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KYC Nepal is a brain child of Bit Solutions Nepal Pvt. Ltd. (“BSN”) that was created to meet the growing needs of the Nepali banking industry. BSN is a startup company founded by Nepali American bankers to strengthen and elevate the stature of Nepal and its banking industry through the implementation of banking modernization and risk mitigation strategies.

The Problems

Today, the KYC is a mandatory process in all the banks and other institutions to identify and verify their customer’s identity. Even though it is a vital document, the traditional paper-based KYC system causes significant problems for customers, banks, and financial institutions. Customers need to fill out the KYC form multiple times when opening bank accounts or carrying out any other activities.

KYC Nepal wanted to come up with a solution that was more convenient than the traditional paper-based KYC method and wanted to replace it through the use of digital technology.

The Solutions

KYC Nepal wants to solve the problem of the paper-based KYC method which has been currently adopted by different banks. In collaboration with KYC Nepal, Rumsan Associates developed a platform with a two part solution i.e. web app and the KYC Workflow software. The integrated solution replaces slow-moving manual steps and repetitive forms.

The Web App is a self-service web interface that allows customers to be digitally onboarded. It accepts all necessary information from the customers such as the customer's name, address, phone number, and occupation. Similarly, here the customer's information is also provided by the Banking System Software (BSS). Once a profile is created in the system, it can be used for verification, storage and the same information can be used to share across multiple institutions typically known as KYC Exchange. The system is in charge of auditing and keeping track of the customers' information.

The KYC Workflow software-Here, all the data related to the customers are catered from the web app. The screening of the customer is done to test whether the customers have any of the political exposure, negative news or the sanctions to make the appropriate decisions. After screening, the system generates reports and graphs based on the retrieved information.

Here, are some of the features of the system;

  • KYC data exchange platform for customer registration
  • Reporting dashboard
  • Customer onboarding tools and workflow management system.
  • Document management system to sort customer forms.
  • Anti Money Laundering reporting system
  • Customer Screening report generation system.

Technology

Database : MongoDB

UI : CSS/Javascript with material UI framework

Programming Language : JavaScript, React Native (Mobile Application)

Server : NodeJS

UI : CSS/Javascript with Bootstrap