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Rubique implements blockchain-based smart KYC

ANI  |  New Delhi [India] 

Rubique, an providing to financing needs of individuals and SMEs, announced the implementation of smart KYC, a blockchain-based central repository, enabling instant, secure and seamless customer identification process.

Adding a layer of security to customers' data, the central repository will not only allow easy access to Rubique's customer KYC documents for any financial institution, banks or entity, but will also ensure secure flow of data transfer, since the documents are hosted on and permissions are granted by the customers themselves.

The repository will host all the prior lending details of the customer, making banks and confident on the authenticity of the customers' KYC documents since they have already been scrutinised to disburse a loan. This will not only simplify and ease the complex financial procedures currently undertaken by traditional banking infrastructures enabling individuals and to get instant approvals on loans and credits but will also assist banks in closing the documents a lot quicker.

Customers can also be assured about the security of the documents since they do not have to give their details to agents every time they apply for a and can directly give access to the financial institutions for verification only.

Rubique's associates can also access existing customers' KYC documents for an application if the customer grants permission.

"The digital access to is, and will continue to massively impact all sector and will play a vital role in uplifting the Indian economy over the next five years hence has taken a holistic approach to introduce intervention at all possible touch points - the influencers, the customers and the financial institutions. Implementation of Smart KYC is nothing but one step towards creating a unified flow of to make the transactions simpler, paperless and reduction in the processing time," said Rubique's Managing Director and CEO,

will verify each customer document uploaded by associates, following which the documents will be made visible to financial institutions on their login to Rubique's platform. Each time, a or financial institution requests access to the customer's KYC documents through SPOT, an internal data platform that covers the entire consumer journey from lead generation to disbursement for all types of loans and credit cards.

The customer will be then notified via SMS, asking for permission to share the KYC documents. He/she can follow the link in to decide which documents to grant permission to post which, the documents will be made available to the entity requesting them.

The company's Online PLUS model comes with paperless-focused features that transform the loan approval and processing - through e-KYC, ranking analysis, and real-time status tracking - into an optimised and efficient system taking up minimal time and greatly increasing accuracy.

Facilitating an overall loan disbursement of over Rs. 2258 crore while keeping its focus on intact, further aims to revolutionise the lending by changing the way it works for in order to aid the entrepreneurial industry in a big way and simplify financing for individuals in the country.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, February 24 2018. 08:24 IST