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

/ -- 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."
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