Signzy, a prominent digital banking infrastructure provider, announced the successful implementation of its No-Code AI Platform and APIs in Axis Bank’s groundbreaking Sarathi platform. Sarathi, designed to revolutionize the digital onboarding process for retail merchants, enables instant registration and installation of Axis Bank Electronic Data Capture (EDC) or Point of Sales (POS) devices, facilitating seamless acceptance of digital payments within minutes. Leveraging Signzy’s technology, the entire paperless onboarding process is completed in just 45 minutes, a significant improvement from the previous cumbersome 12-day process.
Signzy’s No-Code AI platform plays a vital role in the design of Sarathi’s onboarding workflow, incorporating various Signzy APIs, including real-time database checks and live video KYC. This innovative workflow eliminates the need for field verification, enabling instant decision-making and POS activation, resulting in a hassle-free installation experience for new merchants facilitated by Axis Bank.
Merchants benefit greatly from Sarathi’s advanced features, such as real-time status updates, eliminating the need for follow-up visits, and the ability to transact on the same day their application is processed. The streamlined paperless onboarding process ensures that all necessary documents are collected in a single go, eliminating the need for multiple visits or repetitive form submissions. With a swift installation process within 45 minutes of application processing, merchants experience accelerated access to digital payment acceptance.
Ankit Ratan, Cofounder and CEO of Signzy, expressed pride in their partnership with Axis Bank and the pivotal role their No-Code AI platform played in the development and launch of Sarathi. He emphasized that Sarathi provides a world-class digital onboarding journey, integrating AI-based identity verification, fraud checks, and real-time database APIs to ensure security, scalability, and regulatory compliance.
Sanjeev Moghe, President & Head – Cards & Payments at Axis Bank, highlighted Sarathi’s revolutionary impact on merchant onboarding and emphasized the use of Signzy’s No-Code AI platform for quick installations and streamlined processing. Axis Bank remains committed to delivering fast, user-friendly, and superior experiences to the merchant community through cutting-edge digital banking workflows.
Signzy’s No-Code AI platform encompasses a video KYC solution with end-to-end encryption, advanced forensics for video authentication, and real-time digital forensics checks on displayed ID proofs. The solution ensures a secure onboarding process by verifying the face on the ID with the face in the live video. Signzy’s customizable no-code platform offers the flexibility to tailor the application according to the specific needs of the bank.
With the successful deployment of the Sarathi platform, Axis Bank solidifies its position as an industry leader by providing innovative and streamlined services to its merchant partners. Signzy continues to support global banking and financial services providers in embracing frictionless customer onboarding and compliance processes, paving the way for the future of digital banking.