iCrederity Info Service: Introducing Real-Time Experience in the KYC & Employee VerificationRealm
“In god we trust, rest all of us get verified”. These perspicacious words echo the desideratum of intricate customer and candidate background checks, as the criminal activities such as identity faking, certificate forgery, money laundering, terrorist financing and theft are consistently on the rise all over the world. But, while living in this extremely nimble digital epoch of Aadhar-based Know Your Customer (KYC) system, the corporate realm that counts every second on a dollar value can’t afford to lose a potential customer due to the delay in background verification that often scales up to weeks with the conventional feet-on-street methodologies and paper-based processing. On the flip side of the coin, the picture is not pleasing for the candidate verification departments either, as the time taken for paper-based background verification, which customarily takes upto 30 days, leaves HR managers over a steep slope of roller coaster, making them nervous about losing a high quality candidate.While the background verification companies across the world endeavor to leverage semi-automated process in order to reduce the delay, iCrederity Info Service – the only global background verification company with its own patented platform that completely evacuates paper out of the equation, has taken one step further to get the KYC done in less than 24 hours, and proffer super-fast employee verification & a real-time education verification experience to its customers – on both web and mobile platforms. Born in 2005 to safeguard businesses and individuals from identity and credential fraud, iCrederity offers real time access to due-diligence reports, quality verification with accurate analysis and strong network with international presence, which helps it engender foolproof reports. Period. It further consolidates the trust and credibility of its reports by being one of the very few NASSCOM & NSR empanelled and ISO 27001 certified background verification companies across the world. Through a completely paper-less process, the company adequately maneuvers this trust factor to serve a humble 200+ clients strong customer ecosystem, which includes giants like IBM, Wipro, Paytm, Pepsico, Emerson Electric, Muthoot Finance, Angel Broking, Bonanza, Keystone and many more.
A Trustworthy KYC Verifier & Time Saver
Over the years, KYC norms which were introduced & made mandatory in 2002 by the Reserve Bank of India (RBI) to prevent intentional or unintentional criminal activities such as money laundering of Banks, terrorist financing and theft, which has become a predominant grip of BFSI organizations over their customers. “With the arrival of e-KYC (a technology that allows users to open a KYC account with their Aadhar card), the respective authorities (SEBI, IRDA & FMC) have also made KYC mandatory for every transaction in regards with mutual funds, broking accounts, insurance buying, commodity trading and even post office deposits, breakage of which leads to huge penalties,” elucidates Madhu Krishna Pinapaty, CEO, iCrederity.
Adjoining its clientele with all the front row brokerage firms and several banks in India over the past decade, iCrederity has showcased undivided dominance in the BFSI industry assisting them in taking conclusive decisions by establishing their customers’ credentials through conducting an In Person Verification (IPV) and thus paving way for a seamless customer experience. The company’s KYC process includes identity and address checks for both Individuals and Legal Entities which are essential for any organization to complete the cycle of proper customer identification.
Needless to say, potential customers often purchase products on a periodic excitement and they even reconsider their decision on the very next day. This is where iCrederity becomes a matchless partner with its lightning fast KYC verification model, wherein iCrederity- executive hotfoots to the customer forth with the initiation of KYC verification, accomplishes identity verification through a biometric device and in real-time uploads the credentials online. When it comes to address verification, the field executives ensure their presence in the location by capturing a geo tagged photograph (even without a network), which helps in producing more enhanced reports with fool proof information. Most importantly, it completes the entire procedure within 24 hours (even within 12 hours in some cases). Further easing the process with the ‘pay-per-transaction’ charging model and by availing
its services through user-friendly mobile apps, it’s not surprising that the company has hosted a 100 fold growth in the KYC segment alone.
“Our goal is to process KYC verifications without a foot on street, which will take more engagements and permissions from RBI and SEBI. When we go that far, our clients can verify their customers over a phone or video-call, which will cut down the entire verification expenditure to less than Rs.15,” anticipates Madhu. Having dominated the BFSI segment, iCrederity today is looking forward to press its footprint in the e-Commerce realm by bringing in real-time KYC verification experience into the segment, as with government’s strict regulations on digital money (digital wallet) transactions, one of the potential sectors that entail a lot of compliance is e-Commerce, where every transaction above Rs.10000 requires a KYC verification. Well, the government's digital India concept acting as a catalyst in the process, it won’t take much time for the company to hit its ground breaking goals.
The Real-time Experience
Came into existence under the aegis of two technology wizards - Rakesh Antala (Co-Founder & CTO) and Alexander Mittal (Co-Founder) and started its operations with paperless employee verification programs which attracted eyeballs immediately in virtue of its end-to-end digital processing, iCrederity’s story is all about consistent endeavors to reinforce the entire background verification paradigm. “From uploading the documents to shortlisting the candidates and publishing the verification reports, our inventive platform has made the entire hiring process occur online, which not only reduces the turnaround time (TAT), but also brings in a lot of visibility in the process and thus helps our partners & their global counterparts to on-board a candidate without waiting for the entire verification to complete (which often takes months), as the progress can be easily tracked online from any part of the world,” proclaims Madhu. iCrederity’s insightful reports go beyond the address and ID verification (by sourcing data from several police departments and organizations such as Thomson Reuters) across several countries to include candidate’s drug reports, which is accomplished through its partnership with several diagnostic centers.
But, even after building a digital platform, the educational and employer verification processes still consumed ample time and entailed foot on the street accounting to lack of integration. As an organization, which is always in pursuit of giving back to the society, iCrederity was not ready to sit back and complaint about things, instead it diversified into faster forms of verification and built a new platform, iCredify – a dedicated online educational background verification platform that integrates with some of the predominant universities in the country, thus bringing down the time taken for educational document verification (which normally consumes more than a month’s time) to 30 seconds. Today, even the competitors of iCrederity, bank on this exclusive platform and get the educational verification reports in real-time by merely selecting the university, course & individual and making the payment online. “We endeavor to integrate this platform with employers and replace the norm employer verification delays (7-10 days) with a real-time experience,” adds Madhu.
Having emerged as a globally leading background verification company trusted by organizations across the world, iCrederity today is also the pioneer in providing individual verification for candidates. It serves the candidates with an opportunity to go through the verification process before their job hunt, get certified, and savor a competitive edge over other candidates. Post verifying their credentials, the company provides them with iCrederity trust seal – one of the most recognized certificates across the industries that proffer HRs with confidence to induct a candidate without any further investigation. On the other hand, iCrederity trust seal is also used by an entire gamut of SME workforce (for instance, handymen) to establish the credibility of their services by undergoing verification.
En route to the Future
Getting digital reports from every university or government entity is not easy as it sounds, since most of them save records in paper format, which is why iCreditery’s dedicated team gets down to the ground and helps them digitize the records by using OCR devices or manual interventions, if needed. Abreast of the day-to-day evolving digital space, the company is expanding and growing fast in both KYC and employment verification spaces, owing to its continuous endeavors in integrating with the government offices & institutions, corporate employers and educational institutions. En route to the future, iCreditery big time commits on providing every background check with a real-time experience.
Panel
Key Management:
Madhu Krishna Pinapaty, CEO
An enterprise professional with over 15 years of working experience in Fortune 100 companies, Madhumanages iCrederity’s global operations in India,working across Financial, e-Commerce & Healthcare Industries.
Rakesh Antala, Co-Founder & CTO
Rakesh leads iCrederity’s platform products and global launch activities. He brings over 14 years of technology product development, operations & leadership experience by working in the entrepreneurial environment and having previously developed products from concept to market.
Alexander Mittal, Co-Founder
Alexander currently serves on the Board of Directors of three companies, holds degrees in economics and engineering from Wharton and the University of Pennsylvania, and is an alumnus of Y Combinator.
Offerings:
• Employee Background Screening
• iCredify Education Verification
• Know Your Customer [KYC]
Offices: Bangalore (headquarter) & U.S
iCrederity offers real time access to due-diligence reports, quality verification with accurate analysis and strong network with international presence, which helps it engender foolproof reports
“Our goal is to process KYC verifications without a foot on street, which will take more engagements and permissions from RBI and SEBI. When we go that far, our clients can verify their customers over a phone or video-call, which will cut down the entire verification expenditure to less than Rs.15,” anticipates Madhu. Having dominated the BFSI segment, iCrederity today is looking forward to press its footprint in the e-Commerce realm by bringing in real-time KYC verification experience into the segment, as with government’s strict regulations on digital money (digital wallet) transactions, one of the potential sectors that entail a lot of compliance is e-Commerce, where every transaction above Rs.10000 requires a KYC verification. Well, the government's digital India concept acting as a catalyst in the process, it won’t take much time for the company to hit its ground breaking goals.
The Real-time Experience
Came into existence under the aegis of two technology wizards - Rakesh Antala (Co-Founder & CTO) and Alexander Mittal (Co-Founder) and started its operations with paperless employee verification programs which attracted eyeballs immediately in virtue of its end-to-end digital processing, iCrederity’s story is all about consistent endeavors to reinforce the entire background verification paradigm. “From uploading the documents to shortlisting the candidates and publishing the verification reports, our inventive platform has made the entire hiring process occur online, which not only reduces the turnaround time (TAT), but also brings in a lot of visibility in the process and thus helps our partners & their global counterparts to on-board a candidate without waiting for the entire verification to complete (which often takes months), as the progress can be easily tracked online from any part of the world,” proclaims Madhu. iCrederity’s insightful reports go beyond the address and ID verification (by sourcing data from several police departments and organizations such as Thomson Reuters) across several countries to include candidate’s drug reports, which is accomplished through its partnership with several diagnostic centers.
But, even after building a digital platform, the educational and employer verification processes still consumed ample time and entailed foot on the street accounting to lack of integration. As an organization, which is always in pursuit of giving back to the society, iCrederity was not ready to sit back and complaint about things, instead it diversified into faster forms of verification and built a new platform, iCredify – a dedicated online educational background verification platform that integrates with some of the predominant universities in the country, thus bringing down the time taken for educational document verification (which normally consumes more than a month’s time) to 30 seconds. Today, even the competitors of iCrederity, bank on this exclusive platform and get the educational verification reports in real-time by merely selecting the university, course & individual and making the payment online. “We endeavor to integrate this platform with employers and replace the norm employer verification delays (7-10 days) with a real-time experience,” adds Madhu.
Having emerged as a globally leading background verification company trusted by organizations across the world, iCrederity today is also the pioneer in providing individual verification for candidates. It serves the candidates with an opportunity to go through the verification process before their job hunt, get certified, and savor a competitive edge over other candidates. Post verifying their credentials, the company provides them with iCrederity trust seal – one of the most recognized certificates across the industries that proffer HRs with confidence to induct a candidate without any further investigation. On the other hand, iCrederity trust seal is also used by an entire gamut of SME workforce (for instance, handymen) to establish the credibility of their services by undergoing verification.
En route to the Future
Getting digital reports from every university or government entity is not easy as it sounds, since most of them save records in paper format, which is why iCreditery’s dedicated team gets down to the ground and helps them digitize the records by using OCR devices or manual interventions, if needed. Abreast of the day-to-day evolving digital space, the company is expanding and growing fast in both KYC and employment verification spaces, owing to its continuous endeavors in integrating with the government offices & institutions, corporate employers and educational institutions. En route to the future, iCreditery big time commits on providing every background check with a real-time experience.
Panel
Key Management:
Madhu Krishna Pinapaty, CEO
An enterprise professional with over 15 years of working experience in Fortune 100 companies, Madhumanages iCrederity’s global operations in India,working across Financial, e-Commerce & Healthcare Industries.
Rakesh Antala, Co-Founder & CTO
Rakesh leads iCrederity’s platform products and global launch activities. He brings over 14 years of technology product development, operations & leadership experience by working in the entrepreneurial environment and having previously developed products from concept to market.
Alexander Mittal, Co-Founder
Alexander currently serves on the Board of Directors of three companies, holds degrees in economics and engineering from Wharton and the University of Pennsylvania, and is an alumnus of Y Combinator.
Offerings:
• Employee Background Screening
• iCredify Education Verification
• Know Your Customer [KYC]
Offices: Bangalore (headquarter) & U.S
