Financial institutions engaged in lending money to customers need to verify the identity of their borrowers to weed out the possibility of fraud. Identity verification, therefore, forms an important component of screening applicants to fulfil the KYC norms stipulated by the government. Identity verification means verifying that the customer is who he/she claims to be. For this verification, institutions require their applicants to submit their KYC documents and an important KYC document is the PAN Card which is a must for many financial transactions. The PAN Card is the most important document for financial transactions, and it is the onus of companies to verify the submitted PAN Cards before they proceed with the transaction.
Thanks to the advancement of the online medium, nowadays, applicants simply scan and upload their PAN Cards instead of submitting the hard copy.
Though convenient, this digital submission creates authenticity issues for the institution or organization. Here are some common challenges which institutions face with digitized PAN images -
Thus, there is a need for a digitized solution for PAN card data extraction and verification which helps institutions overcome these challenges and verify the applicants’ details correctly.
There are solutions for organizations to verify the PAN card data of their applicants in real-time. Docsumo provides organizations with an Application Programming Interface (API) that helps them detect and weed out document related frauds. Organizations can use Docsumo’s API to verify the PAN Cards submitted by their applicants. Here is the step-by-step guide on how organizations can use Docsumo’s API for PAN card verification:-
The first step is to upload the PAN cards received from applicants. Organizations need to collate all the applications received and then upload the received documents into Docsumo’s API in bulk.
Once the organization uploads the documents, the rest of the work would be done by Docsumo’s API. The documents would be classified into different categories depending on their type. For example, PAN cards would be grouped in one lot, Aadhaar cards would be grouped in another lot, and so on.
This is one of the most crucial steps in the entire process. After auto-classification, Docsumo would examine the possibility of any fraud. Fraud checks would be conducted for black and white images, scanned images, cropped images, and a photo of the photo. This detection is done in real-time, and once any possible fraud is detected, the red flag is raised and the document is sent for manual verification.
Once Docsumo establishes that the uploaded PAN cards are genuine, it would extract the relevant data for the organization. Data like the name of the applicant, PAN card number, father’s or husband’s name, and date of birth would be collated and displayed in a readable format.
Docsumo allows you to manually verify the extracted details for each field. Once reviewed, you can push this data into your system or can download it in excel/csv/json formats. If the model is trained against enough documents, you can enjoy the straight through processing that helps you process the document end-to-end without any human intervention needed.
PAN card verification is an important step for organizations as it allows them to avoid possible frauds done by dishonest applicants. This saves the organization from making any financial loss and also helps them adhere to the laws laid down by the government. Docsumo provides organizations with an automated PAN verification solution that is easy, convenient, and also quick. Talk to us today, to automate your KYC documents verification workflow!
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.