July 01, 2024
Verification Product Update - May '24
We continually strive to enhance our verification suite of APIs to streamline business and individual verifications for improved decision-making. This month, we are excited to introduce two significant updates: a unique Proprietor Hunter API and an upgraded Payslip OCR 2.0.
To book a demo, click on the link here
Proprietor Hunter API
A proprietor is an entity that holds legal and exclusive rights to their establishment. Proprietorship firms, unlike companies registered under the ROC, do not have a separate PAN. Instead, a proprietor’s PAN is directly linked to the firm. To assist our clients in identifying PAN numbers linked to firms, we have developed the Proprietor Hunter API, which checks if the PAN belongs to an individual or proprietor.
This API takes the PAN number as input and returns whether the PAN belongs to a proprietor or not. Along with that, it displays registered address of the proprietor, activity and returns filing status (active/cancelled/suspended) for lenders to have holistic information.
Use Cases -
1. Know Your Business - Enhance KYB processes by determining if a customer is a proprietor and verifying the GST details and registered address linked to their PAN. This ensures accurate identification of self-employed individuals versus salaried employees.
2. Lending - Lenders can leverage this API to see if the PAN belongs to a proprietor, they can push MSME loan, having lower interest rate instead of personal loan and makes it a win-win situation for both lender and borrower.
To see how it works, book a demo here
Payslip OCR 2.0
We are excited to announce an update to our existing Payslip OCR API with added functionalities, tailored for lenders to analyse customers’ credit risk better. The new features provide additional checks on payslip data authenticity and offer real-time responses, seamlessly integrating with existing lending processes.
The updated API now includes PAN and UAN validation, where the extracted data from payslips is cross-verified with the customer’s PAN and UAN data to ensure correctness. Additionally, a fraud check is conducted by validating the metadata of the uploaded file to confirm that it has not been forged, formatted, or manipulated in any way.
Use Cases -
1. Lending : Lenders can utilise the Payslip OCR API to analyse salary details and validate the authenticity of payslips, ensuring accurate credit risk assessment for loan approval.
2. Employment Verification : Employers can use it to verify employment details provided by candidates during the hiring process, enhancing the reliability of background checks.
3. Banking : Financial institutions can leverage the data extracted from payslips to offer tailored financial products and services based on accurate income verification.
To sum it up, Tartan is actively advancing efforts to automate user onboarding, verification and transaction processes for all financial institutions. Get in Touch to know more!
