Indian fintech startup Signzy Technologies gets US patent for customer onboarding in VR mode

India-based fintech firm Signzy has secured a US patent for its innovative technology on customer onboarding in the metaverse, using virtual (VR) and augmented reality (AR).

The application for the patent was filled in the year 2020, and it was recently granted by the United States Patent and Trademark Office.

Ankur Pandey, Co-founder and CTO of Signzy, said, “Over the years, Signzy has brought to market a series of breakthrough innovations that have redefined digital banking. Today, we are pleased to announce that we have invented the future of banking in the metaverse by patenting a breakthrough methodology for real-time onboarding of customers via virtual reality or augmented reality.” 

Ankit Ratan, Co-founder of Signzy, said, “Banks and FIs can no longer ignore the expanding world of the metaverse and the impact it will have on their business in the near future."

"The metaverse offers a huge growth opportunity to attract young customers and may even pave the way to creating new product lines and eventually add newer business models. The grant of this patent by the USPTO marks an important milestone towards enabling this vision.”

Arpit Ratan, Co-founder of Signzy, said, “The grant of this patent to Signzy opens up many exciting opportunities for financial services delivery in the metaverse, covering both traditional banking services and those involving digital and cryptocurrencies. Further, our technology supports both existing products, as well as products that are yet to be invented in the future for metaverse.”

The firm intends to use scaling protocols that allow a high number of concurrent users to navigate through VR and AR models. Once deployed, banks and financial institutions can use Signzy's patent technology to power a variety of existing and future financial products for the metaverse.

The patented technology supports metaverse currencies and cryptocurrencies. It enables individuals access to various services, including general enquiry services, car loan services, house loan services, education loan services, net banking services, commercial banking services, health insurance services, and personal accident insurance.