CAMS launches eKYC using OTP based Aadhaar verification for MF investors

Technology-driven financial infrastructure and services provider Computer Age Management Services (CAMS) has unveiled an e-KYC facility using a one-time password-based Aadhaar verification to serve the new mutual fund investors.

CAMS has developed the solution that would enable new investors to complete the KYC process digitally with OTP-based Aadhaar Authentication and it was a simple method as against the earlier XML-based verification, the company said on Wednesday.

CAMS and CAMS Investor Services were among the eight securities market entities which were granted approval to undertake the Aadhaar Authentication.

Know Your Customer has been made mandated in the mutual fund's industry to all investors.

''We are extremely happy to have successfully cleared the thorough standards of privacy and security compliance checks to undertake OTP based Aadhaar authentication for e- KYC.'' ''This will definitely make onboarding of new investors a lot more efficient and most importantly simpler and less time consuming,'' CAMS CEO Anuj Kumar said.