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AML and Blockchain – Towards Safer Transactions

Posted on | by Signzian

Money Laundering refers to the process by which financial transactions are conducted in a way that obscures the link between the funds and the origin. Did you know that money laundering makes up 2-5% of the global GDP, i.e. about 2 trillion? Despite all the measures, compliances, and checks, the increasing rate of financial crimes is proving to be a major roadblock for banks and other financial institutions, thus exposing the loopholes in the traditional financial ecosystem. Being in the business world, you need to be extra careful of these inadequacies so as to avoid any risks. And that’s why, Anti-money Laundering (AML) is the need of the hour for the identification of the customers, tracking, and preventing such crimes. 

AML is the set of laws or regulations made to prevent financial crimes and produce incomes through illegal activities. In today’s digital era, with the evolving complexity and volume of financial transactions, the current state of AML is unable to keep pace with it and track laundering activities happening around the financial ecosystem.

Use of Blockchain

The decentralized system of blockchain technology has proved to be a boon for effectively running cryptocurrencies and covering numerous use cases across businesses and industries.  Blockchain acts as an extremely secure platform to record and store data and information related to AML & KYC compliance. Blockchain-enabled platforms streamline AML/KYC processes on a decentralized ledger. Know Your Customer or KYC plays a significant role in AML as it assesses your business risks and complies with AML laws. 

Industry Challenges

Like every other market sector, even the anti-financial crime departments at most organizations lacked effective monitoring systems and risk-based frameworks during the pandemic era. Major challenges obstructing the AML compliance are as follows: 

Facts and Figures on Crimes that Happened in this Industry

Cases of money laundering are not new for any industry. Despite that, more than 57% of the Virtual Asset Service Providers (VASPs) approved by the Financial Action Task Force (FATF) still have weak, porous anti-money laundering measures. This basically means that their KYC processes and AML software are not at par with the security standards. In the year 2017, the global anti-money laundering software market stood at a whopping $879.0 million and now, it is projected to reach $2,717.0 million by 2025.

Impact of Blockchain on AML

Initially, a customer would be required to create a block that will consist of all of this data and information. These details are then encrypted and the customer will be provided with a digital passkey to see the data. This public blockchain ledger can further supervise, validate, and record every transaction’s complete history, wherein the readers and crypto miners get immediate notifications of transactions as they occur. In case, if one of the transactions gets unverified, it gets blocked immediately, thus preventing any further loss. Blockchain thereby doesn’t just monitor the entry and exit points of such transactions but also provides overall system analysis and reporting mechanism.

Case Study

In the year 2018, Netherlands‘ largest bank ING Group was fined $900 million for failing to spot money laundering. ING had violated laws in preventing money laundering and financing terrorism for years by not vetting the owners of client accounts and not tracking and analyzing the unusual transactions carried out through them. This came after January 2018 saw Citibank being fined $70 million for the shortcomings in its anti-money laundering policies. The reason behind this penalty was non-compliance with OCC’s 2012 order, due to which the bank failed to complete corrective actions to address AML compliance issues as required.  

How does Signzy Position Itself as a Tech Thought Leader and How Have We Adopted a Change to Make the System?

You can make use of reliable blockchain platforms to mitigate the risks caused due to shortcomings in AML regulations and delayed KYC due diligence. Procedures like AML and KYC can be effectively managed through the digital onboarding by Signzy. With customizable APIs and digital tools, Signzy assists you to conduct safe and compliant AML, KYC, and other requirements. 

Don’t wait for the mishap to happen. Connect with Signzy today, and ensure secured financial transactions. 

About Signzy 

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Signzy Has Been Selected As A Winner Of The 2021 Inclusive Fintech 50 Competition

Posted on | by Signzian

Signzy has been selected as a winner of the 2021 Inclusive Fintech 50 Competition! The competitive initiative under Center for Financial Inclusion aims to acknowledge and promote fintech companies and startups during their early stages with a focus on financial resilience and inclusion. 50 meritorious winners are declared by an exclusive judging panel consisting of 22 sector experts. Some of the previous winners include GramCover, Jai Kisan, Smart Coin, and Happy.

The immensely competitive process included selecting 50 winners from 377 applicants across 77 countries. The primary parameters for qualifying included the company’s impact and advancements in credit, insurance, infrastructure, payments and savings, and personal financial management solutions. The selection process also takes into consideration the innovation, scale potential, and inclusivity that each applicant brings to the sector.

A major objective of Inclusive Fintech 50 is to create more visibility to companies and startups that focus on underserved customer-base such as sub-par income businesses, families, and individuals. Estimates show that this includes more than 3 billion people. 

We at signzy are delighted to receive this honor and intend to fast-track our mission to serve the world better through our services in financial technology. We would like to show our appreciation for the judges who made the decision, the Center for Financial Inclusion for such a collaborative effort, and all the sponsors of the Inclusion Fintech 50 initiative. We also congratulate all our fellow winners.

We thank everyone for their support during the process and in all good faith, hope you will celebrate this milestone with us.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Signzy For Startups Partners With Zone Startups

Posted on | by Signzian

In yet another decision towards promoting promising new startups to get a better foothold, Signzy for Startups Initiative from Signzy is taking an active step. We are partnering with Zone Startups India, a part of the Ryerson Futures network, which operates outstanding accelerator programs around the world. The partnership is set to bring about benefits to young and promising ventures.

The partnership aims to synergize the portfolio startups of Zone Startups with the benefits of the Signzy for Startups program. This will be a boost to the startup ecosystem as Signzy’s cornucopia of resources can now be accessed by Zone Startup’s portfolio members. The access is as per the prescribed policy. It is an initiative to empower a globally inclusive approach to entrepreneurs across hemispheres.

Our venture, Signzy For Startups helps new startups and entrepreneurs flourish in the expanding ecosystem. We provide our services, which are customizable to the use of smaller companies and startups. This ensures that their potential does not go unnoticed due to insufficient resources. Zone Startups, with a similar vision, yet different processes help startups create secure and sustainable growth through accurate investments.

Most startups in India possess impressive core ideas and criminally untapped potential. Unfortunately, due to a lack of vector and insufficient guidance, they end up unacknowledged and unrecognized. Our Partnership with Zone Startups will create more optimized solutions and resources for newer startups, specifically in the early stages of development. Zone Startups provide resolutions for investment-oriented hurdles while Signzy helps them with required resources. 

Signzy For Startups And How We Bring About Change

Signzy For Startups is the latest initiative from Signzy that aims to help young organizations with a quicker GTM and secure digital customer onboarding. We use our technology & innovative solutions to help them have a broader scope with maximum impact. 

We make your customer onboarding journey simple, quick, and secure. Being a global no-code AI platform for KYC and onboarding services, we help you automate your customer onboarding journey with real-time APIs. We do this with our 200+ Fintech APIs and Nebula- our state-of-the-art AI-based no-code journey builder.

How is Zone Startups Helping Entrepreneurs

Zone Startups is on a mission to better the world by providing opportunities for the world’s most exceptional people building defining companies. With a stunning network all over the world and partnerships with multiple fortune 500 companies, Zone Startups provide strategic and tactical guidance for entrepreneurs and startups seeking to drive market validation, access to investors, advisors, and corporate partners. The partnership with Signzy will help Zone Startups provide a boost to their existing clientele. Collaborations like this are essential to drive the startup ecosystem and enable faster GTM and growth of early-stage startups

What This Means For The Sector

Signzy and Zone Startups have established entities in their respective fields of expertise. The fact that a partnership is established with the sole purpose of helping startups create better processes and strategic structures is a catalyst in the ecosystem. Such an environment helps startups create a symbiotic structure and sustainable growth.

This is an excellent opportunity for startups to help themselves fortify their services. The initiative builds bridges for excelling and tailoring apt solutions for respective enterprises.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Connecting With Co-Lending- RBI’s Financing Model Is Bringing NBFCs, HFCs And Banks Together

Posted on | by Signzian

India’s aspirations for developing an entrepreneur-friendly economy largely depend on provisions of financial assistance for promising ventures. The major hurdle a new vendor seeking to establish his business finds in the country is mostly in the form of financial challenges. Even for the working community, financial aids and loans are very necessary solutions. That’s why 77% of working individuals in India rely on personal loans to merely make ends meet.

Most of these loans are for medical emergencies, MSME expenses, or family needs that may include education, weddings, and home renovations. The majority of the rural population does not have proper access to avail loans at banks. Hence, they seek private firms and local lenders.

As a resolution to the problem, RBI approves co-lending initiatives. Banks and Non-Banking Financial Companies(NBFCs) are exploring such venues, to generate a synergistic opportunity. This model of lending can certainly help India’s priority sectors in a great aspect.

Although co-lending processes have been around for some time in the BFSI sector, in November 2020, the Reserve bank of India furnished guidelines to ease non-bank lenders’ liquidity crisis. It enhances credit flow to dynamic and, productive sectors. Banks and NBFCs are increasingly exploring opportunities for co-lending

What Is The Co-Lending Model(CLM)?

The co-lending model includes the involvement of a bank and an NBFC. Both the lender firms partner to disburse loans to their customers. The RBI’s CLM model approves all registered NBFCs, including HFCs(Housing Finance Companies) to co-lend loans by partnering with banks.

The process involves Banks leveraging balance sheet strength which houses the majority of the whole loan amount while the NBFCs and HFCs enable origination and smooth collection. In essence, banks can lend to registered NBFCs and HFCs. These Institutions pass it on to individuals and organizations in priority sectors. This is because NBFCs and HFCs have greater reach than banks in many parts of the country.

The customers enter into a loan agreement with NBFCs while the latter acts as a single-point interface for the same borrowers. This agreement contains all the features of the prescribed arrangement including the roles and responsibilities of banks and NBFCs. The lenders decide upon an all-inclusive, reasonable interest rate for the ultimate borrower.

The target of this initiative is to better the credit flow of the priority sectors, particularly the underserved and even the unserved sections. This is possible with the coupling of banks providing a lower cost of funds for the customer while the NBFC utilizes their greater reach.

In the statement issued in November 2020, RBI has also emphasized that it strongly prescribes a part of the bank lending must help developmental activities. These include numerous divisions under the priority sector such as agriculture, housing, MSMEs, etc. The norms determine net bank credit(NBC) for each type of bank. Private and public banks lend 40% of NBC while foreign banks lend 32% of their NBC.

The Benefits Of Co-Lending

CLM initiative helps banks lend more funds to regions and sectors where they do not have sufficient reach. The more established reach from NBFCs helps banks meet the total PSL(Priority Sector Lending). The NBFCs on the other hand receive better and top-rated borrowers in their clientele.

It allows banks to expand and increase their lending business while giving NBFCs to source clients, disburse a part of the loan and perform credit appraisals. The end borrower gains accessibility to loans and borrowing options at affordable and competitive rates. In effect, a mass of the population receives inclusion in the booming financial ecosystem.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Peer-2-Peer Lending- A Future Formed From Fundamentals

Posted on | by Signzian

With a revolution of digitization in the country since 2020, India is set for changes in the P2P lending market. IndustryArc predicts the market size to exceed $10.5 billion by 2026. This is after considering 21.6% CAGR during the forecast period between 2021 and 2026.

Peer-to-Peer(P2P) Lending, follows the practice of lending money to businesses or individuals by other individual lenders. This is usually through online services that match lenders with borrowers. Since 97% of these transactions are online now, P2P lending is synonymous with online P2P lending. 

Traditionally banks are the first option people consider to obtain funds. Perhaps a personal loan at an affordable price might do the trick. Unfortunately, the process of qualifying for a loan is rather tedious and time-consuming. This is why up-and-coming businesses and entrepreneurs widely use P2P lending to acquire sufficient funds for their ventures. This helps them get the investments they need without the hassle of availing bank loans.

How It Works And What Are Its Benefits?

P2P lending enables borrowers to avoid the troubles of bank bureaucracy. They are no longer at the mercy of a bank or financial institution. Instead, a fellow lender helps them raise the money. The lenders get decent returns on their investment too. The transaction is possible with the help of an intermediary P2P platform.

Once both parties divulge their credit history, the P2P platform ensures that neither are serial defaulters. After a thorough risk assessment(With algorithms on past borrowings, etc.) they formulate an idea on the chances of incomplete repayment. They assign a score for the parties. Once a participant is listed, they can list their requirements including the funds they need, the interest rate and the duration.

Individuals without credit history or formal banking methods can also participate. But the P2P platform makes an extra effort for verification. But this is not much of a headache for the borrower when compared to the hurdles in traditional bank loans. Since the P2P platforms provide unsecured loans, it is easier for finalizing the transaction for the participants. As a matter of fact, this is one of the major reasons why it is flourishing. P2P is gaining the attention of youngsters across metros.

The platforms also promote P2P lending as an investment opportunity.  Prima facie it may seem not apt that P2P lending presents itself as an investment, considering that most individuals are the primary interactors. Most platforms advise focusing on the returns and not the nature of the arrangement. The interests are constant and the involved parties are already verified. Defaulting is minimal, and thus it makes sense.

The platforms can offer returns of up to 14% to their investors. Investors can customize these investments according to their needs. They can select one specific borrower or diversify with multiple borrowers.

What’s The Catch and How Can Signzy Help?

The P2P platforms usually charge a fee from the borrower and sometimes the lender.  If everything goes well, the borrower will promptly return the capital with a good interest rate. All parties are satisfied after the process.

But if the borrower defaults, that’s when the problems occur. Things can go wrong rather swiftly. Even though the lender can choose the borrower depending on their risk ranking, many times these rankings may be inaccurate. This can be due to inefficient verification methods or procedures. The fact that there is no collateral here, is relevant. Most of the time, the lender does not even have a recourse.

P2P lending utilizes the fundamentals innovatively. They are useful as long as they are safe. But how do we make sure that it is safe? What measures can the platform as well as the lender take while organizing such a venture?

We at Signzy specialize in providing AI-powered RPA platforms for financial services. We digitize your processes while making sure that each individual is properly verified without fail. P2P platforms that avail of our services get state of the art security and the lenders who wish to enter the P2P marketplace can seek our brand too.

Signzy can completely automate your back-operations decision-making process into a real-time API. This is possible due to a combination of ‘Nebula’ — Our no-code AI model builder and our Fintech API Marketplace of over 200+ APIs. Today we work with over 160+ FIs globally including the 4 largest banks in India and a Top 3 acquiring Bank in the US. Globally we have a strong partnership with Mastercard and offices in New York and Dubai to serve our customers in the 2 geographies. Our Product team of 120+ people is building a global AI product out of Bangalore.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Licensing NBFCs & PSOs to Authenticate Aadhaar

Posted on | by Signzian

Payment System Operators (PSOs) and NBFCs can apply for authentication licenses to become KYC User Agency (KUA). These entities may also apply for a Sub KUA license to perform the authentication process through a KUA. The Reserve Bank of India, on Monday, September 13, 2021, invited Non-Banking Finance Companies (NBFCs), Payment System Participants, and Payment System Providers to apply for Aadhaar e-KYC Authentication License.

Presently, banks are the only institutions allowed to do customer identification and verification. It is through one –time password (OTP) based on the Aadhaar card. The OPT is received through a mobile device.

The Prevention of Money Laundering Act, 2002, provides that the Central Government may permit through a notice to a non-banking entity to perform Aadhaar authentication using the e-KYC authentication facility. However, the entity in question should comply with standards of security and privacy as prescribed in the Aadhaar Act, 2016.  

In addition, consultation with the appropriate regulator and UIDAI should happen before the issuance of the notice of permit. The credentials of the reporting entity should satisfy the regulator and UIDAI.

According to the Circular issued on May 9, 2019, the process of application by Non-Banking Finance Companies, Payment system Participants, or Payment System Providers starts by applying through the respective regulator. The regulator determines the format of applications. 

The regulator reviews the submitted applications and can reject them if unsatisfied. If satisfied, regulators forward applications to UIDAI for further scrutiny. UIDAI finally sends a recommendation to the Department of Revenue, Ministry of Finance for notification. UIDAI may issue some conditions when submitting its recommendations. If satisfied, the Central Government issues the notification. UIDAI will then authorize the applicant to do authentication upon payment of required fees and adherence to terms outlined in the Aadhaar Act.

These are the possible implications of permitting Non-Banking Finance Corporations and Payment System Participants to obtain e-KYC authentication license:

Simplify the process of onboarding customers. Instead of relying on the cumbersome process of verifying physical KYC documents, e-KYC authentication will make the process smooth through digitization.

In addition, NBFCs, Payment System Participants, and Payment System Providers will save on the cost per transaction by eliminating manual paperwork and adopting Aadhaar e-KYC verification. It is because customer information is already pre-captured.

Save on the cost of operation. Through digitization, NBFCs and PSOs will realize savings through a reduced staff. A digitized process requires less staff than a manual one. In addition, the entities seeking e-KYC authentication would eliminate travel expenses to verify the physical address of clients since this information is in the Aadhaar card. 

NBFCs and PSOs will experience a faster authentication process. As a result, they will serve a large population in a short period rather than the slower manual processing of KYC documents.

E-KYC authentication will help NBFCs, and Payment Operators reach more micro, small and medium enterprise (MSME) borrowers. Turnaround time for loan processing will reduce. Ultimately, a broader population will have easier and faster access to credit, resulting in a positive impact on GDP and the general growth of the economy.

Improve trust and confidence levels. Customers will have more trust and confidence to engage with NBFCs and PSOs that are licensed. Approved entities will have met the cut after undergoing the rigorous application and vetting process. More trust would translate to more business for non-banking entities as they strive to offer accessible and affordable financial services. 

KUA or Sub-KUA licensing would help curb incidences of fraud that would pass through a manual validation process by NBFCs and PSOs. E-KYC is robust and foolproof. It would safeguard NBFCs reputation and prevent loss of resources through impersonation and other fraudulent activities, making it a safe platform for customers.

Improve compliance. NBFCs offering financial services have been relying on third parties to onboard customers. Once they acquire a KUA license, they can directly authenticate clients and be more compliant.

It is a novel program. The need for a ready and central data repository is unprecedented. Invitation to Non-Banking Finance Companies to come on board is a testament that the demand is high. There is no need to reinvent the wheel. Licensed entities will leverage the online database and verify the identity of customers. It will enable better and convenient service delivery by entities that tap into this system.

On the other hand, possible misuse of customer data is one of the biggest challenges this authorization will create when more entitles could access customer data. Regulations to address the same are in place, but enforcement to ensure compliance will be necessary. 

For example, in 2018, the Supreme Court of India had banned Private Entities to use Aadhaar numbers for verifying customers. It was due to complaints following allegations of commercial exploitation. The cabinet, through an ordinance later, allowed private companies to authenticate via Aadhaar. However, the customer will voluntarily choose to avail their Aadhaar information with these private entities such as banks and telecom operators.

Supreme Court has in the past recognized privacy as a fundamental human right. This ruling delivered on August 24, 2017, should be a constant reminder to those who have access to people’s data to protect it by all means. Privacy recognizes each person’s autonomy and the right to make personal choices. 

Hackers can find a way of interfering with servers and access Aadhaar data for malicious use. Technology is good, and with it comes challenges. However, Aadhaar data is secure and in the Central Identities Data Repository of UIDAI and has not been breached. NBFCs and PSOs will have to ensure their systems are foolproof so that they can protect customers’ data and deter any possible system hacking.

Besides, service providers with the authority to access the Aadhaar system are required to use data only for the intended purpose. This helps in data protection. By granting more entities access to the Aadhaar system, all Aadhaar number holders hope that effective data protection measures will hold.

Table of Contents

Conclusion

The notification inviting other players besides government and banking institutions to apply for e-KYC authentication to address the growing demand of social and financial inclusion by various players is a step in the right direction. It will be interesting to see how entities that pass approval will revolutionize their operations. Customers will also reap greatly.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Rahul Raj

Signzy has been selected in the Salesforce Accelerate Build 12 Cohort!

Posted on | by Signzian

Signzy is part of the 21 organizations selected to be part of the Salesforce Accelerate Build 12 Cohort. It is Salesforce’s accelerator program curated and designed to provide the insights and support companies require to strategically align with Salesforce and grow with AppExchange.The initiative recognises and brings to the spotlight the topmost companies in the sector.

The Accelerator program is a rapid scale-up program that will enable us further to solve the Finance Industry’s need for AI-based tools, providing end-to-end assistance to ensure scalability, offering solutions as per regulatory guidelines, and automating back-operations of businesses, further streamlining their decision-making processes. 

What is Salesforce Accelerate?

Salesforce is one of the world’s best customer relationship management (CRM) platforms that have created a growth ecosystem for numerous companies. Salesforce Accelerate is a virtual program designed specifically to provide the insights and support companies require to strategically align with Salesforce and to grow with AppExchange.

Since 2006, the Salesforce Accelerate Program has worked closely with AppExchange partners to create products and to increase the rate of growth of companies in the Salesforce ecosystem. This virtual program amalgamates a rigorous curriculum delivered by respected experts of subject matter, with executive mentorship, sponsorship, access to prominent advisors, and an expanding partner alumni network. 

One of the two Salesforce Accelerate programs under the Salesforce Accelerate Umbrella is Salesforce Accelerate Build. It supports companies from idea to app, fast-tracking their journey to AppExchange.Currently, 21 companies have been selected to be part of the initiative. This is the 12th batch since 2006.

The selections are based on well researched and articulate analysis by sector specialist teams. This, with a combination of multiple signals which are publicly available, is used to ensure validity. This may include the innovative technologies used, impactable market size, investment potential, and future growth prospects make it a very sophisticated and accurate selection process.

The other companies who have been selected for the program are Deal Teams, Spoon Guru, Alphaa AI, Wealth Wizards, Cooby, PipeLaunch, ChipBrain, Stack Moxie, Southern Cloud Solutions, seedata.io, Gritly, Index Solutions, U SCOPE Technologies, Air Traffic Control, SignEasy, CloudJunction Advisors, Velou, Synapsum, Constellation4, Sage Medical, and Salesflags – integrating LinkedIn & Salesforce

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Antler Partners With Signzy For Startup Initiative

Posted on | by Signzian

In yet another step towards promoting up-and-coming startups to get a better foothold, Signzy for Startups Initiative from Signzy has taken an active step. We are partnering with Antler, one of the world’s largest early-stage startup investment platforms. The partnership is set to bring about benefits to young and promising ventures.

The Partnership Aims to catalyse the portfolio startups of Antler with the benefits of the Signzy for Startups program. This will be a boost to the startup ecosystem as Signzy’s prescribed resources can now be accessed by Antler’s portfolio members. The access is as per policy. It is a step to empower a globally inclusive approach to startups across the world.

Our initiative, Signzy For Startups helps new entrepreneurs and startups flourish in the expanding ecosystem. We provide our services customized to the use of smaller companies and startups. This ensures that their potential does not go unnoticed due to a lack of resources. Antler, with a similar vision, yet a different method helps startups create sustainable growth through apt investments.

Most of the startups in India have impressive core ideas and untapped potential. Unfortunately, due to a lack of direction and insufficient guidance, they end up unrecognized and unacknowledged. Our Partnership with Antler will create more optimized solutions for newer startups, especially in their early stages. Antler quenches their demand for sufficient investment while Signzy helps them with the resources needed.

Signzy For Startups And How We Bring About Change

Signzy For Startups is the latest initiative from Signzy that aims to help young organizations with a quicker GTM and secure digital customer onboarding. We use our technology & innovative solutions to help them have a broader scope with maximum impact. 

We make your customer onboarding journey simple, quick and secure. Being a global no-code AI platform for KYC and onboarding services, we help you automate your customer onboarding journey with real-time APIs. We do this with our 200+ Fintech APIs and Nebula- our state of the art AI based no-code journey builder.

How is Antler Helping Startups

Antler is on a mission to improve the world by investing in the world’s most exceptional people building the defining companies. Antler works with founders from the earliest stages of ventures. This makes sure that they have the right impact and accelerated growth through their investment, platform and network. They also invest in founders from around the world and across a wide range of areas. These include emerging sectors like robotics, AI, health-tech, fintech and prop-tech. The partnership with Signzy will help Antler provide Free credits of Signzy Sandbox to their portfolio startups. Collaborations like this are essential to drive the startup ecosystem and enable faster GTM and growth of early-stage startups

What This Means For The Sector

Signzy and Antler are established entities in their respective fields of expertise. The fact that a partnership has been initiated with the sole purpose of helping startups create better processes and operative structures is a breath of fresh air. Such an environment helps startups establish a symbiotic structure and stable growth.

This is an excellent opportunity for startups to help themselves fortify their services. The initiative builds bridges for excelling and tailoring apt solutions for respective enterprises.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Signzy Is Now Part Of Tracxn’s Emerging Startups Of Computer Vision!

Posted on | by Signzian

All the hard work at Signzy is paying off! Signzy is now part of Tracxn’s Emerging Startups of Computer Vision. It is Tracxn’s newest in the Emerging Award series. The initiative recognises and brings to the spotlight the topmost companies in Computer Vision from across the globe. Signzy has been showcased as a Minicorn, a category including companies that have the potential to become Unicorns in the long run and is amongst the leading tech startups of Computer Vision.

This recognition comes at an apt time as we are making leaps with more innovative solutions for our clients with faster and safer processing. Recently, we have been able to secure productive initiatives with reputable partners like Dubai-based investment company, Seed Group and are forging new alliances while providing better services. We aim to bring the best to the table without compromising any compliance and regulatory guidelines.

What Is Tracxn?

Founded in 2013 by eminent ex-Venture Capitalists, Tracxn is one of the world’s biggest platforms for tracking startups, private institutions and companies spread across 1800+feeds and multiple countries. It is powered by a combination of human analysts and state of the art technology that scans through multiple data points, building one of the most relevant data intelligence platforms in the industry. The Tracxn platform is also used by numerous Governments, Accelerators & Incubators, and Universities for tracking innovative and novel companies in multiple sectors.

What Are Tracxn Emerging Awards?

The Tracxn Emerging Awards is an initiative by Tracxn to publicly recognise the best global companies across sectors. Apart from the well-recognized Unicorns, Tracxn also identifies companies that can soon become Unicorns (the Soonicorns) as well as the companies that have the potential to become Unicorns in the longer run (the Minicorns).

These ratings are based on well researched and detailed analysis by internal sector specialist teams. This, with a combination of multiple publicly available signals such as market size, investment by marquee investors, execution excellence and future growth prospects make it the most sophisticated and accurate selection process.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Accessing With Account Aggregators

Posted on | by Signzian

In 2021, total digital transactions conducted exceeded 40 billion with an accumulated estimate of over a quadrillion INR across the country. RBI had been brainstorming for a long time to optimize these transactions while creating a more efficient system for payments and keeping track. Account Aggregators(AA) are the latest initiative to resolve this.

What Is Account Aggregators Initiative?

Account Aggregators are RBI’s newest reformation in the payment processes. It allows the collection of user data that can be shared among multiple financial institutions with approval consent every step of the way. This permits institutions to create a better understanding of customers and provide their services, accordingly.

In addition, 8 major banks are joining RBI’s pep for reform. These include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, IndusInd Bank, and Federal Bank. The new system with the aid of these many primary players helps the free flow of data between financial information providers(FIPs) and banks. It will especially help loans for MSMEs and other small scale businesses.

Account Aggregators relay user information between financial information providers and financial information users(FIU) during transactions. User consent is mandatory for each step in the process. This is mostly effective for loans and lending, but other payment processes can also utilize it.

What are the Benefits of Account Aggregators?

Account Aggregators create a systematic approach to financial data management among institutions. It is a precise solution for scattered data across financial entities and enables the transfer of consented data without view or processing by the aggregator itself. Users can search and find information

In terms of economic impact, observers are comparing Account Aggregators to UPI. Expectations are that Account Aggregators will bring unprecedented benefits in making payments and lending easier, just like how unexpectedly UPI transformed the economy.

With Account Aggregators, many SMEs can operate without physical branches transforming credit penetration. The ease of access Account Aggregators creates during loan applications, will encourage entrepreneurs and businesses to execute their ideas faster. Since the entire system is overseen by government bodies, chances of fraud and malpractices are nearly nullified.

Data Privacy

One of the major concerns surrounding Account Aggregators is how private the data is. Before the official release, speculations were in the air. RBI was diligent to emphasize how secure the user data will be. Data privacy and user consent are keystones for any transaction and formulate the fundamentals of the framework.

Presently, RBI allows only regulated entities to access the Account Aggregator ecosystem. On top of this, user consent is mandatory along every pitstop in the process. It is important to note that account aggregators themselves are unable to view or access data as they are designed only to relay information between FIPs and FIUs.

What It Means And How Can Signzy Help You

RBI acknowledges the pace at which the information era economy is transforming. Just like UPI, Account Aggregators are a step in the right direction. This will fasten and ease payment services and the lending industry. It is clear that what the nation aims for is a completely digitized economic infrastructure.

Digitizing your services is not simply about digitizing your services. In the cutthroat competition, it is simply not enough to meet the minimum standards. You need to craft a user-friendly, fast-paced, secure system. We at Signzy can help you create the perfect solutions for all your onboarding and KYC related needs.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

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