Vendor KYC Verification Improve Logistics & Supply Chain Management

Vendor KYC Verification: Verify Your Vendors Quickly and Easily!

The logistics and supply management industry have rapidly evolved over the last decade. With more complex delivery chains, stricter regulations, and a more significant focus on security, it’s no wonder that businesses are looking for ways to speed up processes and improve efficiency. One of the most important steps in this process is vendor KYC (Know Your Customer) verification. This step ensures that businesses know who they are dealing with regarding vendors and suppliers. In this blog post, we will discuss what Vendor KYC Verification is and how it impacts logistics and supply chain management.

Businesses that engage suppliers to provide goods or services can quickly become victims of Vendor Impersonation Fraud. Sophisticated criminals infiltrate a trusted vendor or somebody pretending to be them, thereby risking your business. Armorblox’s research team discovered a 73% increase in financial fraud email threats from 2021 to 2022. Financial fraud attacks accounted for 44% of sophisticated, targeted crimes, including wire fraud, invoice fraud, and vendor fraud.

What is Vendor KYC Verification?

Vendor KYC verification is verifying the identity and credentials of a vendor or supplier. This verification can be done through various means, such as third-party background checks, references, and documentation. Vendor KYC verification aims to ensure that the vendor is who they say they are and that they have the experience and credentials necessary to provide the services or products they claim to offer.

Third-party background checks are one of the most common methods of vendor KYC verification. This check can be conducted by an outside firm or the company itself. References are another standard method of vendor KYC verification. When checking references, it is important to verify that they are from legitimate sources, such as past clients or business partners. Documentation is also often used for vendor KYC verification. This may include identification documents, licenses, certifications, and other forms of proof that the vendor is qualified to do business with your company.

Vendor KYC verification is important in doing business with new suppliers or vendors. Verifying their identity and credentials can help protect your company from fraud or scams.

Why is Vendor KYC Verification important in logistics & supply management?

There are many reasons why vendor KYC verification is important in logistics and supply management.

  1. It helps to ensure that the vendor is who they say they are and that they are legitimate. This can help to prevent fraud and other issues. 
  2. It helps to ensure that the vendor has the proper licenses and permits for their business. This can help to avoid delays or other problems with shipments. 
  3. It can help build trust between the company and the vendor, leading to better relationships and more efficient operations.

A first layer of protection for companies comes from supply chain risk management and due diligence, and due to the rise of SaaS and outsourcing, good risk awareness is essential. The Global Fraud and Risk Report, “Mapping the New Risk Landscape, “published by Kroll in conjunction with Forrester Consulting in 2019, highlights global corporations’ biggest risks.

Globally, 28% of fraud was committed by external parties (suppliers & vendors), an increase of 10%. 68% of global companies consider fraud by external parties a high or significant concern.

According to KPMG’s Global Banking Fraud Survey, released in May 2019: Fraud recoveries were less than 25% of fraud losses, according to over half of the survey respondents. This low rate emphasizes the importance of prediction and prevention. 

Thus, companies should begin to consider implementing a tool and necessary workflows as vendor fraud grows in prevalence as a threat to many corporations.

The benefits of Vendor KYC Verification

KYC verification is a process that helps to ensure that your customers are who they say they are. This can be beneficial for several reasons:

  1. It helps to prevent fraud: By verifying the identity of your customers, you can help to prevent fraudulent activity. It becomes much harder for someone to commit fraud if they have to provide their real identity upfront.
  2. It builds trust: Customers who have been through a KYC verification process are more likely to trust your company. This is because they know that you take security and compliance seriously.
  3. It streamlines processes: A KYC verification process can help streamline other business processes, such as onboarding new customers or processing payments.

How Can Signzy Help with Vendor KYC Verification?

Signzy has a one-stop solution when it comes to verification. It provides a simple plug-and-play API solution. With just the vehicle number, you can get fitness details, Permit info, PUCC check, Insurance details, and much more! The same goes for authenticating the driver’s license.

Signzy can provide a complete user journey and simplify your workflow while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26%, which earlier with the manual process was 11%. 

Our three APIs that play a pivotal role in Vendor KYC Verification are:

Bank Account Verification API: With it, you can verify not just the validity of bank accounts but also the name and details of the user while leveraging the right technology for the job. In addition, the AI-driven API is highly customizable and can be integrated easily with your processes.

RC Verification API: Signzy’s Registration Certificate Verification Process allows onboarding of verified vehicles in no time with utmost accuracy & reliability (server providing 99.9% uptime).  Know more about the benefits it offers. 

GST Verification API: Our GST API validates the authenticity of a business or your partner as an essential aspect of easing and making GST compliances hassle-free. It helps you to

  1. Extract GST details, including Name, GSTIN, and address of the business, from the GST certificate.
  2. Search GST details of the entity using GSTIN and PAN. 
  3. View and track the GST returns of the entity.

Conclusion

Vendor KYC verification is essential to logistics and supply chain management. It helps to ensure the accuracy and reliability of the information, making it easier for businesses to monitor their vendors and ensure they comply with all applicable regulations. As a result, organizations can protect themselves from potential liability by implementing a comprehensive vendor KYC verification process while improving transparency across their supply chains.

We bring you to speed, security, reliability & ease. You can leverage artificial intelligence, optical character recognition, and other best-of-breed technologies – everything you need to scale successfully.

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, 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:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

 

IVF, Surrogacy & KYC – Importance of Verification in Fertility-care

According to Ernst and Young, India’s fertility market and IVF procedures saw a 20% increase during the last five years. But what is such news doing on a fintech page? Shouldn’t this be on a health blog?

Well, as technology spreads across all platforms, it also enhances healthcare. This time, it’s in ways where we not only preserve but create life. But it has many bureaucratic hurdles. Currently, the government has made verification of participants mandatory for any such medical procedures.

Where verification is necessary, Digitization becomes inevitable.

IVF And Surrogacy In India

Compared to the approximately 2.5 million cycles per annum globally, only 0.2 to 0.25 million IVF cycles are performed annually in India. But the future looks vibrant for the sector as the Indian fertility Industry was valued at more than $746 million in 2021. It is projected to reach $1,453 million by 2027 with 5-6 lakhs IVF cycles. In short, the IVF market is growing fast.

On the other hand, estimates show that more than 25,000 children are now being born through surrogates in India annually in an industry worth $2 billion. Hence both alternatives are in high demand in the country.

Why Do IVF And Surrogacy Need Digitization?

Aadhaar card and other identification documents are mandatory to avail of any service at ART/IVF centers. In addition, donors must also be registered with the Pre-Natal Diagnostic Techniques Act (PCPNDT) Cell. Such requirements enhance genuineness in parents who approach clinics for IVF and surrogacy.

But the primary issue with such measures is the hurdles it creates for potential parents. If anything, such procedures make the entire process onerous.

Digitization and technological resources can resolve this with simple and seamless digital tools. Moreover, it can make the process faster and easily accessible. Hence, the adoption of newer methods enhances medical procedures.

How To Digitize IVF And Surrogacy

If any person is looking for IVF, surrogacy, or any other form to have a child and wants to undergo the process, they need to share the Aadhar and PAN, and hospitals must verify the document.

In such scenarios, we can use the Application Programming Interface(API)I resource to process the soft copies of the required documents. APIs can collect and verify if couples seeking IVF are genuine and donors and surrogates and not volatile. With consent, it can also confirm if the parties involved have had any previous medical conditions that must be disclosed.

Additionally, it can be used not solely for Aadhaar verification but also for PAN and other document verifications to create a better picture of the involved parties for the associated hospital or clinic.

Where To Find Help To Digitize

If you are seeking IVF/surrogacy services, opt for the ones offering digitized interaction, as this usually helps maintain a safer approach. In addition, it ensures fortified data and reduces fraudulent practices.

Unfortunately, clinics and hospitals adapting to the technological demand are less in number or too slow at it. If you represent an enterprise that offers such services, you certainly will benefit from our products. At Signzy, we make sure that we provide the apt resources for digitizing your processes. We can make all your verifications seamless and automated.

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.

Why Open Banking And Embedded Finance Gives An Edge To Fintech Startups Over Traditional Banks

Open banking has offered fintech startups the chance to alter the global finance industry by putting financial services at consumers’ fingertips through user-friendly apps and websites on their smartphones and PCs. Last year alone, 2.5 million people were using services that sat on open banking interfaces. This year it’s expected to be more than four million.

The open banking mandate requires banks to share data via application programming interfaces (APIs), making it one of the most significant disruptions to traditional banking in our era. As a result, fintech startups that have been approved can connect to people’s accounts and provide them with a variety of services. In addition, banks no longer possess exclusive rights to data management.

The European Parliament passed the updated Payment Services Directive (PSD2) to support open banking in October 2015. Open banking, which is already well-established and gaining popularity worldwide, has aided in the growth of embedded finance, but is this a risk-free strategy to improve the customer experience?

 

Embedded finance

Embedded finance can energize marketplaces, increase sales, and simplify consumers’ lives. Financial services and fintech are about quick access, simplicity, transparency, affordability, and being able to please your consumers. But unfortunately, because finance is ingrained in everything we do, it is becoming invisible.

Fundamentally, embedded finance incorporates financial services within a non-financial company’s product, such as lending or payment processing. Embedded finance can come in various shapes, including embedded credit, payment, and insurance.

By 2025, embedded finance, according to Lightyear Capital, could generate $230 billion in net new revenue. According to them, the change will be advantageous to businesses that have a “digital mindset” and can take advantage of chances in other financial innovation-related fields.

All Tesla customers who purchase a Tesla have inbuilt insurance, allowing them to drive their new car out of the dealership fully covered and without any additional paperwork. In addition, Uber provides embedded payment, allowing users to access their bank information (with their permission) so they don’t have to enter their credit card information each time they book a ride.

Embedded financing, often known as embedded credit, enables customers to purchase now and pay later (BNPL). Swedish finance business Klarna is a market leader in offering this type of embedded credit. With its “pay-in-four” plan, available in some regions of Europe and the USA, Klarna offers short-term, point-of-sale loans for purchases across its portfolio of shops. This allows customers to divide their balance into four installments to be paid every two weeks.

 

Risks and benefits

Businesses like Klarna help their registered retailers increase sales by dividing payments over time while easing the financial burden on consumers. With its “pay in four” financing scheme, Klarna doesn’t impose interest. However, late payments cost users money. Some of Klarna’s retailers offer more extended repayment arrangements. Retailer-specific interest rates might be up to 25%. Even more, it is charged by some BNPL service providers.

Fintech startups, dubbed “digital loan sharks” in some regions of the world, have drawn attention for charging high-interest rates and using abusive collection practices, prompting more robust controls.

Although any consumer can go into debt, those most at risk are frequently people who live in developing nations, are in extreme need, and have little access to conventional banks. Users of BNPL services run the same risk of identity fraud as users of any data-sharing program. However, banks and fintech startups have demonstrated they can work together to produce a secure and advantageous retail experience for customers when adequately regulated.

The CEO of venture capital firm Dubai Future District Fund, Sharif El-Badawi, is upbeat about the prospects for fintech startups. When the cooperation is at its best, “banks meeting halfway with these startups is truly delivering us—as consumers and businesses—the most value,” says El-Badawi. As a result, we get the security and safety of a bank. Additionally, we get the user experience, as well as bells and whistles, from the startup. “I think the wonderful moment for us as consumers is the extensibility of those two functions together.”

 

The Bottom line

Fintech startups are not going to topple the titan banks overnight. But their threat can certainly not be ignored. As a matter of fact, it should not be perceived as a threat but as an opportunity. This is a sign for all conventional giants to revamp their processes and evolve.

It is time to adopt the digital evolution. Fintechs understand this. So should banks. For this, you will need reliable resources and dependable service providers. That’s precisely what we at signzy emphasize. Check out Signzy’s API Marketplace for more.

 

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.

 

 

Healthcare Industry And Digital Onboarding- Top 3 Tips On Onboarding Doctors

The global digital health market size exceeded USD 195 billion in 2021 and is expected to grow at a CAGR of over 16% by 2030. The market will expand as demand for remote patient monitoring services increases. This must put a smile on your face if you are advocating an enterprise in the digital healthcare industry. But there are particular concerns that you need to keep in mind and address.

You are eager for your patients to meet the ideal doctor who has joined your team. However, before that can happen, they must be incorporated into your organization; this is where many healthcare industry businesses falter. Manual transfers between internal and external departments, problems with credentials, and physician engagement are typical obstacles to physician onboarding. In addition, delays in physician onboarding can result in weekly revenue losses of up to $100K, and bad onboarding has been linked to higher employee attrition.

According to the New England Journal of Medicine, when you factor in the expenditure of recruiting, onboarding, and yet another vacancy and hiring situation, the total cost of hiring a physician who doesn’t fit and then quits can easily approach $1 million. Effective onboarding may support your retention efforts and boost productivity, performance, and morale. It’s essential in the current market, devastated by the pandemic, as the United States could have a physician shortage of up to 124,000 primary care and specialty doctors by 2034. Delivering a superior onboarding experience is your secret weapon in the battle for medical talent, especially given that just one in three doctors claim to have had formal onboarding.

Fortunately, these following 3 tips will help you significantly enhance the physician onboarding experience for the doctors in your organization.

1. Automate Onboarding In The Healthcare Industry

The process of onboarding doctors can be laborious and challenging. The physician onboarding process is made simpler for everyone involved with automated workflows. It promotes process transparency and eliminates the chance of human error in manual involvement. As recommended, every workflow and trigger should be incorporated into the automated process. This will make it possible for everyone, regardless of department or whether they are internal or external, to participate in the onboarding strategy. In addition, physicians are prompted along the route with advice on what to do thanks to automated digital onboarding.

This gives your healthcare industry personnel the ability to consistently deliver an excellent, standardized digital onboarding experience and knows exactly where a physician is at any time along the process. It is especially crucial during the drawn-out and critical credentialing procedure since the tracking capability and precision minimize the guesswork and unpredictability of the human method.

2. Provide A Mobile-Device Digital Onboarding Experience  

Simplify the holistic employee experience for your physicians and team by delivering a beautiful user experience and enabling them to access their onboarding information and prompts on their chosen mobile device. Never let them fret about what comes next or wonder whether they missed a step.

3. Engage All Your Physicians

Regardless of tenure, properly onboarding your physicians helps them feel more connected to your healthcare industry enterprise and gives them the tools they need to provide the most excellent care for your patients. Efficacious employee engagement strategies include:

  • Preboarding
    Follow up with a kind email, letter, or welcome-to-the-team gift box between the offer letter and the first day. Before they even arrive on the first day, give them the impression that they are a valuable and significant part of the company.
  • The first week
    Put your attention on making them feel at ease. Introduce them to the teams they will be working with, host a team lunch, and pair them with a mentor or friend. These social connections play a significant role in forging a relationship with your company.
  • Opportunities for an ongoing engagement
    Promote honest dialogue and foster inquiry. To stay in touch, host an internal focus group or send email surveys.

We advise internal discussion of your engagement strategy and creating an engagement program consistent with your company’s goals and values. For example, you want it to seem powerful and authentic instead of some generic engagement program. In addition, by standardizing the procedure and incorporating the phases into your automated workflow, you can ensure that each physician receives the same level of attention to engagement through digital onboarding.

How Can We Help With Onboarding In The Healthcare Industry?

You can chat with our team of specialists in employee experience. We’re available and prepared to assist you with automating the onboarding procedure so that your new hires are pleased. We’re only a click away when you’re ready for your physician digital onboarding plan to put people first and let the process take care of itself.

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.

Law Firms In The Era Of Technology- 5 Tips For Lawyer Digital Onboarding

The law firms and institutions in the legal industry are developing quickly, just like many other sectors. Therefore, automation and digitization of typical corporate activities will be essential in the constantly evolving legal landscape.

It can occasionally be difficult to onboard new clients or attorneys. The delays that the onboarding process creates constitute a significant problem for businesses. In addition, lawyers have to work hard for their clients, which makes it challenging to complete tasks quickly.

Above all, a solid attorney-client connection is essential for your company to expand, attract new clients needing your services, and keep those you already have. But unfortunately, HR technology can be the crucial component missing from your company’s success.

The speed with which companies can help onboard new customers and attorneys, thanks to technological advancements, can speed up the process of doing case research and training new associates. Therefore, when you implement new technology into your company, you will gain a lot of advantages.

Here are some pointers and techniques you may utilize when introducing new technology to your business to welcome clients and employees.

1.   Complete Tech Supplier Research

You must thoroughly research the tech supplier you want to choose. Then, before transitioning to a digital onboarding system, understand how much your law firm can afford and budget accordingly. These steps will ensure that your law firm receives the best service possible.

The Link app, connected with artificial intelligence (AI) identity verification and electronic signatures via DocuSign, is one example of recent developments in HR technology. Your business can keep ahead of the curve by locating competitive technology providers that provide cutting-edge systems.

2.   Assess Workflow Management In Law Firms

Before using new technology, reviewing your current onboarding process and addressing the shortcomings that clients or associates experienced will pay off. Perhaps there weren’t enough training materials, or clients felt disconnected from the process.

You might use an online workflow management system at your company. Using top-notch workflow software makes assigning duties while onboarding new staff much simpler.

3.   Provide Virtual Teleconferencing Options In Law Firms

Knowing how important you are to those requiring legal representation should persuade you to give your clients top-notch service constantly. Your law firm’s clients and associates’ trust in you as their advisor should always come first. Using digitization instead of a paper-based approach or relying solely on phone calls, you can distribute legislative updates to everyone more swiftly.

Remember that authenticity is the most significant policy when practicing law because it will bind your law firm together. If you want to onboard clients remotely, platforms like Zoom and Google Meet are two good choices. Even if it necessitates spending time electronically, increasing face-to-face encounters during onboarding can increase productivity and talent retention.

4.   Consider Cloud Technology for Digital Onboarding

Consider making the transfer to a cloud server if your company hasn’t already. With a private cloud server, you can manage where your data is kept and keep a close eye on who has access to sensitive data. Scalability, lower expenses, less paper consumption, and efficiency are just a few advantages your company can take advantage of to stay one step ahead of the competition by utilizing cloud technology.

Whether you want to run your business using Amazon Web Services or Google Workspaces, cloud server platforms offer your company the best security features to safeguard your data from potential intruders. Additionally, using a private cloud gives your law firm more freedom and flexibility because anyone may access any information.

5.   Be Patient With New Applications

Any new system that is integrated into your processes has a learning curve. Therefore, your law firm will need to exercise patience during these transitional times for your clients to understand that onboarding is a process that takes time and set realistic expectations for them. This is irrespective of whether it involves implementing a new cloud server infrastructure or maintaining digital recordings of legal documents.

By registering for cloud server applications you can get assistance with several duties, like updating clients via their messaging platform and exchanging crucial onboarding paperwork. It’s essential to correspond because it keeps lines of communication open inside your company.

Technology in the In Law Firms And The Legal Sector

We are all aware that technology enables us to complete more of our professional objectives efficiently. Using the most recent technology will help you better serve your customers, whether you’re onboarding them or using video conferencing to have a first-time meeting with them. The investment will eventually pay for itself.

Other industries like finance and healthcare have already adapted to automation to a great extent. Even insurance goliaths, infamous for their late adoption of technology, are churning fast to catch up. It is only a matter of time before the legal industry does the same. So, to be ahead of the curve, you should find a good onboarding service provider. It would be your first step in the road ahead. We at Signzy can help you with this. With our state-of-the-art technology and simplified no-code API resources, you can fast-track this swiftly.

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.

 

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