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GST Analytics
Introduction
With the ever-changing regulatory environment, lenders are looking for new ways to make SME lending decisions faster and smarter to survive in the competitive landscape. GST analytics is a data-driven approach to making lending decisions simple for small and medium enterprises (SMEs). Lenders can make faster and more informed decisions about which SMEs they should lend to by leveraging data from the GST system.
Signzy’s GST analytics helps lenders identify potential growth areas within their portfolios and establish competitive strategies to take advantage of those opportunities. With the use of GST Data, the entire process gets automated, and with the client’s consent, the entire GST history can be accessed. Thus, providing an estimate of the client’s creditworthiness and financial position within minutes!
Also, real-time access to GST data eliminates the need for excessive paperwork. With a 45% higher completion rate and 30% faster underwriting, our solution can help lenders to get 25% more approvals! Also, lenders can develop more effective marketing strategies and efficiently target customers with this information.
Person does
Real time API does
Secure, compliant and scalable video KYC
The Reserve Bank of India made an amendment on January 9, 2020 to the KYC norms allowing banks and other lending institutions regulated by it to adopt a Video-based Customer Identification Process (V-CIP) as a consent-based alternate method of identity verification for Customer Onboarding.
Signzy Video KYC is being used to onboard over 150,000 customers every month by SEBI-regulated institutions. This solution has matured over dialects, browsers and low-internet scenarios. Read more about our solution here.
Secured digital contracts
enabled by biometrics
Digital contracts are well suited to facilitate the re-engineering of business processes occurring at many firms involving a composite of technologies and business strategies that aids the instant exchange of information. The digital contracts have their own merits and demerits. On one hand they reduce cost, saves time, fasten customer response and improve service quality by reducing paper work, thus increasing automation. On the other hand, since in electronic contract, the proposal focuses not on humans who make decisions on specific transactions, but how risk should be structured in an automated environment. Therefore the object is to create default rules for attributing a message to a party so as to avoid any fraud and discrepancy in the contract.
Algorithmic risk
intelligence
Current systems lack ability to analyse online BIG Data. Our algorithms analyze traditional + non-traditional sources – social media, news, court cases etc. creating intelligent linkages between entities thus providing detailed due-diligence algorithmically in realtime.
Identity Verification
ID firmly, but with a human touch
Stop customer drop-out
Address customer onboarding friction without
compromising identity verification
Automated, simplified and quick (No manual stuff)
Signzy’s Identity Authentication automates the verification process and helps businesses boost conversion rates, comply with AML and KYC legislation, and better detect fraud — all while providing a definitive decision in seconds.
Enhanced user
experience
Smart and interactive verification and onboarding systems to make user journeys hassle-free and straightforward.
Scalable backend
operations
AI and ML-based core regulatory engines help businesses scale faster, reduce cost and cut turnaround time, to offer a seamless experience in business processing.
Seamless and
interactive UI
Creative and easy to use interface to provide a convenient interactive experience for the user making the whole journey seamless.
Customer identity
verification
Authenticate your customer’s identity by capturing and verifying OVDs in real-time.
Why is there a need for identity verification?
Address the conflict between risk and growth
Identity verification has always been imperative for businesses. However, as the world has become digitalized, the need for a digital identity verification solution has become apparent.
Failure to know your customers’ identification can escalate to fraudulent behaviour, which can lead to revenue loss through chargebacks, a loss of trust, and eventually brand degradation.
An identity verification solution must assist companies in resolving key disputes. Safeguarding the company’s image and revenue entails mitigating the risk of fraud by meeting KYC identity verification requirements.
Majority of frauds in banking are due to human complicity. Our onboarding technology uses AI to provide human-like like intelligence to documents/data, but which cannot be compromised.
Done in 30 seconds
Real-time id check
OVDs are checked in real-time to verify the user
Image forensics
Images are matched with the user’s face to authenticate both.
Biometrics check
Facial and other biometric checks are carried out
Verification complete
And you are all set to Go!
Features
Signzy systems have been designed for banking grade technology. This means that they meet the strictest infosec regulations and data security requirements.
Unlimited video storage
& instant retrieval
Unlimited videos of user verification can be stored on the database and can be retrieved at any time.
Geo-location capture
& IP check
Geo-tagging will ensure the customer’s exact location with a thorough check on the IP address.
Video forensics for pre-
recorded risk detection
Video forensics is used for any pre-recorded risk and spoof detection to prevent fraud, enhancing protection for your enterprise.
Digital forgery
check
Any kind of digital forgery will be detected and flagged rendering any malpractice attempts void.
Seamless and
interactive UI
Creative and easy to use interface to provide an easy experience for the user making the whole journey seamless.
End-to-end
encryption
The end-to-end encryption for video, channel and communication helps ensure maintaining the highest security and privacy.
Customer identity
verification
Authenticate your customer’s identity by capturing and verifying OVDs in real-time.
Time stamp &
audit trail
Definite time stamps and audit trails for every application and video interaction help to find.
AML Check
Anti-Money Laundering (AML) Compliance check and Screening done in Seconds
Manage your AML process
Prevent money laundering and financial crimes with our complete AML compliance solution to screen out the suspicious entities within seconds
- Verify customers across the globe
- Screening within a second
- Enhanced data security
- Rely on the experts
Algorithmic risk intelligence + KYC = Less risk, more efficiency
According a report by deloitte, Customer Due Diligence must be the focus to mitigate AML compliance and risks. Our AML compliance check has algorithms which analyze traditional + non-traditional sources – social media, news, court cases etc. creating intelligent linkages between entities thus providing detailed due-diligence algorithmically in realtime.
You can’t escape AML
What is AML?
- Collection of policies, rules, and regulations aimed at preventing the illicit generation of profits.
- Mandatory compliance for Financial institutions under Bank Secrecy Act (BSA) of 1970 and USA Patriot Act.
- Apply to a small number of transactions and illegal activities, but their consequences are far-reaching.
Who is Impacted?
- Financial institutions that issue credit or enable customers to open accounts are responsible for performing enhanced due diligence and verifying customers to ensure they are not involved in a money laundering scheme.
- They must check where large amounts of money came from, keep an eye on illegal activity, and track significant cash transactions.
What are the best practices
for AML check?
- AML Compliance Check revisit the policies regularly, Improvise them through periodic reports, write them down and state them clearly to executives, staff, and regulators.
- Appoint an experienced person to monitor communication procedure and compliance of your team to regulations.
- Ensure that the training program is up-to-date to keep modern money laundering methods at bay.
- Seek help from a third party to review the program at regular intervals.
Why do you need AML
Compliance Technology?
- While the above practices may seem simple, they aren’t beneficial in terms of cost and efficiency.
- Leveraging automation can fasten the process, reduce regulatory risk, avoid unnecessary repetitive tasks and discrepancies caused due to human errors.
- Hence, using a software for AML compliance can streamline the process and quickly detect any suspicious or unusual activity.
Simple, slick and smart AML compliance solution
Real-time id check
Images are matched with the user’s face to authenticate both.
AML check against global database
Retrieved data is cross- checked with Government and other valid global databases
Verification complete
And you are all set to Go!
Did you know?
Every year, an estimated $800 billion to $2 trillion gets laundered around the world, according to the United Nations Office on Drugs and Crime. And Anti-Money Laundering programs currently catch only 1% of that money. Global identity verification is essential for keeping more dirty money out of our economy.
Frequently Asked Questions About GST Analytics and SME Lending
What is GST Analytics?
GST Analytics is a cloud-based software platform. It helps lenders assess the creditworthiness of small and medium enterprises (SMEs) by leveraging data from the Goods and Services Tax (GST) network. As a result, GST Analytics allows lenders to make faster and more informed lending decisions by giving them real-time visibility into an SME’s financial health and business performance.
How can GST Analytics help lenders make SME lending decisions?
GST Analytics provides lenders with several features and tools to help them make more informed and faster lending decisions when dealing with SMEs. For example, GST Analytics can help lenders to:
Assess an SME’s creditworthiness: By using data from the GST network, GST Analytics can provide lenders with a real-time view of an SME’s financial health and business performance. Lenders can use this information to assess an SME’s creditworthiness and make more informed lending decisions.
In addition to lenders and banks, MSMEs and other businesses benefit from leveraging GST data for credit underwriting by reducing business costs. Providing an opportunity to use authentic data eliminates the need for operational work, which reduces risk in lending to an incredible degree.
Fast-track loan approvals: The platform’s automated underwriting capabilities can help lenders to fast-track loan approvals for SMEs.
Make better use of data: With its powerful data visualization tools, GST Analytics can help lenders to make better use of data when making lending decisions about SMEs.
What data is available through GST without consent?
Ans – Addresses, Director Data, Contact Info, Compliance Statuses, Taxpayer Categorization, Turnover range, Nature of Business, HSN Codes fetching
Can you provide us with the raw data of GSTR 1, 2, and 3?
Ans. – Yes, it can be done with a consent-based API.
Is there a live status for the GSTIN?
Ans. – Yes, we can verify active and inactive GSTINs with our APIs.
What information is required to get the detailed GST report?
Ans. – It is a consent-based API, we can either have the usernames and passwords and the corresponding GSTINs from the customer, or it can be done with the usernames and an OTP verification.
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