RXIL has joined hands with TSS Consultancy Private Limited to subscribe to TrackWizz CKYC solution to accelerate the onboarding process for MSMEs.
Receivables Exchange of India (RXIL) a TReDS platform backed by SIDBI and NSE, was launched in 2016 to help MSMEs settle their invoices faster with large entities, including the Govt of India, to solve working capital related bottlenecks. The platform has processed over Rs 1000cr trade receivables in the month of March 2021, enabling MSMEs to secure finance on the strength of their buyer’s credit rating without having to negotiate with financiers.
In the current onboarding process, the KYC requirements of legal entities and its authorized signatories / ultimate beneficial owners take time. TrackWizz CKYC will help RXIL to significantly reduce the turnaround time by fetching KYC information from the registry.
This will enable RXIL and the MSME to save time and will aid RXIL achieve its goal of onboarding thousands of MSMEs in the coming years. RXIL currently has 7000+ MSMEs registered on the platform and plans to onboard thousands of MSMEs by the end of this year.
CKYC registry is an initiative by the central government regulated by CERSAI, went live for Individuals in Aug 2016 and legal entities in April 2021. It is centrally connected, inter-usable between financial institutions, helps reduce cost, duplication of KYC efforts and is moving towards future unification of KYC data across financial services, helping achieve ease of doing business.
Ketan Gaikwad, Managing Director and CEO, RXIL, said, “RXIL is focused to aid 25,000-30,000 MSME’s in the next 2 to 3 years for their working capital requirements and we believe TrackWizz CKYC will help us reduce our onboarding efforts by more than 20%, providing a great onboarding experience to MSMEs across the country.”
Sagar Tanna, co-founder & CEO, TSS Consultancy, said, “Central KYC registry is a futuristic step by India. It will have a huge contribution in ease of doing business and help our country fight financial crime. With TrackWizz CKYC available now for legal entities, we plan to onboard 50 premier institutions in the near future.”
As a market leader, TrackWizz CKYC is the first solution in India to integrate for legal entities. Four of the five largest private sector banks in India use TrackWizz CKYC. Institutions using TrackWizz software together have integrated about 16 crore records so far. The TrackWizz CKYC offering is available on-premise and as a cloud-based service (software as a service).