Rubique Implements Blockchain Based Smart KYC
Demystifies complex financial processes in lending to SMEs and individuals
Rubique, the online credit marketplace providing technology-enabled end-to-end solutions to financing needs of individuals & SMEs, has announced implementation of the 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 blockchain and permissions are granted by the customers themselves.
The repository will host all the prior lending details of the customer, making banks and FIs confident on the authenticity of the customers’ KYC documents since they have already been scrutinized to disburse a loan. This will not only simplify and ease the complex financial procedures currently undertaken by traditional banking infrastructures enabling individuals and SMEs 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 financial product and can directly give access to the financial institutions for verification only. Rubique’s Business Associates can also access existing customers’ KYC documents for an application if the customer grants permission.
Speaking on the announcement, Rubique’s Managing Director and CEO, Manav Jeet said, “The digital access to finance 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 Rubique has taken a holistic approach to introduce technology intervention at all possible touch points – the influencers, the customers and the financial institutions. Implementation of blockchain Smart KYC is nothing but one step towards creating a unified flow of information to make the transactions simpler, paperless and reduction in the processing time.”
Rubique will verify each customer document uploaded by business associates, following which the documents will be made visible to financial institutions on their login to Rubique’s SPOT platform. Each time, a bank or financial institution requests access to the customer’s KYC documents through SPOT, the customer will be notified via SMS, asking for permission to share the KYC documents. The customer can follow the link in SMS to decide which documents to grant permission to post which, the documents will be made available to the entity requesting them.
Rubique’s SPOT platform is an internal data platform that covers the entire consumer journey from lead generation to disbursement for all types of loans and credit cards. The company's unique 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 optimized and efficient system taking up minimal time and greatly increasing accuracy.
Facilitating from an overall loan disbursement of INR 2258 crore+ while keeping its focus on SMEs intact, Rubique is further emphasizing on revolutionizing the lending business by changing the way it works for SMEs in order to aid the entrepreneurial industry in a big way and simplify financing for individuals in the country.
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