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Decentro elevates its DigiLocker Stack to secure KYC processes in India

By Gloria Mathias

April 19, 2024

  • Decentro
  • DigiLocker Stack
  • fintech India
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Decentro, Payments Aggregator, Young Fintech, Payments license, Fintech news India, Fintech india, Fintech Singapore, Singapore News, DigiLocker Stack, KYC Processes, RegTech, India RegTech, Decentro, a banking infrastructure company, has announced key additions to its existing DigiLocker & KYC stacks.

With these new upgrades, Decentro’s Fabric module can reduce customer onboarding drop-off rates by more than 20% and accelerate customers’ GTM timelines by around 10X.

Customer KYC and fraud prevention remain the most significant pain points for companies across industries. According to a recent industry survey by TDCX, 49% of FinTech companies identified KYC checks as their top challenge when running their businesses. This is because KYC processes in India and globally have traditionally been costly and time-consuming.

To simplify the KYC process, the Government of India expanded the scope of DigiLocker by adding it to the host of public digital infrastructure solutions available to FinTech firms, helping them significantly cut down on onboarding costs. However, without a robust DigiLocker KYC workflow, companies in India resort to partial KYC to keep their onboarding process simple, which can cause compliance issues for businesses, increased fraud risks, and higher operational costs in the long term.

Decentro’s Digilocker stack helps companies make the KYC process faster by enabling pinless Digilocker signups with additional enhancements to the Digilocker workflow to add multiple documents and issuers. This helps make the KYC process 2X more efficient and automated while also assisting businesses in retrieving specific documents, further customising the KYC process to their requirements.

Rohit Taneja, Co-founder & CEO of Decentro, said, “Decentro was founded to empower the fintech & BFSI industry to thrive by enabling them to focus on innovation while we care for their infrastructure needs. Over 60% of the typical companies that need to do KYC do not have the time or bandwidth to build automated KYC workflows. Hence, empowering them with our Fabric module became imperative for us.”

With Decentro’s DigiLocker stack, companies can easily integrate KYC workflows onto their platform, reducing onboarding costs by more than 20% and the go-to-market timeline by 90% while keeping their customer data secure. This is a significant step for our ecosystem and the 700+ companies we serve to make their end consumer’s online journey seamless and secure, a critical element in elevating the Digital India mission.”

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