{"id":668,"date":"2021-03-12T06:18:53","date_gmt":"2021-03-12T06:18:53","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=668"},"modified":"2024-06-13T11:33:13","modified_gmt":"2024-06-13T11:33:13","slug":"strengthening-kyc-process-fampay","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/","title":{"rendered":"How FamPay Strengthened Their KYC Process"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/#How_does_FamPay_Work\" title=\"How does FamPay Work?&nbsp;\">How does FamPay Work?&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/#FamPays_Key_Challenges\" title=\"FamPay\u2019s Key Challenges\">FamPay\u2019s Key Challenges<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/#How_Decentro_Helped_FamPay\" title=\"How Decentro Helped FamPay\">How Decentro Helped FamPay<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/#What_were_FamPays_Key_Wins\" title=\"What were FamPay\u2019s Key Wins?&nbsp;\">What were FamPay\u2019s Key Wins?&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"854\" height=\"854\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/How-FamPay-Strengthened-Their-KYC-Process.png\" alt=\"FamPay\" class=\"wp-image-6208\"\/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-style-default\"><p>\u201cFour in five youths in the US failed a financial literacy quiz.\u201d<\/p><cite>FINRA Investor Education Foundation Reports<\/cite><\/blockquote>\n\n\n\n<p>FINRA accumulated a report on American youth&#8217;s financial literacy,&nbsp;and these are the numbers. <\/p>\n\n\n\n<p>Shocked?<\/p>\n\n\n\n<p>While we mug up theorems and waltz through school &amp; college, how adept are we at learning things that could be essentially counted as life skills? <\/p>\n\n\n\n<p>Financial literacy is one such; no surprises there! In most countries, this comes only when you start \u2018adulting\u2019 or living life on your own.&nbsp;<\/p>\n\n\n\n<p>Breaking this stereotype and allowing teenagers to take charge of their finances is the young &amp; vibrant startup FamPay, the country\u2019s first exclusive card and <a href=\"https:\/\/decentro.tech\/blog\/what-no-one-will-tell-you-about-upi-payment-links-payment-gateways\/\" target=\"_blank\" rel=\"noreferrer noopener\">UPI<\/a> for teenagers, managed by parents. Learning money management is not just for adults now, thanks to FamPay!&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"400\" height=\"544\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/fc17a591d2c7f59422f3d344372d0a6b-2.png\" alt=\"FamPay Interface\" class=\"wp-image-789\"\/><figcaption>Source: FamPay<\/figcaption><\/figure><\/div>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_does_FamPay_Work\"><\/span>How does FamPay Work?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>FamPay works with parents &amp; teenagers and issues a card called FamCard, which kids can use under their parents\u2019 supervision. The card works like a prepaid instrument, with a wallet that can be loaded with money.<\/p>\n\n\n\n<p>FamCard is numberless and has all essential information such as CVV hidden within, offering twice the security in case of a theft. Parents can add money in the wallet and monitor the spending of their children.<\/p>\n\n\n\n<p>Having end-to-end secured &amp; encrypted systems, FamPay never compromises on security. Payments are guarded with Face ID and fingerprint locks.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"FamPays_Key_Challenges\"><\/span>FamPay\u2019s Key Challenges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To use the prepaid FamCard, it was essential for teens to verify themselves first and then their parents through KYC or Know your customer. However, verification was not just challenging but time-consuming as well.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1144\" height=\"301\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/challenges-fampay-overcome-with-decentro.jpg\" alt=\"FamPay's Key Challenges Solved with Decentro.\" class=\"wp-image-677\"\/><figcaption>FamPay&#8217;s Key Challenges Solved with Decentro<\/figcaption><\/figure>\n\n\n\n<p>FamPay wanted to optimize its <a href=\"https:\/\/decentro.tech\/blog\/what-is-kyc-why-is-it-important\/\" target=\"_blank\" rel=\"noreferrer noopener\">KYC process<\/a> to onboard teens &amp; their parents. Above all, since the holders of the FamCard were teenagers, it was crucial to ensure there was no scope of an error when it comes to fraud prevention. Any &amp; all measures must be in place to ensure the card reaches the right hands and doesn\u2019t fall into the wrong ones.&nbsp;<\/p>\n\n\n\n<p>Being a category leader that moves fast, FamPay was clear on what they wanted- easy to consume and developer-friendly APIs that will optimize identity workflows and very transparent and competitive pricing.<\/p>\n\n\n\n<p>Enter, Decentro!&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_Decentro_Helped_FamPay\"><\/span>How Decentro Helped FamPay<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Decentro\u2019s KYC module helped FamPay to onboard parents &amp; teens and carry out comprehensive identity checks. FamPay managed Aadhaar-based KYC verification at their end. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"How FamPay Strengthened KYC Process | Neobank For Teenagers | Decentro Talkies\" width=\"1250\" height=\"703\" src=\"https:\/\/www.youtube.com\/embed\/8JOi_LYW468?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>However, in cases where the parent\/teen faced any issue in completing this process, they could proceed to complete KYC by verifying their other IDs with address proof. For instance, <\/p>\n\n\n\n<ul><li>PAN<\/li><li>Voter ID<\/li><li>Driving License<\/li><\/ul>\n\n\n\n<p>As they entered the details via the FamPay app, Decentro\u2019s API performed the check, in the backend and verified it.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_were_FamPays_Key_Wins\"><\/span>What were FamPay\u2019s Key Wins?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Some of the key benefits FamPay is offered after integrating with Decentro include:&nbsp;<\/p>\n\n\n\n<ul><li>A single API endpoint that covers multiple IDs<\/li><li><a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\/\" target=\"_blank\" rel=\"noreferrer noopener\">Automating KYC onboarding<\/a> process<\/li><li>Load balancing that handled spikes in volume<\/li><li>Multiple network sources to re-route traffic in case one faces downtime&nbsp;<\/li><li>Multi-channel customer support<\/li><\/ul>\n\n\n\n<p>Chirag Maheshwari, Founding Team at FamPay, said<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-default\"><p>&#8220;One of the major bottlenecks we faced was while onboarding users and checking if the documents they provided were authentic &amp; verified. We evaluated many players and decided to go ahead with Decentro. It has helped us tremendously to reduce the number of queries and eliminate the instances of fraud.&#8221;<\/p><cite>Chirag Maheshwari, Founding Team at FamPay<\/cite><\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"976\" height=\"452\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/decentro-kyc-module-1.png\" alt=\"Decentro's automated KYC Solution to onboard and verify user identity easily. \" class=\"wp-image-674\"\/><figcaption>Decentro&#8217;s KYC Solution<\/figcaption><\/figure>\n\n\n\n<p>And that\u2019s precisely what our modular products are here for! We have solved the business challenge for FamPay using the KYC module and have extended the same for our customers <a href=\"https:\/\/decentro.tech\/blog\/simplifying-collections-payouts-zoozle\/\">Zoozle<\/a> &amp; <a href=\"https:\/\/decentro.tech\/blog\/enabling-instant-account-validation-for-gromo\/\">Gromo<\/a> along with other API solutions. <\/p>\n\n\n\n<p>In just a matter of two years, our KYC stack has been churning solid numbers.<\/p>\n\n\n\n<p>With over 400+ Identity validations, 250+ Image recognitions, and 300+ Repository fetches happening via Decentro\u2019s KYC stack per hour, we\u2019re more than equipped to enable your verification and validation journey.&nbsp;<\/p>\n\n\n\n<p>Along with KYC, we help our customers solve pain points related to payments using <a href=\"https:\/\/decentro.tech\/blog\/what-are-virtual-accounts\/\">virtual accounts<\/a>, autopay and more.&nbsp;<\/p>\n\n\n\n<p>If your business is trying to solve a financial challenge and overcome it as FamPay did, feel free to drop us an email at hello@decentro.tech.&nbsp;<\/p>\n\n\n\n<p>It\u2019s not that hard. We\u2019ll help you make it easy.&nbsp;<\/p>\n\n\n\n<p>As easy as it should be.&nbsp;<\/p>\n\n\n\n<p>Cheers!&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A case study on how Decentro&#8217;s API platform enabled FamPay, India\u2019s first neobank for teens with UPI, to strengthen KYC &#038; prevent frauds.<\/p>\n","protected":false},"author":4,"featured_media":675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How FamPay Strengthened their KYC Process with Decentro\u2019s APIs<\/title>\n<meta name=\"description\" content=\"A case study on how Decentro&#039;s API platform enabled FamPay, India\u2019s first neobank for teens with UPI, to strengthen KYC &amp; prevent frauds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How FamPay Strengthened their KYC Process with Decentro\u2019s All-in-one API\" \/>\n<meta property=\"og:description\" content=\"A case study on how Decentro helped FamPay to onboard parents &amp; 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