TABLE OF CONTENTS
Enhancements to KYC
While a customer onboarding a supplier, the supplier fills out the onboarding form.
That form captures, the supplier's PAN card details, GST details, bank details, etc. With this release, the PAN and GST details are verified for accuracy in the backend. The details provided are verified with the government records. If there are any discrepancies, a warning is thrown to the supplier.
Below is an example warning message. The GSTIN provided is not linked to PAN as per the government mandate.
What is Penny Drop
Penny Drop Verification is one of the most legitimate methods for a user’s bank account verification. It is carried out by depositing INR 1 in the bank account.
In Aerchian's instance, verifying the supplier's bank account information is one of the most important requirements. This is necessary to ensure that the account is genuine. At the same time, it prevents any payment transfer problems for both the customer and the supplier.
So, with this release, Aerchain introduces the Penny-Drop feature as an add-on.
How to Enable KYC and Penny Drop
Please reach out to the Aerchain customer support team; they will guide you through the setup process.
Please feel free to reach out to support@aerchain.io should you have any questions or feedback.