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.
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