In the fast-paced financial world of today, non-banking finance companies (NBFCs) are faced with the challenge to onboard businesses quickly and securely while adhering to the regulatory requirements. KYC for individuals has always been a staple, but the transition to KYB is now a necessity for NBFCs that are looking to cater their services to MSMEs as well as corporations.
This is where the Aadhar Verification API is a game-changer—providing an easy, secure way to streamline business onboarding. Firms, such as Vayana, are leading this digital charge by offering API-led programs that remove the need for paper and significantly reduce the time taken to onboard.
From Manual to Digital: The Evolution from KYC to KYB
The conventional methods of KYC require gathering and validating an extensive list of documents—PAN cards, GST registrations, corporate structures, and bank statements, to name a few. This not only slows the onboarding process, it raises operational costs and compliance risks.
Enter Aadhar Verification API, which takes care of real-time automation of identity validation and business verification. For an NBFC that is looking to provide faster loan disbursals or trade finance, this is a game changer. With Vayana’s Aadhaar-enabled KYB solutions, NBFCs can onboard businesses in a few minutes and not days.”
How Aadhar Verification API Streamlines KYB for NBFCs
Some of the ways Aadhar Verification APIs, and in particular when applied via platforms like Vayana, help NBFCs achieve efficiencies in their KYB processes are
1. Real-Time Business Verification
The Aadhar Verification API allows NBFCs instant authentication of authorized signatories via Aadhaar OTP authentication. Alongside PAN and GST verification APIs, an NBFC receives a complete profile of the business in a split second.
2. Reduced Fraud Risk
Powered by real-time data from government records, the Aadhar Verification API reduces the risk of fake documents.
3. Regulatory Compliance Made Easy
Examples include Vayana's platform, which is compliance enabled and allows onboarding, ensuring compliance with RBI, SEBI, and UIDAI guidelines for NBFCs. This reduces audit exposure and increases operational assurance.
4. Faster Turnaround Time
Given immediate digital validation, NBFCs can center more on credit assessment and disbursal rather than getting weighed down with paperwork. Vayana’s KYB solutions, built for scale and speed, are most suited for high-volume onboarding.
Why NBFCs Trust Vayana for Digital Onboarding
Vayana holds a reputation for developing sturdy, scalable, and secure onboarding options for NBFCs, fintechs, and banks. Bharosa Club’s API stack is not limited only to Aadhaar-based verification but also provides PAN validation, GST return analysis, online bank statement reading, etc.
With Aadhar Verification APIs being brought via Vayana, NBFCs now have a consolidated platform to verify businesses, making it an easier process for the financier and the borrower.
Final Thoughts
With NBFCs catering to the increasing financial demands of Indian businesses, onboarding customers quickly and securely is becoming not just an option; it’s a competitive differentiator. With Vayana and other such leading enterprises, we create Aadhar Verification API and digital KYB processes, which help NBFCs unlock faster growth, better compliance, and superior consumer experiences.
