Hyderabad, Telangana, India
Receivables Exchange of India (RXIL) – country’s first trade receivables exchange platform (TReDS) has implemented Jocata’s proprietary platform Jocata GRIDTM to enable digital on-boarding for MSMEs. The platform provides a multi-channel, paperless, digital on-boarding 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 a modular micro services driven framework, which ensures scalability and flexibility to add digital regulatory interventions like Video KYC.
On its successful launch, Mr. Ketan Gaikwad, MD & CEO, RXIL Ltd., said, “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. “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.”
“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 Mr. Prashant Muddu, CEO, Jocata.
RXIL is India’s 1st TReDS platform established in the year 2016. The platform was launched under the milestone RBI Trade Receivables Discounting System (TReDS) initiative to facilitate the electronic exchange of MSME receivables online. Promoted by reputed institutions such as Small Industries Development Bank of India (SIDBI) and National Stock Exchange (NSE), RXIL has a legacy of empowering MSMEs and bolstering their growth.
Jocata is one of the leading digital fintech ecosystem enablers that delivers adaptive solutions for financial institutions at high velocity and scale, driving business growth, streamlined operations, risk-adjusted insights and regulatory compliance. Jocata is a subsidiary of BillDesk (indiaideas.com).