain companies.
Elevating Trust in Digital Transactions: The RISE Revolution
Rise boasts an impressive track record, with over 9 billion authentications and 2 billion Aadhaar transactions under its belt. By providing peace of mind with compliance, security, and trust, Rise enables leading banks and financial institutions to navigate the complexities of fintech operations with ease.
- Protean has successfully processed over 950 million eKYC transactions.
- We have verified over 7 billion PAN transactions.
- We have also facilitated over 2 billion Aadhaar authentication transactions.
- Protean has generated over 240 million eSigns, ensuring secure and legally binding electronic signatures.
As the world continues to evolve, partnering with a platform like Protean Rise is a strategic move towards ensuring long-term success and building a trustworthy relationship with customers, enabling organizations to maintain a competitive edge in the ever-changing financial landscape by embracing innovative solutions for regulatory compliance.
