Paperless Mobile Verification Product Launched
Odyssey Technologies has launched Odyssey Epic; a product that will create a paperless verification and enrollment system, which will help increase volume of transactions while lowering costs.
Odyssey Epic will offer the highest form of security during the verification and user enrollment process while allowing the entire system to become paperless. Apart from saving money and time, it would ensure business being transacted and larger volumes in shorter periods of time
Odyssey Epic avoids the collection of paper documents and photographs by acquiring the information directly in a digital format. The product consists of a mobile phone equipped with a smart card and a software that uses the mobile camera to acquire most of the data.
How it works
On starting the process, the mobile application prompts the service agent for entering the necessary textual information. Typically, this may include the applicant’s name, address and other basic details During the process, if it involves a certified copy of a document, say passport of the applicant, the software prompts the agent to take a snap shot of the document. This image capture may be repeated as many times as necessary. It is also possible that textual entry and image capture alternate in the process.
Once all the information is collected and the document images obtained, the application converts the textual inputs and the images into a single comprehensive PDF document. Then the agent digitally signs the content using the smart card in the phone and a digital certificate that is previously issued to the agent.
This ensures the integrity of the collected information so that the bank can directly store it and simultaneously signifies the agent’s certification of the correctness of the documents.
The software then uploads the signed document to the Odyssey Epic Server software in the bank or other service provider. This can happen instantaneously using GPRS or the application can be configured to accumulate a certain amount of data before connecting and uploading the documents.
In future, it would be possible to use less expensive channels like WiFi once they become ubiquitous. The application will simply be configured to use the fastest or cheapest channel available. The application is field customizable.
With the stress on inclusive growth, and considering the huge untapped rural markets in India, the application opens up several conveniences and possibilities with complete security and assurance, the company said.
With the advent of 3G and incursion of mobiles into the rural segments, this product can help to spread the service network to locations where it is not commercially feasible to have branches.
Odyssey initially plans to target banks and other financial institutions for Odyssey Epic.
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