Axis Bank, one of the largest private sector banks in India, has launched ‘Sarathi’, a first of its kind digital onboarding journey to enable Electronic Data Capture (EDC) or Point of Sale (POS) for merchants. Unlike the cumbersome traditional onboarding process that can take several days, Sarathi provides a seamless and hassle-free experience for merchants.
The solution enables merchants to complete the onboarding process in just four simple steps which includes:
- Realtime database checks for faster application processing
- Live video verification to authenticate merchant information at his/ her convenience
- It eliminates the field verification process which helps in instant decision-making
- Instant installation of POS
With an innovative onboarding solution, Sarathi is built to provide merchants with a smooth and effective experience. The paperless onboarding process eliminates the need for merchants to fill out cumbersome forms or wait for extended periods to have their POS terminals installed.
Merchants stand to benefit significantly from Sarathi’s innovative features, which include immediate status updates, eliminating the need for follow-up visits, and the ability to transact on the same day their application is processed. The paperless onboarding process ensures that all necessary documents are collected at one go, avoiding the need for merchants to make multiple visits or submit forms repeatedly. The solution provides quick installations within 45 minutes of processing the application.
Commenting on the announcement, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said “Axis Bank will continue to focus on creating digital differentiators across the lifecycle of merchants and consumers. Sarathi gives us the immense potential to drive value for both merchants as well as the sales channel, especially at a time when instant gratification is the norm. This rapidification of onboarding combined with top-notch feature-rich terminals should deliver a superior experience for our merchant community and at the same time improve productivity for our sales teams from an efficiency and productivity standpoint.”
Sarathi’s onboarding solution marks a fundamental leap in the way merchants onboard, simplifying the process and delivering an unparalleled level of convenience and efficiency.
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