Leading digital banking infrastructure provider Signzy today said that its No-Code AI Platform and APIs have been deployed for rapid development and deployment of Sarathi, the breakthrough digital onboarding platform for merchants launched recently by Axis Bank, one of India’s largest private sector banks.
Sarathi enables retail merchants to instantly register and install an Axis Bank Electronic Data Capture (EDC) or Point of Sales (POS) device and start accepting digital payments in a matter of minutes. The entire onboarding process is completely paperless with Sarathi and is completed within 45 minutes, a monumental improvement from the earlier onboarding process that was cumbersome and took as many as 12 days for completion.
Signzy said that the Sarathi onboarding workflow has been designed using its No-Code AI platform and uses several of Signzy’s APIs, including APIs for real-time database checks and live video KYC. The new workflow completely eliminates the field verification process, enabling instant decision-making and POS activation from Axis Bank, delivering a seamless and hassle-free POS installation experience to all new merchants.
Merchants stand to benefit significantly from Sarathi’s innovative features, which include immediate status updates, eliminating the need for follow-up visits, and the ability to transact on the same day their application is processed. The paperless onboarding process ensures that all necessary documents are collected at one go, avoiding the need for merchants to make multiple visits or submit forms repeatedly. The solution provides quick installations within 45 minutes of processing the application.
Ankit Ratan, Cofounder and CEO of Signzy said, “We are proud to be the technology partner of Axis Bank and are thrilled that our No-Code AI platform has enabled the rapid development and launch of their Sarathi platform. With Sarathi, Axis Bank has created a truly world-class digital onboarding journey for its merchants that is highly-secure, scalable, and regulatory compliant, made possible by integrating AI-based identity and fraud checks, real-time database APIs and well-trained resources from Signzy.”
Commenting on the announcement, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said, “Sarathi is a revolutionary platform that is fundamentally changing the way how merchants get onboarded with digital payments through our EDC and POS devices. Signzy’s No Code AI platform has been used for Sarathi’s solution to provide quick installations for processing the application. We, at Axis Bank remain committed to use cutting-edge digital banking workflows for delivering fast, user-friendly and superior experiences to the merchant community and are therefore glad to choose Signzy as our technology partner for the Sarathi platform.”
A part of Signzy’s No-Code AI platform, the video KYC solution features end-to-end encryption for video, channel, and communication. It uses advanced forensics for spoof or pre-recorded video detection, and also conducts real-time digital forensics checks on the displayed ID proof. The solution is also capable of matching face on ID with the face in the live video. Ankit added, “Signzy’s no-code platform offers a unique advantage by providing the flexibility to customise the application according to the bank’s specific needs.”
With the successful deployment of the Sarathi solution, Axis Bank continues to solidify its position as a leader in the banking industry by offering innovative and streamlined services to its merchant partners. Signzy remains committed to supporting global banking and financial services providers as they embrace the future of frictionless new customer onboarding and compliance processes.