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Axis Bank accelerates merchant onboarding with Signzy

By Gloria Methri

June 09, 2023

  • Axis Bank
  • Digital Onboarding
  • India
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Signzy, Banking, Financial Transactions, Signzy Technologies, Metaverse, VR, AR, United States Patent and Trademark Office, Financial Institutions, India, USADigital banking infrastructure provider Signzy announced that its No-Code AI Platform and APIs have been deployed for rapid development of Sarathi, the digital onboarding platform for merchants launched recently by Axis Bank.

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.

Signzy said that the Sarathi onboarding workflow has been designed using its No-Code AI platform and uses several of Signzy’s APIs for real-time database checks and live video KYC. The new workflow 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.

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.

Ankit Ratan, Co-Founder 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 of Cards & Payments, Axis Bank, said, “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 using 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 a spoof or pre-recorded video detection and conducts real-time digital forensics checks on the displayed ID proof. The solution is also capable of matching the face on the ID with the face in the live video.

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