You are here: Home » News-ANI » Business
Business Standard

RXIL digitizes its MSME onboarding using Jocata GRID, trade receivables exchange platform

Topics
Technology Internet

ANI 

Receivables Exchange of India (RXIL) - country's first trade receivables exchange platform (TReDS) has implemented Jocata's proprietary platform Jocata GRIDTM to enable digital onboarding for MSMEs.

The platform provides a multi-channel, paperless, digital onboarding experience to MSMEs which enables them to access finance on the RXIL TReDS platform in a substantially shorter time.

Key features of this implementation include digital verification of entity and individual identifiers (viz: GST, PAN, UDIN), automated decisioning, auto-population of customer information and digital documentation.

Jocata GRIDTM is deployed on cloud and uses modular micro services driven framework, which ensures scalability and flexibility to add digital regulatory interventions like Video KYC.

"With Jocata's onboarding solution, prospective MSMEs will be able to complete their digital onboarding in a few minutes by visiting the RXIL website and furthermore RXIL's Relationship teams are equipped with a responsive web-enabled module to fulfill MSME digital onboarding, said Ketan Gaikwad, MD, and CEO of RXIL Ltd., on its successful launch.

"Given the growth that RXIL has witnessed in the last three years and the potential that lies ahead, it was imperative for us to launch a reliable and scalable digital solution to onboard our MSMEs. Jocata's solution provides us with that impetus and further build on the scale that we have already achieved," Gaikwad added.

"Our association with RXIL and the launch of this onboarding platform aligns with the need to help RXIL onboard SMEs at scale and meet the end SME users financing goals. We are very happy to see this initiative go live so quickly," said Prashant Muddu, CEO of Jocata.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, March 02 2020. 12:23 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU