Accessing With Account Aggregators- How RBI’s New Initiative Makes Things Easier For Payment Services

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:

Mahesh Mohan

A Creative Writer intent on learning and sharing knowledge.

News- Signzy appoints Sabir Shaikh as VP- Business Development to drive expansion in the EMEA region

Banking workflow automation platform, Signzy has announced the expansion of its leadership team with the appointment of Sabir Sheikh as Vice President, Business Development for Europe, Middle East and Africa region.

Sabir Shaikh, Vice President, Business Development (EMEA), Signzy said, “I am thrilled to be a part of Signzy’s mission to revolutionize customer and vendor onboarding for regulated ecosystems. We aspire to make this big in the EMEA region, starting from the Gulf Cooperation Council.”

“Signzy has a reputation of delivering innovative technology solutions and I am excited to be a part of such a forward-thinking team that is accelerating and reshaping the industry not only in India but across the globe,” he added.

Signzy claims to have a long term goal of educating and empowering businesses in the region to automate back-office operations and adopt frictionless onboarding services in a compliant and regulated manner.

Ankit Ratan, Co-founder & CEO, Signzy said, “We are delighted to have Sabir on board as we enter the next chapter and tap into the increasing demand for digital financial infrastructure that improves access, transparency, and speed of delivery in Europe and the Middle East. Sabir’s deep knowledge of the region and expertise in strategy development will be instrumental in driving growth opportunities.”

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 Is Partnering With CIIE.CO

With 41,061 registered startups India is certainly a lead player in the world startup ecosystem. A survey conducted by The Economic Times in 2021 established that 39,000 of these offer more than 4,70,000 jobs. It also concluded that only 38 unicorns constituted the ivy league of startups.

Although 12 of the 38 unicorns in India bloomed amidst the COVID-19 pandemic, it is a significantly small number compared to the total of 41,061 companies. Most of these startups have excellent core ideas and untapped potential. Unfortunately due to a lack of direction and guidance, they are usually unrecognized and unacknowledged. 

Our initiative, Signzy For Startups helps up and coming entrepreneurs and startups get a foothold in the ecosystem. We provide our services customized to the use of smaller companies so that their potential is not unnoticed due to a lack of resources. CIIE.CO (Centre for Innovation, Incubation and Entrepreneurship ) with a similar vision, yet a different method helps startups create sustainable growth.

Our Partnership with CIIE.CO will create more optimized solutions for startups, especially in the early stages. The resources Signzy can offer coupled with CIIE.CO’s own stratagem can ensure a safer and stable growth structure for associated entrepreneur patrons.

What Is CIIE.CO And What Is Their Mission?

CIIE.CO backs entrepreneurs to build disruptive solutions, especially at early stages. This is the part where most startups require support. They provide a continuum of incubation, acceleration, capital and insights for superlative impact. They are a centre of excellence supported by the Government of India’s DST.

CIIE.CO’s Bharat Inclusion Initiative is an excellent effort to further financial inclusion for the next half billion people in the country. The Initiative contains, running Financial Inclusion Lab, a one of its kind accelerator program for startups creating inclusive solutions. 

Their primary aim is to improve the financial health of India’s disregarded low and middle-income (LMI) segments. These include small-and-micro-businesses, informal workers, migrants, small farmers, and women, by helping startups in the areas of Skilling, Fintech, and Livelihood. 

Signzy For Startups And How We Are Bringing 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 enable them to have broader scope & 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.

What This Means For The Sector

Signzy and CIIE.CO 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.

Link to register for Signzy for startups – https://bit.ly/2VN9qpz

If you’re a VC or a Startup accelerator and would like to partner with us, kindly reach out to us at shreyas@signzy.com

www.signzy.com

reachout@signzy.com

Written By:

Mahesh Mohan

A Creative Writer intent on learning and sharing knowledge.

Signzy partners with Dubai’s Seed Group to enter UAE

Signzy, an Indian artificial intelligence start-up specialising in banking workflow automation, has partnered with Dubai-based investment company Seed Group to enter the UAE market and expand its operations in the wider Middle East.

The agreement intends to accelerate the “digital transformation of businesses across the UAE” and bring innovative AI technologies in the region, the two companies said.

“The UAE is taking giant strides to meet the objectives of the UAE Digital Government Strategy 2025 and double the size of the digital economy in the next 10 years. Businesses are going through a phenomenal digital transformation and are on the lookout to adopt affordable smart technologies,” Hisham Al Gurg, chief executive of Seed Group, said.

“Having Signzy as our strategic partner will give the country’s digitization agenda the much-needed push … We see a huge potential for their services in the UAE and the Middle East.”

The Middle East is expected to accrue 2 per cent of the total global benefits of AI in 2030 that will be equivalent to $320 billion, according to PricewaterhouseCoopers, one of the Big Four accounting firms.

The annual growth in the contribution of AI is expected to range between 20 per cent and 34 per cent across the region, with the fastest growth in the UAE, followed by Saudi Arabia – the Arab world’s biggest economy.

Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, acts as a springboard for global start-ups that are willing to expand into Dubai and the wider Middle East. It has invested in diverse sectors such as technology, cyber security, health care, FinTech, tourism, and hospitality.

“Businesses, especially banks, financial institutions and FinTechs across the UAE and the Middle East are doubling efforts to digitize and automate services to build a robust digital financial infrastructure that improves access, transparency and speed of delivery,” Ankit Ratan, co-founder, and chief executive of Signzy, said.

The Middle East is expected to accrue 2 per cent of the total global benefits of AI in 2030 that will be equivalent to $320 billion, according to PricewaterhouseCoopers, one of the Big Four accounting firms.

The annual growth in the contribution of AI is expected to range between 20 per cent and 34 per cent across the region, with the fastest growth in the UAE, followed by Saudi Arabia – the Arab world’s biggest economy.

Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, acts as a springboard for global start-ups that are willing to expand into Dubai and the wider Middle East. It has invested in diverse sectors such as technology, cyber security, health care, FinTech, tourism, and hospitality.

“Businesses, especially banks, financial institutions and FinTechs across the UAE and the Middle East are doubling efforts to digitize and automate services to build a robust digital financial infrastructure that improves access, transparency and speed of delivery,” Ankit Ratan, co-founder, and chief executive of Signzy, said.

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.

Enhancing Economy with e-RUPI- India’s Innovative Venture Ahead Of Digital Currency

Introduction

Between the years 1990 and 2018, the social security and welfare revenue expenditure of India was more than INR1.6 trillion. Observers point out that much of this did not reach the beneficiaries as mediators consumed the lion’s share. The central government is implementing a new mode to tackle this issue- e-RUPI.

For years the RBI’s aversion towards digital currencies was attributed to the bureaucratic influence from administrations. Now the same administrations are taking steps to approach the future of the economy. e-RUPI is the nation’s latest digital nudge in the financial revolution that will certainly improve the efficiency of welfare programs. More importantly, it will pave a smoother path for the digitization of currency in India.

e-RUPI connects the beneficiaries of the service and the service providers digitally. This avoids all physical interventions, rendering the need for mediators moot. It ensures that all payments are completed only when the transaction is concluded.

How Does e-RUPI Work?

The concerned entity delivers a QR code or an SMS string to the beneficiary’s phone. This enables the user to access it as e-RUPI, a contactless digital payments system. It is similar to a prepaid gift voucher redeemable at select centers. This eliminates all needs for any debit or credit card, internet banking, or even a mobile app. The connection between the service provider and the beneficiary is strictly digital, making it exceedingly foolproof.

NPCI(National Payments Corporation of India) built e-RUPI on its other innovative venture, the UPI platform. Partner banks of the initiative authenticate the details of the specific persons and the purpose of the transaction with which corporate or government agencies approach them. Beneficiaries identify using their mobile number. The banks also provide a voucher to the service provider with the name of the respective beneficiary. This is delivered to the same individual with all security parameters met.

Advantages of e-RUPI

The primary advantage the government notes is a leak-proof proof delivery of all welfare schemes and services incorporated. This may even include schemes for providing medicine and drugs for deserving citizens without hassle or bureaucratic delay.

With more than 17.1% of the entire youth populace being female, it is highly essential to ensure that welfare schemes for women be efficient and devoid of foul play. That is why Mother and Child welfare schemes are also included under the banner. Other major programs set to adopt e-RUPI are TB eradication programs, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer and farming subsidies, etc.

The government recommends the private sector utilize this option as well. The system can be used for CSR(Corporate Social Responsibility) Programmes and employee welfare. Once the corporate sector embraces the benefits of such a system, the national economic landscape will witness terraforming.

e-RUPI vs. Digital Currencies

Despite a frigid history of India’s aversion for digital currencies and the looming concern of a pan-nation crypto ban, the government and associated agencies are taking all steps to transform that image. They are already working on a central bank digital currency(CBDC). This coupled with the potential of e-RUPI to fill the wedges in digital payment infrastructure can result in a successful future for digital currency in the country.

But the catch is that, unlike digital currencies, e-RUPI is still backed by the existing INR as the underlying asset currency. This makes it more of an advanced voucher system than a sophisticated digital currency. Nonetheless, this is a step in the right direction for the whole nation, as financial digitization is certainly an inevitable factor.

How Can Signzy Help?

With even currency being digitized, the Indian financial ecosystem faces challenges in determining the legitimacy of parties involved in digital transactions. Fortified and secure instruments are needed to ensure that all customers, beneficiaries, providers, and even companies are credible. Signzy helps you do exactly that!

We are an RPA-platform for financial and regulatory services. With our state-of-the-art AI-powered technology with a quiver of APIs, products, and resources customizable for your specific needs, none of the hurdles that come with adapting to e-RUPI is an issue. We can make your transition smooth and seamless. Be it KYC of your customer, or a provider approaching your financial institution, we can craft the exact solution you need. Your safety and satisfaction are our priority.

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:

 

Mahesh Mohan

A Creative Writer intent on learning and sharing knowledge.

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