eKYC Verification and Digital Onboarding: Where Indian Crypto Exchange Platforms Are Heading
October 20, 2022: Crypto trading volume and user registrations in India have increased by up to 45% in recent weeks due to the stable bitcoin price and rupee’s weakening.
Bitcoin prices have stabilized within an increasingly narrow range this week, even as global equity and bond markets remained volatile, with signs of stress in sovereign debt and currency markets.
Bitcoin (BTC) has risen almost 2% in the last 30 days. On a monthly basis, the S&P500 in the US is down 3%, while the BSE Sensex in India is down more than 1%. In the foreign exchange market, the rupee (INR) fell to 3% in September.
On the cryptocurrency platforms, there has also been great interest from experienced investors. The weakening rupee and the stock market, luring investors into digital assets, are the main reasons.
Investors look to digital assets like bitcoin as a store of value to protect their wealth from inflationary damage resulting from the high inflation that causes rapid wealth depletion.
As reported, India’s leading crypto exchanges saw a 40-45% increase in the BTC-INR trading pair and a 30% increase in new user registrations in the second quarter of fiscal year 2023. September looks to increase in terms of new customer onboarding compared to August. According to a CEO of one of India’s leading crypto exchange platforms, the number of user registrations per day is up 20%, and the volume is up 40%.
Additionally, crypto exchanges in India are also developing new features to increase engagement. To quickly authenticate and register consumers who meet the various regulatory standards established by the sector and to prevent fraud on the platform.
Taking some of the most successful crypto exchange platforms as an example, let’s determine the key tools behind scaling crypto trading in India.
How to Scale Crypto Exchanges in India?
The number of cryptocurrency exchanges in India has increased significantly due to the growing popularity of cryptocurrencies. Cryptocurrency exchanges only act as a marketplace for buying, selling and exchanging digital currencies for fiat money such as Indian Rupee (INR) or US Dollar (USD).
The technology used plays a significant role in growing cryptocurrency exchange in such a competitive business; Digitizing all your procedures helps accelerate customer registration processes while simplifying user experiences by making them more secure and accessible.
Here’s our guide to scaling your crypto exchange using cutting-edge technology:
Digital Onboarding
With the use of digital onboarding APIs, remote users can join with just one click. The Digital Onboarding Solution from IDcentral provides a user-friendly interface that enables clients to seamlessly share and verify critical information in an extremely secure ecosystem.
Identity verification
Any organization that uses virtual identities are at risk of becoming victims of identity fraud by dishonest persons. Online documents are easily tampered with, making it difficult for businesses to distinguish between genuine consumers and fake ones. With the industry-neutral solution for fraud detection from IDcentral, companies can combine essentials KYC features to strengthen the customer’s onboarding against fraud risk.
AML screening
Concerns about the security and privacy of user data are increasing among regulators. Businesses must protect consumers and themselves from fraud, money laundering, Terrorist financing and other financial crimes while collecting and validating client information. The AI-based AML screening solution from IDcentral allows you to follow evolving laws and guarantees smooth operations.
eKYC verification
The KYX solution from IDcentral uses AI and data science to help businesses create the most trusted online environment. While maintaining KYC/AML Compliance, it provides users with seamless and incredibly pleasant user experiences. All our products are included in one solution, which provides a best-in-class onboarding platform that is scalable, future-proof and ready-to-use for immediate monetization.
Video KYC
While protecting them from fraudsters, IDcentral Video KYC enables companies to meet consumer demand fast service delivery. It employs sophisticated algorithms which has been taught to recognize millions of real identities using facial biometrics. Even in real-time video KYC, it uses machine learning and data analysis to ensure optimal accuracy. In addition, the system regularly and automatically updates the worldwide database, maintaining the accuracy of yours KYC checks.
About IDcentral
By filling the gaps in the customer experience with a solution package that specifically blends artificial intelligence and machine learning to identify fraud and analyze data to provide consumers with greater insight, IDcentral extends the goal of Subex.
With IDcentral’s digital onboarding solution, fraud is less likely to occur while improving customer satisfaction. Today’s biggest challenge for businesses is providing excellent customer service while keeping out cybercriminals. The many data sources used by IDcentral provide verification of digital identity without the need to collect redundant data, which leads to seamless digital onboarding.
*** This is a Security Bloggers Network syndicated blog from IDcentral written by Sumanth Kumar. Read the original post at:
