The process to verify a voter ID, i.e., confirming your voter ID details, including name, address, date of birth and constituency with the official records of the Election Commission of India (ECI), helps ensure the accuracy of election records so that every vote counts towards a free and democratic society and since there are currently 96.8 crore registered voters (ECI) in India as of 2024, maintaining accurate election records is critical to providing free and…
Every single day, banks onboard customers with, or have had in the past, substantial amounts of public authority or influence. These customers are called Politically Exposed Persons (PEPs). PEP’s influence over public funds and policy position them at a greater risk of engaging in corruption and money laundering. This significant risk is reflected in the global PEP screening market with a projected growth of 13.2% from USD 1.87 billion in 2024 to USD 5.37 billion…
Imagine your company has received 1500 invoices that were scanned as images. Each of those invoices is an image that does not allow users to search or edit the invoice. Each invoice will need someone from your company to look at the image and enter each piece of information from that image into a system manually. If an employee accidentally enters an invoice number incorrectly, that could cost your company money. Now, think about the…
As the HR manager of a Bangalore fintech startup, Renu successfully onboarded 50 new employees in just three weeks; however, just days after onboarding five of those 50 employees were unable to access their provident fund (PF) accounts due to issues with their accounts being delayed and frustrations with their new employer finding out that there were UAN/Aadhaar mismatches which were not caught at the time of onboarding. In FY 2024-25, as reported by EPFO,…
Face comparison technology is working behind the scenes every time you unlock your smartphone using just facial recognition, fly without a boarding pass, or open your bank account while sitting on your couch. Face comparison technology is one of the fastest-growing identity verification methods globally for several good reasons. It provides fast, contactless access and is much harder to fake than a password or physical identification card. In India alone, there were more than 1…
1. What is a Universal Account Number (UAN)? UAN is a 12-digit number provided to each member of EPFO.The UAN acts as an umbrella for the many Member IDs allotted to an individual. This number connects different Member Identification Numbers (Member Id) given to one member under a single Universal Account Number. A PF Account Identifier with Identity Verification details lets members access various online services directly, without needing employer help. 2. What is KYC?…
