Signzy Merchant Onboarding for BFSI
by Signzy
Merchant Onboarding platform for Banking, Insurance, Financial Services
Signzy designed ‘Generic Onboarding Platform’ (GO) with a vision to create multiproduct user journeys on-the-go without writing a single line of code. The no-code platform can create onboarding flows specific to the unique business requirements of financial institutions with minimal development and deployment efforts.
Signzy’s end-to-end merchant onboarding solution is a product created from GO, and it can onboard all types of merchants & business digitally.
Part A : Merchant Application – RM App
A mobile-app that empowers the Relationship Managers (RMs) / Field-staff to create a merchant application and complete the onboarding digitally on the app itself.
Digital App or RM App:
Merchants can initiate a self-assisted KYC by using a link and providing basic details of the company. In case of an assisted journey, the RM or field-staff can capture all the required details on his/her mobile app.
De-duplication:
Merchant details can be checked with client’s existing database on real-time basis and result can be fetched showing if it is an existing customer or not.
ID Proof Upload:
Merchants can upload ID proof image/PDF (or provide it to RM for upload) into the mobile applications for individual identity (PoI), Business ID, & other required ID proofs as defined by client.
Entity Verification:
Details of entity can be fetched from the company database RoC Registrar of Companies, GST, CIN, Business PAN etc.
Bank a/c verification:
Bank a/c details of merchant can be extracted through a cheque leaf, & the a/c can be verified through penny-transfer.
Authorized Signatory Verification:
All the associated authorized signatories (owner/proprietor/partner/director) can be registered/added by the RM or merchant and thus can be simultaneously verified remotely using a verification link sent to them.
Video Verification:
This can be achieved by capturing a selfie-video of the authorized signatory, which serves as a proof for liveliness and as a confirmation to the agreement.
Agreement Generation & Signing:
Considering all the details of business & authorized signatories, an agreement can be generated and sent to all authorized signatories for digital signing or Aadhaar e-sign.
Part B : Merchant Due Diligence – AI Engine
Signzy’s unique AI Engine generates insightful data about business verification and authorized signatories verification in real-time without any manual intervention. The decision engine recommends actions that can be taken for every application, and thus helps in automated decision.
Once the information is submitted at the RM app, a set of validations, verification & AI checks are performed which are defined by the client while creating the workflow. Based on the results, rules & conditions are defined and thresholds can be set for multiple parameters. Then the Decision Engine automatically processes the applications to achieve STP.
AML/CFT Check
Merchant Entity and the individuals can be checked for against the defaulter lists from various organizations – NSE, BSE, IRDA, SEBI, MCA, CIBIL, FCRA, OFAC SDN, US Sanction etc.
Image Blur Checks
Enhanced Image Blur checks ensures beforehand that the image passes the quality threshold test & is good enough for text extraction.
Text Match
Details between two ID cards, business name, directors information from document etc. can be matched and the result is generated in real-time
Straight through process
Multiple criteria can be defined with a combination of conditions & rules, and the Admissible as well as non-Admissible cases meeting their respective criteria can be directly approved or moved to Finance bucket for payment.
