Background:
Rubix Data Sciences Pvt. Ltd. helps businesses to take prudent credit risks, build a robust supply chain and monitor compliance for business partners in India and around the world. The Rubix platform and its suite of reports, products and services are based on its extensive database of structured and unstructured data aggregated from over 120+ sources, customized predictive analytics and proprietary technology. Through its solutions, Rubix provides deep insights to Credit, Risk, Supply Chain and Compliance professionals in 500+ Banks, Credit Insurance Companies, Fintechs and Corporates, facilitating quicker and more effective decision- making.
Rubix helps its customers validate the identity of their vendors and business partners before onboarding, through a structured, documented KYC process. To help streamline the process, reduce Turn Around Time (TAT) and reduce operational costs, Rubix has developed a best-in-class video-based KYC solution.
Rubix has partnered with EnableX, a leading provider of video communication APIs, to implement a video KYC process.
Challenge:
Rubix needed an API solution to streamline its VKYC process while maintaining the highest level of security and compliance.
Solution:
With EnableX’s video API, Rubix enabled KYC process for its customers in a convenient and secure way. Customers can simply log in to the Rubix platform and initiate a video call with a Rubix representative.
During the video call, the Rubix representative would verify the entity’s identity and collect the necessary KYC information. The traditional KYC process can take days or weeks to complete, but the VKYC process only takes a few minutes to complete. It enables entities to submit important documents and other information from the convenience of their own offices or homes.
Results:
The implementation of EnableX Video API for customer onboarding via VKYC has helped Rubix customers in many ways:
- Extremely Quick: Due to fully automated and online VKYC service, KYC data was sent in real-time without any manual intervention. The VKYC is substantially faster thanks to online validation and authentication of documents.
- Flexibility: EnableX Video API provided adequate customisation to integrate with Rubix platform which helped to provide a smooth user experience.
- Encrypted Data: The video KYC process used advanced encryption and verification technology to prevent fraud and identity theft, ensuring the highest levels of security for Rubix’s customers. Moreover, the video KYC process ensures compliance with regulatory requirements, reducing the risk of legal and reputational damage.
- Scalability: The digital nature of the EnableX Video API allowed Rubix to handle a larger volume of new customers without compromising on the quality of the KYC process.
- Cost savings: The digital video KYC process helps reduce operational costs and helps improve efficiency for Rubix.
