OSV full form in banking is Original, Seen, and Verified. You might be wondering what OSV actually mean in the day-to-day activities of the bank? First of all the “Original” part. It’s an issue of authenticity for documents. Imagine this as follows If you visit banks with an ID card, bills for utilities or even those financial records, they must be authentic deal. The next thing to check is ‘Seen. That means the bank’s employees or even the automated system, will take the time to examine what you’ve provided them. They’re looking for any odd, unmatched or even counterfeit. There’s also “Verified. This is the point where the bank double-checks all transactions. If you provide them with an ID to establish an account. They don’t consider it as a factual statement they’ll cross-check the information with government databases to confirm that you’re who you say you are. The same is true for transactions in the financial sector. They’re always cross-referencing to ensure things on the right track and up.
What Else Should You Know About OSV?
OSV also meets the requirements for a variety of legal requirements that are that are set by the government authorities. This is vital since it helps keep the financial system in general free of corruption and transparency. In short, OSV is not just an official requirement, it’s an integral element of banking that helps keep everything secure and safe.
Leave a Reply